Term Life Insurance

Term life insurance is a form of insurance that provides a payout to your chosen beneficiaries if you die during the term or duration of your policy. The term length is chosen by the policyholder and can vary from 10 to 40 years. MyLegacy Insurance Services offers term life insurance policies from reputable providers in Canada to Canadians and legal residents of Canada.

To illustrate, let's consider a 10-year term life insurance policy in Canada. If the policyholder passes away during the 10-year term, their designated beneficiaries will receive a tax-free payout, also known as the death benefit.

Life insurance offers a crucial benefit of financial security to your loved ones after your death. The death benefit payment can be used by your beneficiaries for various purposes, such as paying off debts, covering living expenses, rent or mortgage payments, daycare fees and more.

Direct Term Life Insurance

Direct term life insurance, also known as "direct-to-consumer" insurance, is purchased without the involvement of a broker or agent. This type of policy allows individuals to buy coverage directly from the insurance company. An example of a company offering direct term policies is Cover Direct.

Term to 100 (T100) Life Insurance

Term to 100 life insurance is a permanent policy that guarantees coverage until the age of 100. It features fixed premiums and is often chosen to cover end-of-life expenses or maximize one's estate. T100 life insurance is typically the most affordable type of permanent coverage as it does not accumulate cash value.

Convertible Term Life Insurance

Convertible term life insurance includes a provision that allows policyholders to convert their term policy into a permanent one. This conversion option does not require a medical exam and maintains the previous health rating. However, it's important to decide before reaching the age of 70, as converting at a later stage can be expensive due to the higher cost of permanent coverage.

Yearly Renewable Term Life Insurance (YRT)

Yearly renewable term life insurance provides coverage for one year and is renewable without a medical exam. It is suitable for short-term coverage needs and offers flexibility. However, it's important to note that premiums may increase each year, making it potentially more expensive in the long run.

Group Term Life Insurance

Group term life insurance is offered by employers as part of employee benefits packages. It is a type of life insurance where the cost is shared between the employer/group and the individual members. Group term life insurance provides coverage for a group of individuals under a single policy.

At MyLegacy Insurance Services, we can provide expert guidance and personalized recommendations to help you choose the most suitable type of term life insurance for your specific needs and circumstances.

Tax-Free Payout

One of the primary benefits of term life insurance in Canada is the tax-free payout it offers. If you pass away during the term of your policy, your beneficiaries will receive a lump sum payout that is completely tax-free. This provides financial stability and security for your loved ones during a difficult time.

Flexible Policy Lengths with Guaranteed Premiums

Term life insurance policies in Canada come in a range of term lengths, from 10 to 40 years. This allows you to choose coverage that suits your needs and budget. The premiums you pay are guaranteed to remain the same for the entire term of your policy, giving you peace of mind knowing exactly how much you'll pay.

Accidental Death Benefit

Accidents can happen unexpectedly, but you can prepare for them with a term life insurance policy that includes benefits for accidental death. In the event of unintentional death, your beneficiary may be entitled to an increased benefit sum. This can provide additional financial support for your loved ones during a difficult time.

Customising Your Policy with Additional Riders

Term life insurance policies in Canada can be further strengthened by adding riders to your policy. Riders allow you to extend your term insurance coverage and increase the benefits of your policy for a small additional fee. This allows you to customise your policy to fit your unique needs and provide even greater protection for your loved ones.

Why Choose MyLegacy Insurance Services Experts for Term Life Insurance?

When it comes to choosing a term life insurance plan, it's important to consider your specific needs. MyLegacy Insurance Services Insurance offers a range of plan options to meet your unique requirements. The benefits you can expect from MyLegacy Term Life Insurance are:

Supplement Group Insurance Coverage

In case the life insurance provided by your group plan is insufficient, having your own term life insurance policy can act as a supplement. Additionally, having your own policy ensures that you maintain coverage for your loved ones even if you switch employers.

Do You Have Access to Term Life Insurance?

To apply for any insurance products, you must be a lawful resident of Canada.
After submitting your application, you must go through the underwriting process where your risk is evaluated.
Underwriting helps evaluate your level of risk and determines the coverage you qualify for, and ensures that your premiums accurately reflect your degree of risk.
The amount of premium you will be charged is determined by the level of risk you pose to the insurer.
If you purchase term life insurance, you can renew your coverage after the initial term has ended.
However, the coverage will end at a specified age.

Term life insurance is a crucial tool to protect and support your loved ones financially after your death. With MyLegacy Insurance Services, you can easily obtain affordable coverage for your chosen term length. Our policies offer consistent premiums, tax-free payouts and optional riders to enhance your coverage. By taking advantage of our easy application process, you can secure the financial future of your loved ones with peace of mind. Contact us today to learn more about our term life insurance options and start protecting your family's future.