Term life insurance is one of the most straightforward and common life insurance products. It has no savings component, and therefore, it has no cash value. That is why it is named the way it is. It is purchased for a 'term.'
Term Life insurance is typically used as "Mortgage Insurance" which is often used by banks and other large financial institutions as a way to provide resources settle a mortgage in the event of the premature death of a mortgage holder.
If you really want to know what you get with Mortgage Insurance from your bank, then you may find it interesting to know that that most Canadians who purchase mortgage insurance through their bank don't completely understand what they are buying, or what they are covered for - and what they are NOT covered for.
A fact-finding investigation done by CBC’s Marketplace on February 6, 2008 called "In Denial", provides shocking details about mortgage insurance that few Canadians ever learn out about - until it is too late. Watch the video clip to get fully informed and learn how an independent insurance broker in Ontario can help you buy term life insurance to protect your mortgage.
Term life insurance comes in many different forms, each with its own terms and conditions, guarantees, and so on. As with any life insurance product, it is wise to conduct your own research and search for the advice of professional Ontario term life insurance providers so that you can buy term life insurance which meets your current needs the best.
Term life insurance in Ontario can be purchased in many ways. For example, your employer may offer term life with special terms as a benefit to you and your family. Many associations such as alumni associations, professional groups, etc. offer special products as well. Although term life insurance may be available from many sources, purchasing an individual term life insurance policy provides the best features and flexibility and often at a better price.
Contact our office if you would like more information about Term Life Insurance in Ontario or are searching for term life insurance providers.