Why choose term life insurance?

7 reasons to choose term life insurance

Term life insurance is a simple, affordable solution for your life insurance needs. It can also be used to supplement your other insurance coverage. Coverage is available for 10- or 20-year terms, is less expensive and more flexible than whole life insurance and can easily be renewed.

National Bank Life Insurance
20 October 2020

Term life insurance is a good first step in protecting your family's financial future and can be useful at every stage of life.

With amounts and premiums tailored to your situation, term life insurance helps ensure your loved ones will be taken care of in the event of your death.

Simple to buy and easy to renew

Term life insurance protects you for a limited time, for example 10 or 20 years. It can be renewed automatically, although your premiums will increase. A 10-year term life insurance policy will be renewed for another 10 years at expiry without you having to take any action.

You can easily purchase term life insurance over the phone or online.

A great solution for every stage of life

Term life insurance is well suited to many situations, whether you're taking out insurance for the first time or need a solution for your short-term financial needs. Here are a few examples:

Are you a student, just entering the job market or facing your first financial obligations? You'll appreciate the simplicity and low cost of this type of insurance. You can even apply online!

Are you a new parent or expecting your first child? Term life insurance will help protect your family’s financial future.

Are you an entrepreneur? Term life insurance can protect your hard work and help you achieve your business goals. Even after your business is well established, you may want temporary coverage while expanding, adding a franchise or preparing to transfer the business to your children.

Answer 4 simple questions to get a quote online.

Good to know

You can purchase 10-year term life insurance until age 60 and 20-year term life insurance until age 50. This solution can offer peace of mind while you go back to school or pay for your children’s education, or simply ensure you have the financial security you need.

Affordable coverage

This solution shelters your family or business from financial risk. For the first term, 10-year term life insurance is much more affordable than other types of insurance available to young people.

Want to see how much you'd pay for 10-year term life insurance from National Bank Insurance Life | Health?

Insurance that complements your existing portfolio

Do you have enough life insurance? Your life insurance coverage needs to be sufficient to pay off debts and ensure that your loved ones are taken care of after your death—whether that means paying off your mortgage, financing their education or simply ensuring peace of mind.

You may think that you don't need life insurance because you already have group insurance, mortgage loan insurance or another kind of life insurance. But are you sure?

Group insurance is tied to your job and could vanish overnight. While mortgage loan insurance covers you for the duration of your mortgage, it only covers the insured loan amount. Term life insurance isn't dependent on your job or on another financial product. It complements your other coverage. Remember, each type of insurance has a role to play

Term life insurance can also help cover your debts. Even if you take out credit card payment insurance and loan insurance, will it really cover everything? An extra $25,000 in insurance could be enough to relieve the burden of any debts you leave behind.

The idea of dying unexpectedly is not pleasant to contemplate. However, term life insurance provides a simple, affordable and comprehensive way to ensure the financial security of your loved ones, regardless of your age or family and work situation. Contact one of our representatives today to learn about the benefits of term life insurance and how you can take advantage of our low-cost coverage.

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