Term Life Insurance+

The word “term” here is significant. It designates the duration of this type of insurance contract. It includes a guaranteed renewal clause. It is renewable at the end of the contract’s duration/term which is generally calculated in five year segments or 5, 10, 15, 20, 25, 30 or 35 years. Moreover, the amount of the premiums is revised upwards as the end of the chosen term nears.

This product is ideal for business people, single persons, couples or young families. It provides coverage for projects over a specified term, while offering protection for the holders and the people around them, at the lowest cost possible.  This product is often used to cover a mortgage, a loan or a credit margin.

It should be noted that term life insurance is not usually offered to people aged 75 and over, but this may vary depending on the insurance company. It is therefore essential to shop around before making a decision.

The benefits:

  • It is affordable.
  • It has a guaranteed renewal clause.
  • It can be converted into permanent life insurance without proof of insurability (medical exam or other), generally before the age of 65 or 70, depending on the institution. 

The disadvantage:

The premiums increase significantly with each renewal, or at the end of the chosen term.

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