Term insurance has a solid place as part of most Canadians' financial portfolio. The amount of protection that can be offered at reasonable premiums for short periods of time should not be overlooked. Specific needs can be covered with the various types of term offered. Mortgages for example tend to run for 20 or 25 years, and when the mortgage is over, that particular need is also gone.
Common to Canadians is the popular 10 year term insurance. Premiums are usually guaranteed level for the first 10 years, then if the need continues and the client wishes to renew, the insurance is offered for a second 10 year period at a predetermined price. Older term policies however renew with the OLD rates books which were in effect several years ago.
Since the cost of “term” has come down in recent years, if one is “insurable” and willing to undergo common insurance related questions and testing, NEW term insurance rates can save you a lot of cash.
A typical 40 year old with an older 10 year term policy can save up to 30 or 40% by switching to a NEW 20 year term policy.
This is only an example, yet in most cases, clients can save lots of hard earned cash, and the savings can be used anywhere you want.
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