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Term life insurance products come without any hidden catches or “gotcha” moments. They represent a transparent and affordable form of insurance, allowing you to maximize the financial protection you can acquire while staying within your budget.

Virtually all life insurance companies provide renewal options as a key feature of term life insurance policies. For instance, if you have a 10-year term life policy, it automatically renews for another 10 years at the end of the term, unless you decide to cancel your coverage. However, this renewal comes with an increased premium, and many Canadians may still qualify for a lower premium by applying for entirely new coverage.

Typically, companies permit policy renewal up to a specified age, like 70 or 75 years old. Once you reach that age, the policy becomes ineligible for renewal, and the coverage expires.

Unityfs is dedicated to assisting Canadians in finding the most suitable life insurance policy for their individual needs. To be candid, there isn’t a single “best” insurance provider; rather, there’s the best insurance provider for you.

Canada’s leading insurance companies offer distinct policies tailored to meet the unique coverage requirements of each Canadian. The key is having the freedom and knowledge to select the policy and provider that aligns with your specific situation.

That’s precisely why Unityfs collaborates with over 20 of Canada’s top insurance companies—the highest number among online brokers. We ensure you have an extensive array of options when choosing the insurance company to safeguard yourself and your loved ones. We can assist you in securing a life insurance plan from renowned providers such as Assumption Life, BMO Insurance, Canada Life, Canada Protection Plan, Desjardins, La Capitale, Empire Life, Equitable Life, Foresters, Humania, iA Group, ivari, Manulife, RBC, Sun Life, SSQ, and Wawanesa.

As noted earlier, the primary factors influencing the premiums set by all life insurance providers are age and health. Taking these criteria into account, it is highly beneficial to apply for life insurance coverage at an earlier age. Applying while younger is advantageous because it is less likely that any health conditions have impacted you, thereby minimizing the potential increase in the cost of your premiums.

Unlike permanent life insurance, term life insurance does not accumulate cash value or surrender value. This distinction is a key factor contributing to the affordability of term life insurance compared to permanent life insurance options, making it a more cost-effective means of financial protection.

No, there is no cashback at the conclusion of a term life insurance policy. Once the term expires, your coverage concludes, and premium payments are no longer obligatory. Term life insurance can be likened to leasing insurance for a specific, temporary requirement, rather than incurring additional costs to own the policy permanently.

A widely accepted rule of thumb is to select a death benefit ranging from 8 to 10 times your annual income. For a more accurate calculation, consider factors such as your existing debts, the living expenses of your family, anticipated education costs for your children, provisions for end-of-life expenses, and any other allocations (e.g., charitable donations) you wish to include. Utilize PolicyAdvisor’s Life Insurance Calculator for the most precise estimate tailored to your life insurance plan and requirements.

Life insurance is essential for anyone with dependents or loved ones. However, due to their unique circumstances, single parents often shoulder a greater responsibility in the upbringing and protection of their children, and this extends to the crucial aspects of life insurance and financial protection.

Certainly, you can purchase insurance for your loved ones, but it requires their consent and knowledge that their life is being insured. The only exception would be in the case of children below the age of consent, where you are their legal guardian. In essence, we need to communicate with anyone you intend to insure, including your loved ones.

While health problems may not automatically disqualify someone from obtaining life insurance, they can significantly impact the cost of premiums. The price is likely to be influenced by the nature of the ailment, its diagnosis timeline, and its current impact on health. Our seasoned advisors can assist in assessing coverage options and connecting you with a life insurance company offering policies tailored to your specific situation. We provide support in applying for simplified non-medical insurance policies or guaranteed non-medical insurance coverage, whenever these options are the most suitable for our clients. Rest assured, our expert advice is readily available whenever you need it.

The duration of your term life insurance policy should align with your specific life insurance requirements.

A 30-year term life insurance policy is suitable for covering a new mortgage. Opting for a 20-year term life insurance policy can offer financial security for a new family. Meanwhile, a 10-year term life insurance policy may be utilized by seniors to handle final expenses or replace income for their beneficiaries. Online term life insurance provides flexibility, allowing you to choose the policy length that best fits your needs, whether it’s a 25-year term, 40-year term, or any duration in between.

Unityfs stands out as the digital brokerage representing the highest number of insurance carriers, guaranteeing that you discover the most competitively priced term life policy for your specific needs and budget. You have the convenience of comparing rates from 25 of the country’s top life insurance companies.

Easily compare term life insurance rates and apply for the coverage you require within minutes by clicking here!