Pros and Cons of Term Life Insurance (Canada)

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Term life insurance is a type of life insurance that provides coverage for a specified period of time, such as 10, 20, or 30 years. In this video, we will discuss the pros and cons of term life insurance in Canada.

Some of the benefits of term life insurance include:

-It is generally less expensive than permanent life insurance
-The death benefit remains level for the duration of the term
-It allows you to obtain coverage while you need it most, such as when you have a mortgage or young children
-It provides a death benefit that can be used to pay off debts and provide financial support for your family

Some of the cons of term life insurance include:

-The death benefit is only payable if you die within the specified term
-The premium will increase if you renew the policy or convert it to a permanent policy
-It does not build cash value or provide a savings component
-It may not be suitable for those who have a long-term need for life insurance coverage

Ultimately, the decision of whether to purchase term life insurance or permanent life insurance will depend on your individual needs and goals. It is important to consider your current and future financial situation, as well as your beneficiaries' needs.

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🟦About Affinity Life🟦
Affinity Life is an online life insurance platform dedicated to busy Canadians. We believe you shouldn’t have to run through a sales gauntlet to obtain life insurance to protect your family. We’re setting out to finally revolutionize and innovate in an industry that hasn’t significantly changed in the last 100 years. We hope you can join us on our journey. Founded in 2020 and headquartered in Calgary, AB, Affinity Life is 100% founder-owned.

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