Definition of Term Life Insurance - Canada

Many Canadians feel they need some form of life insurance however they may not be fully aware of the difference between term and Whole Life Insurance.

What is term life insurance? And what about term versus whole life insurance; how does term life insurance in Canada compare to whole life insurance? Why are term life insurance comparisons between different Canadian insurance carriers so dramatically different?

These are the kinds of questions Canadians continually ask.

If you are asking ‘What is term life insurance’ or feeling overwhelmed about your life insurance needs, talk to us. We can help.

We’re Insurance Direct Canada (IDC) and we can help you save money by helping you find the Best Term Life Insurance Rates while still getting the life insurance coverage you need.

LET IDC HELP YOU FIND TERM LIFE INSURANCE IN CANADA

What Is Term Life Insurance?

Term life insurance is a very popular type of life insurance in Canada and a great cost effective option when looking for life insurance coverage without a long-term commitment to a large premium.

Term life insurance provides excellent coverage for an affordable monthly installment and can last for a set number of years (usually 5, 10 or 20 years but any number can be requested).

Once the term life insurance policy expires, the benefits are cancelled even if the policyholder is still alive.

For Canadians, term insurance is a great option when looking for life insurance coverage without a long-term commitment to a huge policy.

When comparing term life insurance quotes, you determine the number of years that the life insurance policy is valid so you retain complete control over the amount of the monthly premiums. Term life insurance in Canada is even available with increasing or decreasing benefits that change over time.

The monthly term life insurance rates (or premiums) are paid based on the cost of the insurance per $1000 of coverage. This flexibility adds to the attractiveness of a term life insurance policy.

For many Canadians, this type of term life insurance policy can provide adequate coverage, as the amount of their mortgage and other living expenses tends to change for the better over their lifetime. Some Canadian families opt to increase their term life insurance coverage during the years their children will be attending college and starting families of their own.

For example we can layer a 10 year and 20 year term insurance policy and tailor it to what you need over the next 20 years as your needs decline due to your mortgage being paid down and your children getting closer to moving out on their own. 

This is a very cost effective solution that most term life insurance advisors do not think of. Say $200,000 of T20 and $300,000 of T10 instead of $500,000 of T20 (which is expensive) or $500,000 of T10, which might not be enough in ten years if there is a health concern.

Term Life Insurance Comparisons

As an Insurance Managing General Agency (MGA), Insurance Direct Canada has easy access to term life insurance quotes from Canada’s top insurance carriers.

We can help you make term life insurance comparisons using the same criteria so you can get accurate information and find the absolute best term life insurance rates.

IDC will review each term life insurance quote from over a dozen of Canada’s top insurance carriers such as AIG Life, AXA Life, Wawanesa Life and Equitable Life, to name a few.

We do all the legwork so you can feel confident that the term life insurance comparisons are accurate and realistic; we want you to find the most affordable and best term life insurance rates possible.

Not all cost saving options for term life insurance in Canada show up on the search engines. We can frequently show additional savings with discounts for two applications or combinations of different life insurance types.

Also, there are significant differences between term life insurance companies in terms of service and underwriting and there can be advantages to paying a few cents more with one company.

For those with medical issues we broker in advance to a select group of companies as well. We try to avoid wasting your time if there is not a good chance the term insurance policy will be issued. We also try giving you alternatives if we feel you might get rated due to health or lifestyle issues.

Additionally, we consider renewal rates, the ability to convert some of your term life insurance into a permanent policy without medical evidence if your situation changes (if you get a serious illness you might want to have all or part of your term life insurance become Permanent Life Insurance without a medical).

When it comes to term life insurance comparisons, it is not just about price!

IDC & Term Life Insurance In Canada

IDC is an Insurance Managing General Agency (MGA) and making term life insurance comparisons is what we do.
We provide our insurance brokerage services at no cost to you because if you choose a term life insurance quote through IDC, the insurance carrier pays us.

Your request for term life insurance comparisons will not be filtered through a junior associate or call centre where there is one licensed agent overseeing the operation. Our licensed IDC insurance brokers will work directly with you to provide you with first hand information so you can make an informed decision and choose the right term life insurance quote for your situation.

IDC reviews over a dozen major term life insurance carriers from across Canada to find the best term life insurance rates for Canadians in practically every province and territory including BC, Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, PEI, Newfoundland & Labrador, the Northwest Territories, Yukon and Nunavut.

In Canada, term life insurance rates can vary widely. By making accurate term life insurance comparisons it is sometimes possible to save up to 40% on your premiums. In fact, many Canadians with existing term insurance in Canada are simply paying too much. Check your eligibility for Preferred Insurance rates.

Contact an IDC insurance broker and you’ll get only trustworthy, accurate information and the best term insurance rates possible on the market.

Contact IDC for Accurate Term Life Insurance Comparisons

IDC can help you sort through the details of the various life insurance carriers and their policies so that the term life insurance comparisons we make are accurate and reflect your needs.

Insurance Direct Canada employs a team of expert term life insurance agents to help our customers decide what life insurance policy best suits their needs. We can help you find that perfect affordable term life insurance quote in Canada.

If you are still asking ‘What is term life insurance’ let us help you. Call a knowledgeable IDC insurance broker Toll Free at 1-866-238-9271 or for more information about term life insurance comparisons in Canada Contact An IDC Broker online or complete our Online Quote form.

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