Term 100 - Permanent Life Insurance Vancouver, BC
This is a very confusing and misleading name for what is actually a very simple policy. The policy is almost always permanent and does NOT expire at age 100. The 100 rather means that if the insured lives beyond age 100, premiums may no longer be required, but on death the policy will still pay out. The insured simply pays into the policy until they pass away at which point the death benefit pays out. Premiums never increase and coverage never expires. Term 100 is the simplest and cheapest form of permanent life insurance.
Term 100 is generally only a good option for people age 60+ for several reasons:
- the death benefit does not increase and is eroded by inflation
- you have to pay until you die which means that if in old age you cannot pay the policy may lapse worthless; for example if someone enters a retirement home and has little or no income
- the return on investment (ROI) at life expectancy is very low at about 2%
For these reasons, unless you are senior looking for simple, minimal final expense coverage, term 100 is usually not the best fit. Whole life and universal life are both usually more attractive.
Insurance Solutions we offer include: Life Insurance | Term Life Insurance | Creditor (Mortgage) Insurance | Life Insurance for New Immigrants | Non-medical Life Insurance | Permanent Life Insurance | Term 100 - Permanent Life Insurance | Universal Life Insurance | Whole Life Insurance | Medical Underwriting | Living Benefits Insurance | Critical Illness Insurance | Disability Insurance
Your insurance policy must be based on your current and projected ability to pay the insurance premiums, your medical state, your age, future financial plans, as well as other factors. We make sure we understand all this in order to choose the right insurance policy for you. At Camlife Financial, we have access to all available insurance products and can recommend the best insurance coverage suited to your individual needs.