30 Year Term Life Insurance30 Year Term Life Insurance has made it to Canada! So what is it? And why would you want it? 30 year term life insurance offers life insurance coverage for a term of thirty years with no increase in premium during that time. The policy will usually renew at the end of 30 years. Many policies will be convertible to a permanent plan such as Whole Life Insurance and Universal Life Insurance up to age 65 or 70. The benefit of this is that if you decide that you need coverage beyond 30 years you have options for lifetime coverage – without any medicals required. No medicals might not seem like a big deal at age 25, but at age 55 it is quite often a valuable option. If you are younger please consider that most Canadians will develop some health issues as they reach their fifties and sixties. So having a conversion option in your term life insurance is a very good idea. Who should buy 30 Year Term Life Insurance?Financial advisors recommend 30 year term insurance when there is going to be a mortgage for more than 20 years.Another common time to buy 30 year term is when a couple is starting a family, and know that they will have dependents for 20-30 years. If one of the spouses dies it is important to have funds to replace income, pay off debts and pay any expenses that might be required to raise the children. If you are newly married, a new parent, or have long term debt, thirty year term life insurance could be best for your life insurance needs. I like the idea of this policy because it gives a great deal of certainty for a long period of time. And the rate is more affordable than Whole Life Insurance. Click Here to Ask Your Life Insurance Questions `
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