To start, we recommend that Canadian Consumers always consider doing business with a Life Insurance company that offers both term and permanent life insurance.
Term Life insurance, also known as Temporary Life Insurance, is a great temporary Life Insurance product for Canadians who are on a budget.
When you purchase term life insurance, both you and the insurance company are hoping that you will outlive the temporary life insurance contract.
Qualifying is the most important step in obtaining life insurance, and term life insurance contracts do not guarantee future renewal.
After a certain age or change in health status, all life insurance companies can refuse to reinsure or renew your term life insurance contract.
This is why obtaining life insurance with an insurer that offers both Term and permanent life insurance should be a priority for you if you wish to convert in the future.
Unlike Term, Permanent life insurance is guaranteed to pay out as long as you pay your premiums,
Premiums are the monthly or annual payments you pay to the insurance company.
Converting your Term Insurance To Permanent Life insurance requires that you insure yourself with an insurance company that offers both types of insurance.
The process of conversion typically saves Canadian consumers from reapplying for life insurance, giving them the security they want when they buy life insurance.
There are plenty of great permanent life insurance products available in the Canadian marketplace.
If you live in Ontario, Canada, and need help or a free quote for life, travel, home, renters, or auto insurance.
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