LIFE INSURANCE
Term 10 life insurance
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Coverage for ten years, at a cost that does not move during those ten years. At the end of the term the contract does not simply stop. It continues on conditions that were settled the day it was issued.
What decides a ten year contract
- Renewal is automatic, the cost is notAt the end of the term the coverage generally continues without new medical questions. The cost moves to the next step on the schedule, and that schedule was set the day the policy was issued.
- Ten years is a date, not a feelingIf the obligation runs past that date, the coverage ends while the need is still there.
- Conversion has a deadlineMost term contracts allow a change to permanent coverage without new medical questions, but only until an age or a year named in the policy.
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About the author
Jose Salloum is a Financial Security Advisor (Conseiller en sécurité financière) licensed by the Autorité des marchés financiers in Quebec, by the Financial Services Regulatory Authority of Ontario, and by the Insurance Council of British Columbia. Licensed since 2001, he works with Canadian families, business owners and incorporated professionals.
He is the founder of Canadian Wealth Creation Centre Inc. (CWCC), registered with the AMF, and of its educational branch IBCFinancial.com. He holds the Infinite Banking Concepts® Authorized Practitioner certification from the Nelson Nash Institute, a private certification rather than a regulatory licence.
CWCC is not registered with CIRO and does not provide securities advice. This page is general education and not advice on any individual file.
Important disclosures
This page is education, not advice. The content is general information prepared by Canadian Wealth Creation Centre Inc. It does not take your circumstances into account and is not a recommendation to buy, hold or cancel any contract. CWCC is not registered with CIRO and does not provide securities advice. The firm places insurance in Quebec, Ontario, Alberta, British Columbia, Manitoba and New Brunswick; clients elsewhere are served by advisors licensed in their province.
Nothing here was written with your file in front of us. Read it to understand the subject, then judge it against your own situation, ideally with someone who is licensed where you live and who has seen your numbers.