Term Insurance, a rip-off !!??

Term Insurance, a rip-off !!??

Term Life Insurance addresses both concerns by offering an affordable Insurance Protection as well as a band aid Solution. The premiums in Term Life Policies are cheaper in the initial years however on renewal the prices sky Rocket .

As an observation the premium rise is to the tune of 300to 800%

. As a Price illustration $500,000 Term for a 40-year-old male, non smoker with Canada Life  is $385 a year. The renewal premium is $2500

Following 2 Reasons Prohibit customers in investing in a permanent Policy where the   premiums are fixed with a life time protection.

Premiums are not within the insured’s Budget

When the insurance is Time Bound. Term Protection adds value when Life insurance is needed for mortgage, business loans or line of credit.

Term Life Insurance is not a viable option when Life Insurance policy is purchased to offset Taxes or to enhance the insured’s overall estate reason being if the insured lives beyond the initial term the renewal will be unaffordable whereby  defeating the policy to fulfill it’s purpose.

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