1. Because term life insurance is simple

A term life insurance policy offers coverage for a limited period of time and can often be renewed automatically with an increased premium. For example, 10-year term life insurance covers you for 10 years and is automatically renewable for another 10 years when your policy expires.

It’s as simple as that.

2. Because it's affordable

Would you be interested to know how much 10-year term life insurance would cost with National Bank Insurance Life | Health? Find out now!

3. Because it can be a good choice for anyone, at any time

Whether you're taking out life insurance for the first time or looking for some additional coverage at a key period in your life, term life insurance covers many needs.

For young policyholders, 10-year term life insurance costs much less than whole life insurance for the first ten years. Students earning their first steady wages or taking on their first financial obligations will appreciate the simplicity and low cost of term life insurance. Parents who want to ensure that their young families are provided for if the worst happens might opt for this kind of insurance, knowing that there are certain times in life when their children might need that little bit extra.

Later on, these same families might return to term life insurance to give themselves temporary peace of mind while one parent goes back to school or while the children are enrolled in post-secondary education, or simply to ensure that all the bases are covered.

4. Because you're starting a business or getting ready to hand over the reins

One of the primary concerns of any business owner, especially those who are just starting out, is ensuring that the business can meet all its obligations. It's not always easy, and sometimes you have to deal with uncertainty. To make sure your promises are kept, you have to make sacrifices and tough choices. Term life insurance can help keep your business going and prevent it from becoming a burden if something unexpected happens.

Once your business is well established, there can be times when it's good to have a little extra protection. You might be thinking about opening franchises, passing on your business to your daughter, expanding your premises, or any number of things. Uncertainty is a part of life for business owners, and that's what drives you. But there's no need to put all your eggs in one basket: a little extra protection might be all you need to help you rest easier—when you have time to rest, that is.

5. Because it can complement your insurance portfolio

Do you have enough life insurance? Everyone knows that the point of life insurance is to leave money for your loved ones, but what is the money for? To pay off debts? To relieve money worries for a period of time? To pay the rent? To fund your children's post-secondary education? To pay your funeral expenses?

Many people think that they don't need life insurance because they already have group insurance, mortgage loan insurance or another kind of life insurance. Is this really the case?

Group insurance depends on your job, which means that you could lose it from one day to the next. 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 the other coverage you have and provides additional peace of mind, because each type of insurance has a role to play

6. Because you have debts

Whether you owe a little or a lot, your debts will not all disappear if something happens to you. Fortunately, you can take out credit card payment insurance and insurance on your loans, but what about your other debts? There's no need to take out a lot of insurance to give your loved ones a helping hand should something unexpected occur. Sometimes as little as $25,000 is enough to remove the burden of any debts you leave behind.

7. Because you don't have any life insurance yet

This may not be true for you, but it's the situation that 38% of people in Canada are in.1 If you don't have any coverage, for whatever reason, term life insurance is a simple way to get started.

A small amount, a small premium and a product that's easy to understand: that's all it takes to avoid leaving your loved ones in a difficult situation should something unexpected happen.

Whatever your reason, term life insurance is often the right solution. At the very least, it can offer a simple solution to a problem we don't always want to think about.

 

 

1 Canadian Life and Health Insurance Facts, 2015 Edition. Canadian Life and Health Insurance Association Inc.