Term insurance provides a guaranteed cost of life insurance for a specific term.
Term insurance usually has a conversion privilege which gives the policy owner the right to convert the policy to a permanent plan without providing proof of insurability throughout the life of the plan. Coversion privilages are available to certain ages depenfing on the specific insurance carrier.
Term insurance expires at a specific age depending on the rules of each insurance carrier
Products are offered with guaranteed rates for the following terms:
- 5 years
- 10 years
- 20 years
- 30 years
I recommend Canadian Term Insurance. I was offered a solution which allowed me to find coverage for both the immediate and long term with a mix of both 10 and 20 year term insurance.
Canadian Term Insurance helped to decide upon the correct amount of coverage to protect our family. Jeff recommended a program which provides 20 years of term coverage for my wife at preferred rates, and 10 years of term insurance for me at a higher death benefit.
Jeff Comiskey assisted my wife and I in identifying a need for insurance, and presented us with a variety of choices. We chose universal life insurance because of the permanent protection it offered and rates that remain the same for our entire lives.