Should I get a 20 or 30-year Term?

The length of coverage and the price are usually the biggest differences between a 20-year and a 30-year Term Life Insurance Plan. A 30-year term would generally have a higher Term Life Insurance rate; however, the security it would provide over an extended period may be worth paying for. Often, people would opt for the 30-year plan if they want to secure their mortgage through the entire payment period or till their children grow up and do not need further financial support.

Long-term financial obligations of young families include mortgages, car loans, and children’s education. A 30-yearTerm Life Insurance Plan ensures that there would be financial stability in case something happens to the primary breadwinner. Most people want an extended-term policy to “lock” affordable Term Life Insurance Rates while still in good health and young.

Yes, a 30-year Term Life Insurance Plan would be more expensive than a 20-year term because the insurer is exposed to a greater risk of having to pay out during a longer term. Many of the clients that choose a 30-yearTerm Life Insurance policy at Canadian LIC do so for the fixed rate of Term Life Insurance during their younger years so that they don’t have the potential of premiums increasing when they renew a 20-year term later.

Use Term Life Insurance Brokers to compare different options for the best Term Life Insurance Rates. Canadian LIC can assist clients in identifying the best policies available and even offer Life Insurance quotes in Canada. The earlier that a policy is bought, the lower the premiums will be. Insurance increases with age and various health conditions.

When a 20-year Term Life Insurance Plan has expired, one will have to renew it or convert it to a Permanent Life Insurance Policy or buy another one. Renewal premiums, however, are much higher due to aging and health changes. Many of the clients who bought a 20-year term from Canadian LIC regret this move when they notice the rise in Term Life Insurance Rates after renewal. A 30-year term plan avoids the problem since its rates are level for a more extended period.

You cannot convert a 20-year Term Life Insurance Plan into a 30-year term once the policy is in place. You have to apply for a new Term Life Insurance if you need a longer term. The problem with this is that you would probably pay higher rates because you would be older and more at risk for health issues. This is why most clients opt for a 30-year term upfront so they avoid problems later on.

Both options exist, but a Term Life Insurance broker like the Canadian LIC assures you of their professional advice. Brokers tend to compare and contrast several service providers to deliver the best available term life quotes in Canada that fit your budget or coverage requirements. If you still want to buy online Term Life Insurance, be sure to do due diligence on your policy details first.

Yes, theTerm Life Insurance policy does cover death due to accidents and illnesses if only that policy is active with all premiums paid on time. However, if a person engages in dangerous activities and keeps hazardous health conditions, their respective insurance company will cover some exceptions under their coverage. Thus, always discuss your policy with Canada LIC’s confident Term Life Insurance Brokers before buying.

Yes, you can cancel your Term Life Insurance Plan at any time, but you will not get a refund for past premiums. If you feel that you have changed financially, you can discuss better coverage options with the advisors of Canadian LIC rather than cancelling the policy. Most clients later regret cancelling and wish they had kept their policy active.

The sooner you buy Term Life Insurance, the better. The younger and healthier, the lower your Term Life Insurance Rates will be. Many people delay the purchase of insurance when they end up with higher rates. Typically, clients coming into Canadian LIC reveal regrets over never buying while they were younger; hence, with time, the rates they want would be far-fetched.

Most Term Life Insurance policies cover you regardless of where you move, though the terms may vary with providers. Some may have certain limitations based on your destination. Check with Canadian LIC’s Term Life Insurance Brokers before making any long-term moves.

Term Life Insurance can be purchased online, yet Term Life Insurance Brokers offer you the opportunity to get better rates along with expert advice. Most prefer an agent’s assistance, so they choose the right coverage. Comparing policies, answering questions, and finding the cheapest quotes available for Term Life Insurance in Canada can be daunting, and this is where Canadian LIC is of help to clients.

Your Term Life Insurance Rates will depend on the age, health, coverage amount, and length of the term. A 30-year Term Life Insurance is costlier than a 20-year Term Life Insurance, but it provides more long-term security. Smokers and people suffering from pre-existing health conditions can also expect a higher premium. Getting insured young and healthy will ensure that one has low-term Life Insurance Rates.

Yes, most insurers permit you to purchase riders with additional critical illness, disability or accidental death cover. These ensure extra protection and safety for the financial security of your family members. If you are not sure about any of these options, experienced brokers of Canadian LIC will guide you based on your necessities.

You can get quotes for Term Life Insurance in Canada from various providers online or through Term Life Insurance Brokers like Canadian LIC. Brokers compare policies to get the best coverage possible at the lowest cost.

The decision between a 20-year Term Life Insurance and a 30-year Term Life Insurance depends on your long-term intentions. A 30-year term will ensure extended protection and offer protection against renewed increasing costs; a 20-year term, on the other hand, can be suitable when the financial obligations are relatively short. Should you wish to seek professional advice, then Canadian LIC- The Best Insurance Brokerage- will guide you in finding the best insurance policy that fits your needs. Get your Term Life Insurance quotes in Canada today and secure your family’s future.