Everything You Need To Know About Term Insurance Canada
Term Insurance is a type of policy under the life insurance that offers coverage for a specific amount of time. In this type of insurance policy, if the insured dies out of a sudden during the term of the policy, then death benefit is payable to the nominee, which can be the wife, husband, and other family members. Remember, Term Insurance is less expensive when it is compared with the permanent Life Insurance, which is its main competitor. Unlike other permanent Life Insurance policies, the term insurance has no cash value. In other words, the only value is the guaranteed death benefit from the insurance policy. 5 Types Of Term Life Insurances 1. Annual Renewable 2. Mortgage Term 3. Decreasing Term 4. Increasing Term 5. Convertible Term 4 Takeaways With Term Life Insu...