Compare cheap term life insurance quotes to get the best cover

Posted by AxelPrice on May 2nd, 2014

When someone tells you that there is insurance available for each and everything, you shouldn’t be surprised at all. Because the insurance domain is so competitive, the insurance companies in Canada keep coming up with innovative products for the benefit of the general public. Cheap term life insurance and mortgage life insurance Canada are two such innovative products.

All of us know what a term life policy means. Unlike a whole life policy, a term life policy doesn’t have a maturity value. On the other hand, a term policy is usually of shorter duration and the premium amount is also considerably lower. The basic policy is simple – if you are covered for a specific term, your beneficiary gets the coverage amount if something were to happen to you within that term. But if nothing happens to you by the end of the term, the insurance company doesn’t pay you anything.

The phrase cheap term life insurance is very common because term life premiums are way cheaper than whole life policies. The term can be as short as the duration of a flight or it could be as long as to cover you will the age of 100.

The concept of mortgage life insurance Canada is to protect your lender. When you buy a home, you take a mortgage on it. This mortgage is provided by a lender. Now what would happen if something happens to you while the mortgage payments are still on? The lender will lose money and your family could lose the home. These are not desirable circumstances and this is why you need this cover when you purchase a mortgage.

In mortgage life insurance Canada, you are protected till the time the last mortgage hasn’t been paid. The cover value is at least equal to the principal outstanding on your mortgage. You also have the option to take a higher value cover. In the event of any mishap, the principal outstanding would be paid out of your insurance cover. Any amount that remains would be paid to your beneficiary. Doesn’t it sound a rather beneficial offer?

There are multiple insurance companies in Canada and they offer highly competitive rates. However, you still need to compare their premium values so that you don’t lose out. Thus, before someone tells you that they offer cheap term life insurance and mortgage life insurance Canada, it is important that you make comparisons.

Online insurance quotes on a single website help you choose the right cover for your family and you. Without these websites, it is very difficult to make comparisons of cheap term life insurance and mortgage life insurance Canada. The entire exercise is time consuming. These websites ask you to fill up a simple form and they instantly display quotes from their partner insurance companies. So, you don’t need to sit with a pen and paper because all the information is visible on your computer screen. You list a couple of policies, find out more and buy one of them.

Compare mortgage life insurance Canada and cheap term life insurance policies to gain the most as a customer.