Term life insurance is the most basic of life insurance products in that it has no savings component, and thus no cash value. By the name, it is purchased for a 'term.'
One of the most common uses of Term Life insurance is as "Mortgage Insurance" which is offered by banks and large financial institutions to provide funds to pay off a mortgage in the event of the premature death of a mortgage holder.
If you want the "Real Deal" on what you get with Mortgage Insurance you may be interested to know that the vast majority of Canadians who purchase mortgage insurance from a bank don't fully understand what they are getting - and what they are NOT getting. An investigative report by CBC Marketplace on February 6, 2008: "In Denial", reveals details about mortgage insurance that few Canadians know about - until it is too late. Watch the video clip to become fully informed and learn how an independent insurance broker can assist you in getting the right insurance for protecting your mortgage.
Term life comes in many different flavors, with differing terms and conditions, guarantees, etc. As with any financial services product, it is wise to do your research and seek professional advice so that you purchase a product which best meets your needs.
Term life can be purchased in many ways. Your employer may offer term life with special terms as a benefit to you and your family. Many affinity groups (alumni associations, professional groups, etc.) offer special products. Although term insurance may be available from many sources, purchasing an individual policy provides the best features and flexibility and often at a better price.
This publication and website are intended for British Columbia residents only and the information contained is subject to change without notice. Mutual Funds are offered and regulated through Global Maxfin Investments Inc. (GMII). Insurance products (including Segregated Funds) and Income Tax Preparation is provided under the name of Grant Simpson. GMII does not supervise these activities and will not be accountable, responsible or liable for such activities.
This publication contains opinions of the writer and may not reflect opinions of GMII. The information contained herein was obtained from sources believed to reliable, but no representation, or warranty, express or implied, is made by the writer or GMII or any other person as to its accuracy, completeness or correctness. This publication is not an offer to sell or a solicitation of an offer to buy any of the securities.
The securities discussed in this publication may not be eligible for sale in some jurisdictions. If you are not a Canadian resident, this report should not have been delivered to you. This publication is not meant to provide legal or account advice. As each situation is different you should consult your own professional advisors for advice based on your specific circumstances.