The 10 year term life insurance policy is one of the most easily explained and simplest types of life insurance. This policy has a guaranteed level premium and level death benefit for 10 years. With some insurance companies the insured is allowed to renew the policy every 10 years until approximately the age of 75.
If you are looking for a high death benefit at a low premium for a short period of time then the 10 year term life insurance policy is an excellent choice. If you therefore have a need for a large amount of life insurance and you have a limited budget the 10 year term life insurance policy may be an ideal fit for you and your family.
When it comes to life insurance for smokers most insurance companies in Canada believe that a smoker is someone who has used some form of nicotine product or marijuana within the last 12 months. Included in the definition of nicotine products are cigarettes, pipes, cigars and nicotine gum or patches.
Should you choose to quit smoking during your policy term then there are a number of options that can save you money. It is possible that you could change to the non smoker category and therefore receive lower premiums however if your health has changed since the start of the policy this option may not be available.
According to the Canadian Life and Health Insurance Association, more then 20 million Canadians are protected by life insurance with an average amounts owned were $156,200 for insured individuals and $312,200 for insured households.
That leaves approximately 30% of individuals without important insurance protection as well insured households only having an average amount of $312,200 of life insurance, this could represent many families being under-insured in Canada.
Creating awareness around the need for life insurance is paramount there are many brokers and insurance agencies in Canada available to help with your insurance needs, call a insurance professional whether you are protecting your family your business there is help out there.
Author: Peter C. Choma an insurance specialist with Solutions Financial
Reference: Canadian Life and Health Insurance Association. 2008 Edition of Canadian Life and Health Insurance Facts http://www.clhia.ca/e3a.htm