Term life insurance is well-suited to meet high, short-term protection needs for the lowest initial cost.
Term life insurance coverage can do a good job of meeting immediate needs and may provide the opportunity to later move or convert to permanent life insurance without providing proof of health.
One of the simplest and most effective ways to ensure your insurability is to apply for a 10 year Term policy with the intention of conversion to a 20 year Term Policy within 5 years. Some insurance companies will allow this without having to provide any additional medical or underwriting information.
If your budget is a concern, it may be wise to qualify for as much term insurance as your budget will allow and plan to convert at a later date.
This puts you in a position to convert all or a portion of your term life to permanent insurance at a later date without having to prove insurability.
Ready to speak with an adviser, get a quote or simply need someone to answer a question?
Contact Us and a licensed life agent serving Brantford will take time to ensure you clearly understand all your options.
Not in Brantford?
We are here to help, even if it is as simple as finding the right phone number for that policy you bought when you got married.
Grace Period: The period (usually 30 or 31 days) following the premium due date, during which an overdue premium for a life insurance policy may be paid without penalty. The policy remains in force throughout this period.