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Term Life Insurance

Term Life Insurance - Quattro Insurance Solutions MontrealLife Insurance Protection can be purchased from three broad categories.  The three categories are Term Life, Whole Life or Universal Life.

Term Life: Term Life insurance is the easier type of life insurance to understand. You pay a premium for a period of time and if you die during that time the insurance proceeds are paid to the person or persons you designate (called a beneficiary). The most common type of term insurance is renewable and convertible term insurance. With proper financial planning, a Term Life plan can play an important role in meeting your short term and personal planning objectives. We can discuss with you in greater detail the merits of using Term Life Insurance for short-term asset and creditor protection.

Term Life plans can be adapted to a variety of personal and business insurance needs such as mortgage protection, funding buy/sell agreements between business partners, personal or small business loan and last expenses... funeral coverage.

There are many factors to consider when choosing a Term Life plan, so it is important to understand how your plan works and which factors can have an impact on your policy and its values.

How it Works
Term Life insurance provides coverage up to a certain age and then terminates. The amount of coverage will remain constant as long as the insured does not choose to decrease the coverage. Premiums are level for a certain length of time as set in the contract, usually 10, 20 or 30 years. After each period, the premiums will increase to a new amount and will remain level until the next renewal date.

In cases where there are two lives covered under a joint First-to-Die basis, the sum insured will be paid after the first death of one of the lives insured.

Features and Benefits
Term Life policies are easy and affordable plans to meet your insurance needs. You can increase your insurance coverage or add other types of coverage as required (subject to availability and proof of insurability). You can decrease your coverage, subject to plan minimums.

Term Life policies include a right to convert to any eligible permanent plan, allowing coverage to continue for life and allowing the insured to lock-in their premium to a fixed amount. Conversion can be made up to the anniversary closest to a certain age indicated in the policy contract.

Guarantees
Most Term Life plans have the following guarantees:

Cost of Insurance
– The cost of insurance rates stated in the policy are guaranteed not to change.

Conversions
– Guaranteed right to convert to any eligible permanent plan. A list of  eligible plans will be available upon request at time of conversion.

Premiums
Your premiums are calculated according to your age, sex and smoking status as well as an assessment of your health and lifestyle.

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