PINKNEY FINANCIAL SERVICES

Term Life Insurance

Insurance

Term Life Insurance

Term Life Insurance is a type of life insurance that provides coverage for a specific period or term. It is designed to provide financial protection to the policyholder’s beneficiaries in the event of the policyholder’s death during the term of the policy.

Term Life Insurance

It is designed to provide financial protection and support to loved ones in the event of the policyholder's death.

Key Features of Term Life Insurance

  • Coverage Period: Term insurance provides coverage for a specific term, typically ranging from 10 to 30 years. The policyholder selects the term based on their needs and preferences.
  • Death Benefit: If the policyholder passes away during the term of the policy, the insurance company pays a death benefit to the beneficiaries named in the policy. The death benefit is a tax-free lump sum payment and can be used by the beneficiaries for various purposes such as paying off debts, covering living expenses, or funding education.
  • Premiums: Term insurance generally offers lower premiums compared to other types of life insurance such as permanent life insurance ( i.e. whole life or universal life insurance). The premiums remain level throughout the term of the policy, meaning they do not increase over time.
  • Convertibility: Some term life insurance policies in Canada offer a conversion feature, allowing the policyholder to convert the term policy into a permanent life insurance policy without the need for a medical exam. This can be beneficial if the policyholder’s needs change, and they want to continue having life insurance coverage beyond the original term.
  • Renewability: Some term insurance policies may be renewable, meaning the policyholder has the option to renew the policy at the end of the term without having to undergo a medical exam. However, the premiums for the renewed policy are typically higher based on the insured person’s age at that time.

Term insurance is often chosen by individuals who have specific financial obligations or dependents to protect, such as paying off a mortgage, covering education expenses, or providing income replacement for their family in the event of their premature death. It offers affordable coverage for a defined period, allowing policyholders to tailor their life insurance to their specific needs.

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For 26 years Pinkney Financial Services has been a very important part of my financial future. I’m most grateful for everything they have done for me over these many years.
Frances Burke
Retired Edmonton Public Teacher

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