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Preferred Term Life Insurance

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Preferred Term Life Insurance, An Effective and Excellent coverage

Being in good health is a plus when it comes to obtaining insurance coverage in Canada. Most insurance providers will gladly throw their arms open to welcome you but you need to go for the best. If you are looking for a fast coverage available through traditional underwriting, then your best option is Preferred Term Life insurance.

Preferred Term Life insurance is available for individuals under the age of 70. This plan presents easy and efficient application processes. You don’t need any medical exam or blood test to apply for this plan and the coverage amount for the plan can reach up to $1,000,000.

Features Covered By Preferred Term Life Insurance

Preferred Term Life insurance includes four terms namely 10-year term, 20-year term, 25-year term and 25 decreasing year term. The age limits applicable to each plan are 18-70, 18-60, 18-55 and 18-60 respectively. The minimum application age for each term is 18.

  • Each term included in the plan has a minimum face amount of $50,000.
  • The maximum face amount for each of the terms is $1,000,000.
  • With the exception of the 25 decreasing year term, each of the other terms is convertible to age 70.
  • Each of the terms includes accidental death benefits and child term optional benefits.
  • Coverage amount for the 25 decreasing year term decreases over a period of 25 years. It can decrease up to the 50% of its initial face value.
  • The 25 decreasing year term can neither be renewed nor converted.
  • This plan is designed for applicants who are in good health and desire a fast and effective term insurance coverage.

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