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Term Insurance

Term life insurance is perhaps the most basic form of life insurance. It provides affordable protection, often with a guaranteed premium, for some period of time. If the insured person dies while the policy is in force, the face amount is paid to the named beneficiary. At the end of the term period, the insured can renew the coverage for as many years as he/she wants. Renewals will typically result in a higher premium. The premium for term life insurance is initially lower than a comparable permanent insurance policy. This initial lower premium usually helps people obtain the temporary coverage they need at affordable prices.

This product is most suitable for people who:

  • Are seeking coverage for a limited period of time (i.e. young adults, young couples or young families, and liability coverage for businesses)
  • Are concerned about the financial security of their children through their dependent years (i.e. extra insurance protection for daily necessities, and education needs in case of the death of the parents/guardians)
  • Want to meet their needs for insurance despite budget constraints.
  • Are owners of small and medium-sized businesses (to obtain coverage in case of the loss of a key employee, and liability coverage for example)
  • Need to protect a large investment and have a tight budget (i.e. house, business, other large debts, etc.)

Your premiums are guaranteed for the term of your insurance and are determined based on the chosen sum insured, the general condition of your health and your lifestyle.

Our term insurance is customizable, meaning you can determine the length of your term whether you want 11 years or 29 years for example. The insurance is renewable upon maturity at a higher premium without having to submit medical justification or other evidence of insurability.






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