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1. • More affordable than permanent life insurance

     • If a spouse, child or anyone else depends on your income for their day-to-day needs, a term life insurance policy can help protect them financially in the event of your death. This type of temporary life insurance is popular among Canadians, as it is more affordable than permanent life insurance.
     Reference:

     Term Life Insurance in Canada: All You Need to Know - Money.ca

2. People also ask

   Why is term life insurance so popular in Canada?

   • There’s a reason term life insurance is one of the most popular types of life insurance. Here are some of the top term life insurance benefits Canadians can find. 1. Customizable term and coverage Term life insurance isn’t one-size-fits-all, which is why most policies are personalized based on your budget and family’s needs.

   What Is Term Life Insurance & How Does It Work? - Blue Cross of Canada

   www.bluecross.ca/life/term-life-insurance/what-is-term-life-insurance

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   What is term life insurance in Canada?

   • What is term life insurance? Term life insurance is one of the many types of life insurance available in Canada. As its name implies, it provides coverage for the duration of your chosen term—the period of time you are covered by the policy. In Canada, terms typically range between five and 30 years.

   What is term life insurance and how, exactly, does it work?

   www.moneysense.ca/spend/insurance/life-insurance/term-life-insurance/

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   How long does a life insurance policy last in Canada?

   • As its name implies, it provides coverage for the duration of your chosen term—the period of time you are covered by the policy. In Canada, terms typically range between five and 30 years. If you die during the term or when your policy is still in effect, your beneficiaries receive the death benefit. A term policy can be terminated at any time.

   What is term life insurance and how, exactly, does it work?

   www.moneysense.ca/spend/insurance/life-insurance/term-life-insurance/

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   Is it worth getting term life insurance in Canada?

   • For the average Canadian, yes, it’s worth getting term life insurance. While it’s highly dependent on your unique circumstances, term life insurance can provide your family and loved ones with a financial security net in case something happens to you.

   7 Questions to Ask When Buying Term Life Insurance in Canada

   www.bluecross.ca/life/term-life-insurance/term-life-insurance

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   Which type of life insurance is best for You?

   • Term life insurance is the most straightforward type of policy. It offers temporary coverage and pays a one-time lump sum to your beneficiaries when you die within the term. Thanks to its lower premiums, it’s the best choice for shoppers who have financial dependents but only need life insurance for a specific period of time.

   Term Life Insurance: What You Need to Know | Finder Canada

   www.finder.com/ca/life-insurance/term-life-insurance

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   How many Canadians have life insurance?

   • Twenty-two million Canadians have life insurance, according to a 2022 report from the Canadian Life and Health Insurance Association (CLHIA). The biggest reasons why we buy life insurance?

   Best life insurance in Canada for 2024 - MoneySense

   www.moneysense.ca/spend/insurance/best-life-insurance-canada/

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3. www.bluecross.ca › life › term-life-insuranceWhat Is Term Life Insurance & How Does It Work?

   www.bluecross.ca › life › term-life-insurance

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   When it comes to life insurance, term life insurance stands out as a popular and affordable option for many Canadians. But what does it actually cost? Understanding the factors that influence the price can help you make an informed decision.

4. www.moneysense.ca › term-life-insuranceWhat is term life insurance and how, exactly, does it work?

   www.moneysense.ca › term-life-insurance

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   • 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...

   See full list on moneysense.ca

   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...

   See full list on moneysense.ca

   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...

   See full list on moneysense.ca

   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...

   See full list on moneysense.ca

5. Videos

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6. www.serenialife.ca › term-life-insurance-canadaTerm Life Insurance in Canada: A Comprehensive Guide

   www.serenialife.ca › term-life-insurance-canada

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   Aug 30, 2024 · Term life insurance is popular because it’s not as expensive as permanent life insurance. It costs less because many people outlive their policies and never collect the payout – which is not a bad thing if you’re aiming to live a good, long life.

7. money.ca › insurance › life-insuranceTerm Life Insurance in Canada: All You Need to Know - Money.ca

   money.ca › insurance › life-insurance

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   Jan 30, 2024 · This type of temporary life insurance is popular among Canadians, as it is more affordable than permanent life insurance. Here’s a primer on what term life insurance is, how term...

   • Occupation: Freelance Contributor

8. www.finder.com › ca › life-insuranceTerm Life Insurance: What You Need to Know | Finder Canada

   www.finder.com › ca › life-insurance

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   Jan 5, 2021 · 1 - 2 of 2. Term life insurance is the most straightforward type of policy. It offers temporary coverage and pays a one-time lump sum to your beneficiaries when you die within the term. Thanks to its lower premiums, it’s the best choice for shoppers who have financial dependents but only need life insurance for a specific period of time.

9. www.bluecross.ca › life › term-life-insurance7 Questions to Ask When Buying Term Life Insurance in Canada

   www.bluecross.ca › life › term-life-insurance

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   For the most part, term life insurance is the most affordable life insurance solution for most individuals. It’s one of the reasons why term life insurance is the go-to for Canadians. So, what makes term life insurance more affordable than other types of life insurance products?

10. www.moneysense.ca › best-life-insurance-canadaBest life insurance in Canada for 2024 - MoneySense

    www.moneysense.ca › best-life-insurance-canada

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    Aug 15, 2023 · Twenty-two million Canadians have life insurance, according to a 2022 report from the Canadian Life and Health Insurance Association (CLHIA). The biggest reasons why we buy life...