Term life insurance pays a death benefit if the person insured dies within a specific period of time or before you reach a certain age.
The length of your coverage can be either for:
- a fixed period of time, such as a term of 10 or 20 years
- until you reach a set age, such as 65 years old
If you die within the duration of the policy, your beneficiaries will be paid the death benefit. Once the term ends, the coverage ends and your beneficiaries don’t receive any payment.
Original Article Source Credits: Canada.ca , https://www.canada.ca/
Article Written By: NA
Original Article Posted on: 2017-08-16
Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/insurance/life.html