What is Term Life Insurance?

Simply put, term life insurance is an agreement to safeguard your loved ones in case of your death. You are required to make regular premiums or payments to the insurance company over a period of time. In exchange, the company will pay a pre-calculated amount to a beneficiary chosen by you in the event of your death.

This death benefit is tax-free as per Canadian law provided the beneficiary is Canadian resident. The beneficiary can be non-Canadian but in such a case, the tax benefits will not be applicable. It will be subject to tax jurisdiction of the concerned country.

Term Life Insurance Helps Deal with the Inevitable

Death can have profound impact on your family’s future. Most people take steps to ensure that the financial independence of their immediate family members are protected in case of their untimely death. Term life insurance helps ward off the negative impact on financial security. When you buy term life insurance, you make sure that some expenses like funeral charges, loan and mortgage payments, college fee and general living expenses are taken care of.

Nothing can compensate the loss of life. But term life at least makes sure your loved ones do not have to fold hands for finances and continue their life in peace. Premiums can be chosen as per individual’s monetary status.

Term Life – Make Sure Your Loved Ones are Protected

Canadians between the ages of 18 and 70 can take advantage of Akal Insurance’s Term Life plan. It gives affordable options to secure your family’s financial security. Your current insurance cover is not a deterrent in buying term life. You can top up your current coverage with our policy for enhanced protection.

Term Life insurance can be availed from CAD $100,000 to $1,000,000. This wide range ensures there’s a suitable plan for every family and budget. Premiums are guaranteed to remain same for the next 10 years. Younger applicants can avail lower rates. Choose at your terms and don’t buy something you are never going to need.

Plan Features

  • Simple, Budget-friendly Protection: Term life insurance is a smarter option compared to other insurance protection.
  • Wide Range: Cover starts from CAD $ 100,000 to CAD $1 Million. Choose the amount that suits your budget and lifestyle. Both spouses can apply independently.
  • Same Premium for 10 Years: Whatever happens, your premium amount will remain same for the first 10 years of the plan.
  • Renewable Coverage: Your coverage is renewable even at the age of 85. Coverage is guaranteed regardless of any changes in your health.
  • Renewal without Medical Underwriting: When you have to renew your coverage in 10 years, no medical questionnaires or exams are mandatory. New age based rates will apply though.
  • Convert to Permanent Life Insurance Plan: The term life can be converted into life insurance in case your primary policy is near exhaustion or completion.
  • Living Benefits: Our policy features living benefits at zero additional costs. If policy bearer is diagnosed with a terminally ill health issue with less that 12 months to live, we provide a compassionate single-time cash advantage equal to 50% of your term life insurance plan.
  • Complete Payment to Beneficiary: Your chosen beneficiary does not face tax burden when he/she receives the term life amount. They can use the entire payment for handling mortgage, living expenses, college fee, outstanding debts etc.
  • Flexible Payment Options: Select your payment method from myriad ways including Credit Card, Cash, Visa or cheque.
  • Fast Application: We offer quick application approval with minimum processing time.

At Akal Insurance, we are committed to offering the most financially viable solutions to Canadians when it comes to term life insurance. Understand the importance of financial security of your family in an environment without you. Step forward and take charge of your future.

Get in touch with our experts to get a custom plan tailored to your financial needs.