Why Canadians Prefer to Opt For Term Insurance Policy?

There are different types of insurance available like home insurance, auto insurance, business insurance, disability insurance, life insurance and health and dental insurance. In Canada, the types of life insurance that are offered to the people include Term insurance, universal life insurance, permanent life insurance, instant issue life insurance and whole life insurance.

For each of these insurance policies, there are specific terms and conditions to be followed to avail the benefits of the policy. It is also imperative that individuals understand the working of these policies before acquiring them.

Features of Life Insurance Policy

The term life insurance is an excellent type of insurance, and that provides coverage only for certain age, and then it gets over. The amount that needs to be paid for the coverage will continue to be the same, as long as the policyholder does not reduce the coverage. The policyholder can renew the policy if he does not die within the time period, as the policy is active. On renewing the policy, the premium cost also increases.

Benefit of the term Insurance Policy

The main benefit of this policy is that more than one person can be insured under the similar insurance policy. The other useful insurance policy that is offered to business people is the group insurance, and it is a unique insurance policy that covers a group of employees and members of societies. People of a defined group regardless of their gender, profession and age can acquire the policy.

The protection provided by the policy is entitled only to the member is part of the group. The term insurance Canada is a simple and affordable policy made available for the Canadians. It is very easy to apply for this insurance policy, and that does not require any medical underwriting on the renewal of this policy.