Term Life Insurance Canada

Our lives are subjected to risks of disability and death due to accidental and natural causes like flood, fire or earthquakes. Death or accidents causing permanent or temporary disability affects the income of a household. During such a juncture life insurance required. Risks are capricious. Accidents take place at a time when least expected. So, it is very essential for every individual to have life insurance. Human life is precious and its value can’t be measured with a sum of money. Taking insurance is a step to compensate the family members of the insured person. You cant get your loved one back from death. But his sudden loss will never put you in difficulty if you have his life insured.

Term life insurance or term assurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual’s or individuals’ death or other even.

Term life insurance provides coverage for a limited period of time, the relevant term. After that period, the insured can drop the policy or pay annually increasing premiums to continue the coverage. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is often the most inexpensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis.

Term insurance functions in a manner similar to most other types of insurance in that it satisfies claims against what is insured if the premiums are up to date and the contract has not expired, and does not expect a return of Premium dollars if no claims are filed. As an example, auto insurance will satisfy claims against the insured in the event of an accident.

Hiç yorum yok:

Yorum Gönder