Term Life vs. Bank Life Insurance

What is the difference in term life insurance and bank life insurance? Many Canadians may be asking themselves this questions. Ivon T. Hughes attempts to answer it in this brief but informative article. There are many reasons why so many people are now looking for term life insurance over bank life insurance. You can find out for yourself whether or not it’s the right choice for you.

We agree with the article that term life insurance generally has many advantages over a bank or lender-backed mortgage life insurance plan. Here are some of those advantages:

It is more flexible
It has more affordable premium rates
You are the owner of the policy and have control over the plan
You have more control over the choice of beneficiary in your plan
You have guaranteed premiums- you can count on the amount to always be the same
You have a guaranteed death benefit so you know exactly what will be paid out to your beneficiary
Your term life insurance is portable – you can concentrate on getting the best rate
You can lower the amount of coverage or change the beneficiary whenever you want because plans are flexible

When you learn more about why Canadian term life insurance is a preferred choice, you will be able to make the decision about whether or not it is right for you. It is generally considered a good choice for the head of a household or a young person still becoming established.

When shopping for your own life insurance policy, consider Canadian term life as an option that night work for your needs. Then you can look into various quotes and find the specific company that you want. Independent life insurance providers are often a great choice for better rates and personalized service.