If you’re looking at the options to purchase insurance, you may be interested in considering term insurance. This kind of insurance provides guaranteed premiums and an income-tax-free death benefit to the beneficiaries. It’s an affordable way to safeguard the future of your loved ones.
How Does Term Insurance Work?
Term life insurance generally will expire at a particular time or date. It guarantees premiums for a specified time, typically 10, 20, or 30 years dependent on the plan chosen. After the expiration of the time, the policy renews with a higher cost for the next payment period, or it expires. Most term plans get converted to permanent protection for your needs over the long term.
What Is the Purpose of Term Life Insurance?
Term insurance safeguards essential things in the world by providing for those who have to get left in the dust. Here are a few reasons why people pick term insurance:
- Ryan would like to make sure that his home mortgage gets paid so that his family can live in their house.
- Amanda and Josh are planning to leave a scholarship fund for their children.
- Samantha is looking to supplement her income to ensure that her family will be able to continue paying for the expenses of daily life.
- Chris and Jessica would like to ensure that there are funds to pay for their expenses.
- Ashley and Jennifer are looking to finance the buy-sell agreement they signed for their company.
Talk with Ottawa Life Insurance with your adviser about whether you should purchase term life insurance. Call regarding term insurance and any other insurance today at (613) 454-1424 and email us at info@ottawa-lifeinsurance.ca.
Recent Comments