Term insurance is for income replacement, mortgage insurance, debt reduction, family protection and mostly, peace of mind.  It is affordable life insurance and easy to buy.

As the name suggests, you buy this type of insurance for a fixed term. The term can be as short as one year or as long as the time it takes for you to reach 100 years of age. The most popular terms are for 10 or 20 years.

Term life insurance is most often purchased to protect against lost income or debt reduction in the event of death of the insured person. It is usually a more affordable and practical alternative to “mortgage insurance” offered by the banks.

Most term insurance policies are also “convertible”. This means you have the option to “convert” some, or all of the coverage, to a Whole Life Insurance policy offered by the company. (Some conditions apply)

Term Life Insurance is available with either “level” or “decreasing” term coverage amounts. The level coverage will pay the original amount of the death benefit any time during the term. The decreasing coverage reduces each year, usually until it reaches half the original amount, then remains level to the end of the term.

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