Ideally, you want to make sure your debts are covered, so you don’t leave major expenses behind for your loved ones.
- You’re looking for a low-cost insurance policy.
- Your mortgage took longer to pay off than you planned, or your kids aren’t financially independent yet, so you need coverage to bridge the gap.
- You’ve chosen a shorter amortization period on your mortgage, or you’re already several years into your mortgage.
- You want to provide protection for your children until they’ve finished school or start working full time.
- You’re looking for coverage for a longer period, to cover you through milestones like getting married, having children or buying a house.
- You’ve bought a house and want the insurance coverage for the duration of your mortgage, instead of buying mortgage insurance.
- You have young children and want to make sure they’re taken care of until they’re financially stable.
- You want coverage that lasts until you retire, and you want premium payments that stay the same throughout your working life.
There are a few things to consider when choosing the best term length for your unique situation, like your income, family needs and debt. If you need coverage outside of these term options, book a meeting to speak with one of our advisors.
We’ve been looking out for the financial, physical and mental wellbeing of Canadians for the past 175 years. Last year alone, we helped families cope with loss by paying out more than $2.1 billion in life insurance benefits.
We’ll email your quote details along with next steps for buying term life insurance.