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The Advantages of Term Life Insurance for Canadians
A lot of people like to put things like life insurance out of their minds until they start to get older, but the truth of the matter is, none of us can predict the future.
Accidents, illness, and other unexpected events can cut our time short. When that happens, who’s left to protect those that we love?
According to a LIMRA study, 4 in 10 Canadians report that their families would struggle financially within six months if the primary wage earner were to pass away unexpectedly. By planning ahead, term life insurance can provide the necessary financial protection during these challenging times.
Throughout this page, we’ll review the benefits of term life insurance and how it compares to mortgage protection - helping you better understand why term life insurance might be the right solution for you and your family’s unique needs.
There are tons of advantages to term life insurance. Here’s just a few reasons why term life insurance is a smart choice at any age:
As you can see, there are a number of great reasons why term life insurance is important. To better understand the value in each of these points, let’s dive deeper into some examples.
One of the biggest benefits of term life insurance for many people is how simple it is to buy, compared with certain other types of insurance; especially if you choose to sign up for term life insurance when you’re under the age of 50.
Not only will this reduce the potential requirements for the medical testing process of your policy, but the cost can be substantially lower for those who choose to purchase sooner rather than later.
Plus, Blue Cross Life makes it easy and seamless to renew your term life insurance, at the end of your original term. When compared to things like mortgage insurance, it’s a much more affordable, manageable way to ensure you remain protected as long as necessary.
Speaking of affordability, term life insurance is one of the most affordable and cost-effective forms of financial security you can offer your loved ones; particularly when you purchase coverage as a young or middle-aged adult.
For homeowners, term life insurance can be beneficial for mortgage protection. In the event of your passing, the payout from your policy can be used to pay off the remaining mortgage, ensuring your family can stay in the home without the burden of ongoing payments.
For those with a spouse, you may need to provide income replacement with term life insurance, in the event of your passing. The younger you set up term life insurance for income replacement, the more affordable it will be; especially if you’re the breadwinner and need a larger coverage amount.
It’s not uncommon for people to worry that the cost of term life insurance protection is going to outweigh its benefits. Yet, the truth is, we very rarely get to plan for our own passing, and this often leaves loved ones financially unprepared for these situations - unless you plan ahead.
Building the cost of flexible term life insurance into your monthly budget earlier in your adult life, can help reduce the impact of term life insurance on your other life expenses.
Most people have a monthly budget for eating out or fun activities, so why not make the same concessions to protect the people that mean most to us?
For many that are considering purchasing term life insurance protection, the benefits that offer the most value is protecting their loved ones financially after they’re gone.
If you haven’t thought about this element yet, let’s consider a few situations that can add major costs to life, which you may not have anticipated:
These are just a few examples. Only you know the specific ways that you need to protect your loved ones. Getting a consultation from an insurance advisor can help you find the perfect package to meet your needs. Or you can apply online and get coverage in as little as 20 minutes!
Of course, it’s easy to talk about the benefits of term life insurance for those that are under the age of 50, because it’s cheaper and easier to purchase, but that doesn’t mean it’s only beneficial for this demographic.
Anyone can take advantage of term life insurance and its benefits. No matter how old you are, the need to protect those closest to us doesn’t go away, it just changes.
Instead of needing to financially protect your children, you may want to protect your grandchildren. Your spouse may need medical care and support after you’re gone, which they can’t afford on their own.
Another major consideration is buying a home, and it comes with a lot of responsibility. Unlike mortgage insurance, which limits how the payout is used, term life insurance allows your family to use it as needed—whether for mortgage payments, daily expenses, or future goals.
These are just a few ways that you can see why term life insurance is important at any age and stage in life. It’s just a good idea to get it as early as possible.
Things change, that’s just part of life. As we just mentioned, the people that you’re looking to protect or the reasons why you want to protect them may change.
That’s why term life insurance protection is important if you’re looking for long-term coverage. Blue Cross Life offers some of the most flexible term life insurance options in Canada. This way, if things change, you can adjust your term life insurance plan to fit those needs.
With other types of insurance, such as mortgage insurance, you won’t get that type of flexibility. Coverage is specifically tied to the mortgage and does not adjust to other needs, and once you’re locked in, you’re stuck at that rate; unless you can convince your lender to renegotiate - and that’s a headache no one wants to deal with.
We’d be remiss if we didn’t talk about another major advantage of term life insurance: customizable coverage.
If you’re looking to provide them with true protection, consider a flexible term life insurance product that can be custom tailored to meet specific financial needs, in the event of your passing.
This could include covering mortgage payments, income replacement for your spouse, paying off debts, or many other forms of financial protection that could reduce their fiscal stress.
With all the benefits that term life insurance provides, you can see why it’s such an important choice to make. Plus, if you contact Blue Cross Life today, you’ll have an expert advisor helping to guide you through your plan selection process.
This way, you can find the perfect term life insurance protection plan to meet the needs of your loved ones after you’re gone. It literally only takes 60 seconds to get started!
Or you can apply online through Blue Cross Life Term Life Insurance, and see if you qualify for coverage without the need for medical testing in as little as 20 minutes.
Our team is here to give you all the easy answers to the hard questions you have about the future of your family’s financial security.
® Registered Trade-mark of the Canadian Association of Blue Cross Plans, an association of independent Blue Cross Plans. TM Trade-mark of the Canadian Association of Blue Cross Plans, an association of independent Blue Cross Plans. Used under license by Blue Cross Life Insurance Company of Canada (Blue Cross Life®).
Term Life and Critical Illness Insurance products are underwritten by Blue Cross Life and distributed by PolicyMe Corp.
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