Term life insurance is a simple and affordable way to ensure your loved ones are protected in the event of your death. The policy provides coverage at fixed-price payments for the relevant term. A “term” is another word for “number of years”. For example; a Term 10 policy maintains a fixed-price for 10 years. A Term 20 policy maintains a fixed price for 20 years. When the initial term ends, the premium rate increases for the duration of the next term. Term life insurance can cover you for 10 to 30 year periods, and automatically renews until the policy ends at Age 80 or 85, depending on the insurance company. If you pass away, your death benefit will be paid to your beneficiary. The primary purpose of this type of coverage is for the beneficiary to manage financial responsibilities, which may include:
- Consumer debt
- Day-to-day expenses
- Dependent care
- University education for your children
- Funeral costs
What You Should Know Before Committing to Term Life Insurance Payments
Contact HDF Insurance to find out which insurance policy is right for your needs and budget, and consider these provisions for inclusive term life coverage:
- Term life insurance in Alberta is an effective way of providing income for dependent family members until they become self-supporting following your death.
- Business loans and Shareholder Agreements are best protected by Term life insurance.
- When considering this type of policy, you should ask yourself: “will this protection alone meet the need?” and “will the death benefit last as long as the need?
- Especially at a younger age, term life insurance provides the greatest possible coverage for the lowest monthly premium.
- Compared to whole life or universal life insurance, term life insurance is one of the most affordable options for individuals who want to ensure their young children are well protected.
- This type of insurance offers the flexibility to switch term life insurance into a universal or whole life policy.
- This adjustment allows you to benefit from a cost-effective insurance policy now, while giving you the option of converting to permanent life insurance in the future.
Comprehensive Term Life Insurance Quote Online
Life insurance is an investment that offers you and your loved ones protection, security and peace of mind. When you invest with HDF Insurance, Edmonton’s leading insurance brokerage, you can trust us to look out for your best interests. We will work for you to find the best insurance solutions at the best rates. Whether you need term life or whole life insurance, we have access to Canada’s top insurance companies, which means you benefit from a customized protection plan and price to accommodate your specific requirements.
Our team of expert brokers can handle all of your insurance needs, including health, home, auto and commercial/business insurance. We also want to ensure you get immediate answers to your questions, which is why our new website allows you to buy an insurance policy online, request an insurance quote and compare premiums in the comfort of your own home. We also offer live chat with our representatives and an after-hours sales hotline to better assist you.
Find out if our term life insurance in Alberta offers the right protection for your needs. Contact us today at 1-800-567-2048 or get a free quote online.