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  1. May 13, 2024 · Sun Life offers term life insurance coverage to help you financially protect your loved ones. Canadians can choose a coverage plan for 10, 15, 20 or 30 years. Calculate how much term life insurance costs.

    • Term vs Whole Life Insurance
    • Should You Buy 10- Or 20-Year Term Life Insurance?
    • Comparing Term Life Insurance Quotes
    • What Your Health Has to Do with It

    Unlike term life insurance, whole life insurance provides coverage for the duration of your life, as long as you continue paying your premiums. “Each option offers its own benefits, and the coverage that would be recommended would depend on the reason the insured is seeking life insurance,” explains Adam Mitchell, president of Mitchell & Whale Insu...

    Mitchell says the answer to that question depends on your needs for insurance. If you need it to cover a short-term debt obligation that you will have repaid in 10 years or less, the 10-year term may be more beneficial, as it will offer the coverage you need at a lower premium. On the other hand, if you’re likely to have the debt for more than 10 y...

    Your health, age and gender play critical roles in determining what the cost of term life insurance will be for you. This table gives you an idea of the price averages, based solely on the length of the term. To save money on term insurance, you are likely to get the best deal if you buy when you’re young-ish and are in good health. Estimates based...

    Mitchell says if you have underlying disabilities or conditions, you should discuss it with your insurance broker, who can inform you about how that may impact their premium or eligibility to obtain a policy. Does term life insurance cover disability? It doesn’t, as term disability insurance is a separate policy. “Some policies may offer a small am...

  2. Term Life Insurance is different from Whole Life Insurance because it is a lower monthly payment and only active for a certain period of time (i.e. 10, 15, 20, 25 or 30 years). Term Life Insurance is a smart move if you have dependents or large debts, such as a mortgage.

  3. Premiums may be paid monthly or annually. You can pay your term life insurance policy annually or monthly. Options for annual payments include: Money order; Bank draft Online banking Wire transfer Monthly payments are made as pre-authorized debits.

  4. Choose the coverage amount and term length you want. Customize your coverage with additional benefits. Pay the monthly or annual premiums. When the term is up, your policy will automatically renew each year, or you can end it or convert it to longer-term or permanent life insurance, within limits.

  5. Aug 30, 2024 · Term life insurance provides coverage for a specified period, typically ranging from 10 to 30 years. It’s a popular way to provide income replacement and protect dependents for set periods of your life, such as when you buy a home, start a family, or enter your highest-earning years.

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  7. Jan 30, 2024 · A term life insurance policy provides coverage for an agreed-upon period, called the term. If the policy holder dies during the term, a tax-free death benefit is paid to his or her...

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