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The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company have become one company – The Canada Life Assurance Company. Discover the new Canada Life

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Freedom 55 Financial is a division of The Canada Life Assurance Company and the information you requested can be found here.

The goal of term life insurance is to help protect your loved ones if you die, and there’s a lot to consider when choosing your coverage. Your age and your goals for the next few years may affect your choices, as well as whether you have a mortgage, other debt or kids. With so many factors, it can be tough to know where to start.

Here are a few things to consider when choosing the best term length for your unique situation:

Short term (5-10 years)

Choose a shorter term if:

  • You’re not sure what life milestones lie ahead, so you need flexibility. (You’ll be able to renew or extend your coverage later.)
  • You’re looking for a low-cost insurance policy.
  • You want to take advantage of your younger age and health to get a good rate.
  • 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.

Medium term (11-20 years)

Choose a mid-length term if:

  • 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.

Long term (21-50 years)

Choose a longer term if:

  • 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.

Canada Life’s My Term™ life insurance makes it possible for you to choose the exact term length that works for your needs. Get in touch with an advisor to find out how.