From the outside, looking in, life insurance may seem like a boring profession. Far from boring, it can be dynamic. Almost every month, at least one of the 15+ life insurance companies we deal with updates their product line. Lately it has been “revised” term insurance rates. So far in 2017 we have seen price revisions from RBC Life, BMO Life, Sun Life, Ivari, UL Mutual, Foresters Financial, Excellence Life Insurance, Western Life and LaCapitale Financial. In most cases, term rates in the most popular categories have been reduced.
Term insurance is the most highly competitive product, and has the most variations of any product sold by life insurance companies. Sometimes it is marketed as income replacement insurance, mortgage insurance, partner insurance, debt or credit insurance, even group insurance. It is sometimes used as an enhancement to whole life insurance. The common feature is the fact that the insurance is temporary, it has an expiry date.
Your life insurance broker can help you find the term insurance that is right for your individual needs today. Without question, your needs will change in the future. If you haven’t talked with your broker for a few years, it may be time to.