Term insurance is a very smart and secure plan to protect you and your family members. It is always necessary to have some type of insurance policy to secure your future. Now there are many other types of insurances like Whole life policy, Endowment plans, and Unit linked insurance plans, money back policy, etc. Now term insurance is the easiest insurance to maintain.
• What is term life insurance?
In term insurance, you have to make payments for a certain period of time, and the company will pay back the amount after the completion of the policy, in case you die before the end of the policy then they will return the whole amount of money to your family or beneficiaries. This is the rule of the policy. You can take the policy for many purposes like building your very own business, making a tax payment, for paying loans, to cover financial expenses, etc.
• How term insurance in Canada works?
Now a term insurance Canada is better than the term insurance of other countries. In Canada, everybody can take this term insurance while in third world country like India they do not allow everyone to take a lone. Term insurance varies in some of the cases like sex, age, financial status, smoking habits, etc.
• Advantages and disadvantages of term insurance
Everything in life has some advantages and disadvantages. The advantages of term life insurance in Canada are that the returning of the money is guaranteed and this is super easy and quick. While this insurance also has some disadvantages like the insurance policy runs for a specific period of time, and then it closes. You can renew it if you want but in that case, the coverage of the policy will be increased and the time of the policy can be automatically extended up to 20 years.