LIFE INSURANCE
Term 20 life insurance
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Coverage for twenty years, at a cost fixed for that whole period. It is the length bought most often in Canada, which says something about habit and nothing about the obligation being covered.
What decides a twenty year contract
- The last year of the obligation sets the lengthA mortgage amortization, the year the youngest child finishes school, the end of a loan agreement. Those dates decide the length. The round number does not.
- A term contract ends on a dateIf the need runs past that date, a new contract is assessed at the age and the health of that moment, not of today.
- Conversion is the clause that outlives the termMost twenty year contracts allow a change to a permanent policy without new medical questions, up to an age named in the contract.
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No price appears on this page, and none is sent by email. What a contract costs depends on the person and the design, and no honest figure can be produced from three answers.
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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.