Life insurance is a way to protect your survivors and dependents against financial hardship. A life insurance policy is a legal agreement between you and an insurance company in exchange for the premiums paid by the policyholder that guarantees payment of the face value of the policy, upon death. Life insurance is a legally binding contract between the insured individual and the insurance company. Monthly or annual premiums are paid in exchange for beneficiaries to potentially receive a lump-sum payment, also known as a death benefit. The best time to get life insurance was yesterday if you have a need to protect your family. Generally, the younger and healthier you are when buying life insurance, the less expensive the premiums.
What is Term Life Insurance?
Term life insurance guarantees payment of a stated death benefit to the insured’s beneficiaries if the insured person dies during a specified term. These policies have no value other than the guaranteed death benefit and feature no savings component as is found in a whole life insurance product. PolicyMe is a Canadian digital insurance solution built to make financial protection for families simple and affordable. They make it easy to get a quote and apply for term life insurance and critical illness insurance online in 20 minutes or less.
