Term 10 Life Insurance

Term 10 life insurance is the least expensive life insurance in Canada. In addition, it is the most popular form of life insurance in Canada.

Term 10 Life Insurance is commonly referred to as Term 10. This type of life insurance in many cases is suitable and sold to provide temporary insurance coverage. Term 10 insurance premiums are set and locked for a period of 10 years. This type of life insurance is cost effective and often is a suitable alternative for individuals who require life insurance protection on their mortgage. In many cases, Term 20 life insurance policies would be more suitable in these cases.

Life insurance that is referred to as Term 10 has a price locked in for ten years. Term 10 life insurance policies serve as an extremely cost effective form of life insurance in Canada.

Term 10 Life Insurance in many cases is both renewable and convertible. The term renewable refers to after the initial 10 year time period has expired, the insured individual can renew their life insurance. When the life insurance is renewed, the insurance premiums are higher than at the initial 10 year period. The term convertible refers to life insurance policies which can be converted to a permanent life insurance such as a whole life policy. In most cases, this conversion is done at no charge to the policy holder. The benefit of whole life permanent insurance is that life insurance protection is available for one’s whole life, as opposed to a specific term.

Summary of Term 10 Life Insurance:

  • Least expensive of all forms of life insurance
  • Premiums are set and guaranteed for ten years
  • Renewable after a 10 year period without a medical exam
  • Convertible to permanent insurance
  • Widely available from many life insurance companies
  • Provides adequate mortgage life insurance protection without declining coverage
  • Easy to purchase and establish

Term insurance provides individuals with suitable solution to deal with shorter term insurance needs. Individuals should always consult with experienced insurance agents. Every individual and each family has unique circumstances and needs. 

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