The uncertainties of life and the unforeseen may interrupt the course of life for your family members. You would obviously want your family to enjoy the same lifestyle and facilities in your absence.Term life insurance is one of the most widely trusted insurance schemes for the financial stability of your loved ones after your untimely death. Term Life insurance can also help your family pay back the debts, college fees and mortgage. It is the most affordable and practical insurance scheme for substantial death benefits during the term or period. Your absence can never be compensated but you can at least secure the future of your immediate family members.
It is known as thepurest form of Life Insurance with a duration limit on the coverage period or rather known as “Term” in this case. In case of untimely death, the beneficiary gets the insured amount within the term only. After the completion of the term you can either renew the policy or terminate the coverage. The premium amount and the duration are the two main parameters to review while purchasing a Term Life Insurance. In contrast to Permanent Life Insurance policies, Term Life has a lower initial premium values. It is an ideal financial tool for protection against liabilities like Loans and Mortgages. Finally, you also get a tax benefit from the Government if you are a citizen of Canada and invest in a Life Insurance Policy.