Term Life Insurance - affordable, easy to understand
Term life insurance is an excellent choice if you want peace of mind that your family are protected in the event of your death for the foreseable future. Term life insurance is the most popular form of insurance for younger individuals and families and is much lower cost than whole life insurance or no medical life insurance. Monthly costs are fixed for the length of the policy so you know exactly what is covered, for how long and how much it will cost.
How long is term life insurance?
The most popular length of a term life insurance policy is 10 years, though 20 and even 30 year terms are available. Term life insurance policies give the opportunity to re-assess your needs at the end of each term based on your lifestyle at that time. No-one knows what their lives might look like in 10 years time. Some clients choose to match the term of their policy to the duration of their mortgage with the security of knowing the cost of the policy is fixed and their mortgage is covered.
How much insurance do I need?
The reasons for wanting life insurance are many and varied but most people don't want to leave a financial burden for the people that are left behind. If you were not around who would pay.... the mortgage/rent, Hydro bills, gas bill, property taxes, food, car payments etc. Even if none of these apply there are always the funeral expenses. Peace of mind comes from knowing your loved ones are covered in the event of your death.
What are the alternatives to term life insurance and why might I consider those instead?
The two main alternatives to term life insurance are:
Whole Life Insurance - Differs from term life because you are covered throughout your life and the policy also builds up a cash value that can be paid out in the future. It is however much more expensive and typically favoured by older clients. More about Whole Life Insurance.
No Medical Life Insurance - Differs from term life insurance because coverage is provided without the need for a medical exam. It is typicallyt slighly more expensive and typically favoured by clients with pre-existing conditions. More about No Medical Life Insurance....
Insurance Broker vs Insurance Agent
People that use an insurance broker pay less for their term life insurance. Insurance brokers are licensed to sell policies from multiple insurance companies, are free to search the market and obtain multiple competing quotes to get the best deal for their clients. Insurance agents work for a single insurance company and are typically limited to products from that one company. It has been said that agents work for the insurance company and insurance brokers work for their customers.
Local, Expert, Advice
There are a multitude of life insurance policies available in Ontario with lots of options. Without expert advice finding the best policy for you can be quite overwhelming. Nothing beats sitting down with a local, Windsor Term Life Insurance expert to determine the best option for you. Simply fill in the form on this page for a FREE, no obligation life insurance quote backed by expert knowledge and advice.