by Chris Funnell
10 Year Term Life Insurance provides coverage with fixed rates that are guaranteed not-to-increase during the 10 year period.
After 10 years, the policy can be renewed for an additional 10 years at a higher premium (which is also guaranteed), without a medical or any health questions asked.
Most Canadian Life Insurance Companies also guarantee that their 10 Year Term Life plans can be converted into a Permanent Life Insurance (Term-to-100, Whole Life, or Universal Life plan), without a medical or any health questions asked.
In the event of a major change in health such as cancer, stroke, or heart attack, this conversion feature can be quite attractive.
10 Year Term Life policies are the cheapest and most popular term plans sold in Canada, and are ideal for those who want to ensure their loved ones will receive a replacement income, or not be burdened by a large mortgage or other debts.
The most popular reason people purchase 10 Year Term is to take care of dependent children in the event they pass away. After a child grows up, finishes their education, and becomes financially self-sufficient, a parents need to financially take care of their child is hopefully complete.
For example, if a child is currently 12 years old, in 10 years the child will be 22 and finishing College or University. A 10 Year Level Term plan would match the time the child is still in school and reliant on parents for financial support.
Another popular reason people buy 10 Year Term is to provide for a financially dependent spouse.
For example, if a husband and wife have 10 years left on their mortgage and need mortgage insurance, or have 10 years left until retirement, a 10 Year Term Life plan would ensure a surviving spouse’s standard of living should a loved one pass away.
The key to choosing the length of a life insurance policy is to match the types of life insurance (for example a 10 Year plan), with how long coverage is needed.
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Chris Funnell BA, CLU
Chartered Life Underwriter
Founder and President
Call me at Toll Free: 1-866-824-2114
Or email me at email@example.com