Top 10 term life Insurance companies
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Let’s look at the best term life insurance policies available in Canada.
Now from a death claim perspective, one term policy is the same as another. A cheque for a million dollars from one policy is the same as a cheque for a million dollars from another policy. They’re both the same.
But there are a number of additional attributes on the policies that we offer at thetermguy.ca that in my opinion make them the best term life insurance policies in Canada.
First of all, they’re renewable for life. You can actually keep these term policies for your entire life if you so choose. At the end of the term, the policies renew at higher premiums in 10-year increments up to age 85.
At age 85 the policy then becomes a term to 100 policy which means that premiums are now level to age 100. And at age 100, the policy becomes fully paid up for the rest of your life.
Secondly is conversion. Conversion is available until age 71. This attribute lets you exchange your term policy, with no medical questions asked, for a permanent life insurance policy. This feature is vital if we become uninsurable and decide you want to keep your insurance for life, the conversion lets you do that by switching to a permanent policy.
Next up, accelerated death benefits. If you have a limited life expectancy, in other words, if you’re at death’s doorstep, accelerated death benefits allow you to access a portion of your death benefit before you pass away.
Next up is the exchange option. The exchange option lets you exchange your term policy for a longer-term policy, in the first five years of the original policy. It’s a great way if you’re under a tight budget to get some life insurance in place with something like a term 10 and when your budget frees up, switch it out or exchange it for something like a term 20 or term 30.
Now you’d think this actually costs you more money but it turns out it actually doesn’t. If you run quotes on our website for these policies you’re likely to find that these are among the cheapest if not the cheapest policies available in Canada.