Understanding term 100 life insurance in Canada
Term 100 life insurance, or term to 100, is one of the many products available for you to choose. It is important to select a plan that makes sense for you, your family, your financial situation and your needs. Term 100 is ideal for those looking for a long-term policy that is easy to manage. Here we will explain how term 100 life insurance works, who should get it, and answer common questions.
What is term 100 life insurance?
Term 100 life insurance is for individuals looking for a long-term solution. Also referred to as T100, it is a permanent policy that you have into until you turn 100. You can opt into this insurance until you are 85 years old. Death benefits are guaranteed but there is no cash value component.
How does term to 100 life insurance work?
Term to 100 plans are designed to last your lifetime. You will pay your premiums until you turn 100 years old. But your benefits will last a lifetime. When you pass, your beneficiaries will receive a death benefit, which is generally tax-free. The earlier you purchase the plan, the lower your premiums. You have the option to add optional coverage to enhance the value of your policy. A medical exam is typically required. You can cancel anytime.