Canadian Life Insurance

Canadian Life Insurance News

Term Insurance starts off lower in cost and increases as the insured gets older. The term length can vary depending on the policy. As a rule of thumb, the longer the term, the higher the initial premium, but the shorter the term, the lower the initial premium. Most term life policies in Canada are renewable and convertible, which means the insured can renew the coverage without a medical examination, albeit at a much higher premium. It also means that it's possible to convert the coverage to a permanent plan without a medical examination. Term rates can vary significantly from company to company, and many companies offer preferred rates, which can lower the insured’s premium by as much as 30 per cent if they happen to be in very good health and has excellent family health history.