LIFE INSURANCE
Term life insurance
Coverage for a set number of years, at a cost fixed for that term. It is the simplest contract in the market and the one most often bought for the wrong length.
What decides a term contract
- The length, not the amount, is the hard choiceA term ends on a date. If the obligation outlives the contract, the cover is gone at the moment it was bought for.
- What happens at the end is written at the startRenewal, conversion to a permanent contract, or nothing at all. That clause is settled the day the contract is issued, not the day it ends.
- Group coverage is not the same coverageIt ends when the job ends, the amount is set by the plan, and the plan can change without you.
Send this to a licensed advisor
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.
The cornerstone guide
Start here: the whole strategy in one page
What it is, how it works in Canada, what it costs, what it risks, how long it takes and who it does not suit.
Read the guideOther products
A thirty-minute discovery meeting
A first conversation establishes whether this fits. No illustration is prepared and nothing is arranged.
Often the answer is no, and you will hear it during the call rather than in a proposal afterwards.
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.