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Term Insurance? What is it anyway?

term insurance from sharon bailey network insurance, your first contact for life insurance and term insurance we are your business solutions partner

sharon bailey network insurance. term life insurance for your family protection. When you need term insurance in the greater toronto area sharon bailey network insurance is the first contact to make. for in depth information about term insurance and how you can protect your families lifestyle. call us today 647-558-7491 ext 4694

Introduction to term life insurance.

Term life insurance is the focus of this article. This blog is the start of what we refer to as our online guide for term insurance. In this guide you will learn all there is to know about guaranteed term life insurance. Also referred to as term insurance, learn why it is considered to be the best product by so many. You will have a deeper understanding of how it works and see sample pricing.

Use the navigation guide below to quickly go to the topic you would like to learn more about. As always we are here to answer any questions you may have so feel free to contact us at (647) 558-7491 Ext 4694.  You can contact us through our online chat or you can leave a message in the comments below. You can click here if you would like to get a free quote at any time.

What is term insurance and how does it work?

Term insurance is the most affordable life insurance available and provides coverage for a predetermined period of time.

Some key features to know about term life insurance:

  • The premiums are the most affordable in a term life insurance policy than they are for any other policy type.
  • The premiums are guaranteed not to go up for the entire term for as long as you hold the policy.
  • The policy term can be 10 years, 15 years, 20 years, 25 years even 35 years.
  • This type of policy only provides a lump sum death benefit. There is no cash value accumulating or investment portion. The only payout is the death benefit to the designate beneficiary of your choice.

Term Life Insurance does not provide the following:

  • there is no investment portion as part of your payment and no cash value accumulates
  • There is no dividend paid out at the end of the policy’s term
  • Similar to car insurance if you cancel your policy you do not receive any funds back

This type of policy is referred to as “Term” because it is coverage that is specific to a predetermined number of years.

For example 10 years, 15 years, 20 years or even up until a certain age such as 65.

In conclusion…

as you can imagine there is a lot to know about life insurance so it is always best to speak with an agent. For the best assistance seek an advisor  with an in depth understanding. This can be the best to assist you with your life insurance needs. We are here to assist you and would love to help create a customized insurance plan that is tailored specifically for you. Call us at (647)-558-7491 Ext 4694 or chat with us online. Feel free to leave a comment below. We would love to hear from you. Click here for a free no obligation quote.


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What are the benefits of term life insurance?

Benefits term life are many and includes the following.

Benefits term life sharon bailey network - insurance your business solutions partner

So here you will learn the answer to : What are the benefits of purchasing Term Life Insurance?

   ” You will have peace of mind and security knowing that you have planned ahead.”

  • If you are carrying a mortgage balance then you can use term life insurance to cover the mortgage balance.  This will eliminate the need to worry about mortgage payment burdens on the family
  • A benefit of term life insurance is that it can be used for estate planning for your heirs
  • Self employed individuals can also use term life insurance to cover any outstanding business loans
  • The other benefits term life insurance has to offer is that it can be used to cover education costs for your children’s tuition.
  • You can protect Your heirs can be protected with term life insurance by using it to offset capital gains taxes. If you have a cottage or income property it will be subjected to 50% capital gains taxes.  Your heirs will get the full value of their inheritance and there will be funds left over to pay for the capital gains taxes.
  • Term life insurance can also be used to keep you covered for a short term if you become unemployed and are no longer covered by your employer.
  • Term life insurance can also be used as a buffer to a permanent life insurance policy. This will provide you with additional coverage.

These are some of the ways to reap the benefits term life has to offer. You can click here at any time to get a free no obligation quote. We are always here to help you if you have any questions about life insurance. Feel free to contact us through our online chat or by phone. (647) 558-7491 Ext 4694 we are always happy to help.