Travel Image

The benefit beneficiaries receive depends upon the age and qualifying responses and may reach up to $ 1,000,000 CAD.

The amount totally depends upon a variety of factors.

The factors like age, gender, smoking status, as well as your ability to quickly answer the health questionnaire.

Factors like your income, family status, how much debt you have, and pre-existing medical conditions do not contribute to your premium.

If death takes place at least two years after the policy issuance, your loved ones will receive the benefit. However, no benefit is paid for accidental death resulting from suicide.

Your beneficiaries have the flexibility to use the benefit to pay off the mortgage balance. Upon receiving the death benefit, they can allocate funds as needed.

Unfortunately, under Canadian Law, life insurance is not tax deductible for individuals.

Term life policies lack cash value accumulation, ensuring affordability and flexibility. You are covered for the term, with no premium payments after it expires.

Understanding policy exclusions is vital. If your application info is truthful and accurate, claim processing should proceed smoothly.

Life insurance requirements vary, but typically, Term Life insurance offers flexibility for many.