SHOPPING THE MARKET
I refer to TERM Specific life insurance as a plan that provides a Level Death Benefit for a Specific Period of time, say 5,10 or 15 years, often referred to as T10,T15, and T20 respectively. Typically, the premium for this type of plan is a level premium for the duration of the term period. Often, these plans are renewable, without further medicals, for like term periods until you reach a maximum coverage age (age 70 - age 85). The premium for successive term periods is always higher based on the then attained age of the life insured. (age at the beginning of the current term period.) Up to a specified age (age 65 or 70 usually), many of these plans may be exchanged (or Converted) without medicals, for life long plan. (a Term 100, Universal Life or Whole Life.)
In shopping for a product, the benefits and policy terms are as important as the price. When comparative shopping compare
- policy terms,benefits,
- as well as the price.
NOTICE: By enlarge Term 100 is dead. Low interest rates and unprofitable pricing have virtually eliminated Term 100 from the market.
TERM SPECIFIC UTILIZATION LIST Here is a non exhaustive list of reasons Canadians buy
Term Specific Life Insurance Plans
MORTGAGE INSURANCE PROTECTION
CONSUMER DEBT PROTECTION (Car Loan, etc)
COLLATERAL (Child Support, Alimony, etc.)
- COLLATERAL (Business Loans, Lines of Credit)
- KEY PERSON (Protect Profit Loss)
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MOST CURRENT RATE
See Why YouMUST Shop the Market !
SHOPPING THE MARKET
Rates Change frequently, at least monthly. Rates change by plan, age, sex, amount of coverage and risk category. The position of companies by these categories change constantly. The purpose of the chart is to demonstrate the variability of rates among companies at any one time and not the competitiveness of any one company.
The other factor to consider is plan types that practice post claim underwriting. This may be more convenient but has a potential for not being full protective.
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