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OVERVIEW
Term Insurance is the least expensive form of life insurance. Term insurance provides protection during 10, 15, 20, 25, or 30 year terms. In addition, these plans may be renewed for additional terms or converted to permanent life insurance plans. Up to certain ages we have a term plan offering up to $250,000 that only requires you to answer a few simple health questions. Other term plans listed here offer up to $5,000,000
Term 15
The Preferred 10 Year Term policy is inexpensive, renewable and can be converted to a permanent life insurance plan at any time. Your premiums remain the same for the first 15-year period. You can renew your policy without any additional medical information for additional 15-year periods. You can renew your policy to age 80-85* and convert it to a permanent life insurance plan before age 65-70*. There are a number of options available with this plan. It can be purchased if you are 18 to 75.
STANDARD BENEFITS
Coverage
Coverage amounts can range from $50,000 to $5,000,000.
Renewable
Prior to age 80 or 85*, you can renew your policy without any new medical information, for additional 15-year periods. This benefit is included at no extra cost.
Convertible
Prior to age 65 or 70*, you can convert your policy, without any new medical questions, to one of a number of permanent life insurance plans. This benefit is included at no extra cost.
OPTIONAL FEATURES
Accidental Death Benefit
If you die by accidental means and your payments are up to date, your coverage amount increased by the amount of accidental death benefit you purchase. This option is available for those 18 to 60. Premiums for this option will not increase. This benefit ends when you turn 70.
Disability Waiver
With this benefit, if you become completely and continuously disabled for more than 6 months, your premiums will be paid until you are no longer completely disabled. This benefit ends when you turn 60. This option is available for those 18 to 55.
Child Term Rider
If you purchase the Preferred 10 Year Term plan, you can also purchase $5,000 coverage for children. This option is available for children 30 days old to 18 years old. The benefit ends when the child turns 25, or when you turn 65, whichever occurs first.
PAYMENTS
Premium payments may be made annually, semi-annually, or monthly through automatic banking. The annual policy fee is in the $50-70 range. You can pay annually or semi-annually by cheque, or by automatic monthly withdrawals from your bank account..
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Term Life
