Term 20 Life Insurance
A great option for Canadians looking to cover mortgages that are 20 years or less or who are looking to replace their income while their young children are still at home.
Choose Serenia Life for your 20-year term life insurance needs. Enjoy these benefits and more!
A trusted Canadian insurer whose roots go back nearly 100 years, Serenia Life offers:
- Flexible, affordable term 20 life insurance coverage – as low as $10.35 a month (based on a female, non-smoker, age 18, with $50,000 in coverage)
- Payments that are locked in – so prices won’t go up before your term is up
- Financial protection for your loved ones with a guaranteed death benefit
- The option to renew or extend your term 20 policy, or convert to permanent life insurance coverage
- Access to licensed, Canadian-based advisors and friendly, knowledgeable guidance
- A growing number of unique benefits exclusively available to Serenia Life members – including a free online will and a post-secondary scholarship – not available through most other life insurers.
Additional Optional Benefits
When you purchase a term 20 life insurance policy at Serenia Life Financial, you have the option to further customize your plan with a number of optional benefits at the time of purchase.
Your life insurance protection remains intact if you become totally disabled, for a period of at least 6 months, and cannot earn any income.
You can purchase additional life insurance in future without undergoing a medical evaluation, regardless of your health status at the time.
Provides your beneficiary with an additional death benefit if you were to die by accident.
You can purchase a small amount of life insurance coverage for your children and future children; this benefit can be converted between the ages of 18 and 25 with medical evidence of insurability.
Frequently Asked Questions
Term life insurance is life insurance for temporary needs – it can help cover short-term debt, mortgage payments, or can act as income replacement in the event of a wage-earner’s death.
Learn more in this article, What is term insurance, and how does it work?
Simply put, a 20-year term life insurance plan means you’ve got life insurance coverage for 20 years.
If you have debt or loans that will take you 20 years to pay off, 20-year term life insurance is most definitely worth it. Without this coverage, your loved ones will be left to pay off any outstanding debt in the event of your death.
As a 20-year term life insurance policy is nearing the end of its term, the policyholder will receive a renewal notice alerting them to the fact that a new 20-year term will begin at an updated premium based on their current age.
In the event the policyholder does not want to renew, they have three options: (1) convert to a whole life insurance policy, (2) do a partial conversion, where only a portion of the coverage is converted to either a permanent life insurance policy, or to a longer term policy (term 30), or (3) cancel the policy, after which their coverage will expire.
Once coverage expires, their loved ones will no longer be protected in the event of the policyholder’s death. It is always best to discuss options with an advisor to fully understand the implications of a decision.
When considering a 10 or 20 year term life insurance policy, it’s best to check how many years of payments you have left on any current debt or loans. If it will take you less than 10 years to make your payments, term 10 life insurance may be your best option. If it will take closer to 20 years to pay off, 20-year term life insurance may be the way to go. Always speak to an advisor before making a final decision.
When considering a 20 or 30 year term life insurance policy, it’s best to check how many years of payments you have left on any current debt or loans. For example, if you recently bought a house and it will take you less than 20 years to pay off your mortgage, term 20 life insurance may be your best option. If it will take closer to 30 years to pay off, 30-year term life insurance may be the way to go. Whichever option you go with, know that you’re also locking in rates that will cover you for that term, meaning your payments won’t go up regardless of age or health status. Always speak to an advisor before making a final decision.
Disclaimers
*Terms & Conditions: All life insurance policies purchased will receive 25% off their first-year premium, up to $500. Clients paying monthly will have premiums waived for the first 3 months or up to $500, whichever comes first. Clients paying quarterly will have their first premium payment waived or reduced by $500, whichever comes first. Clients paying annually will have their first payment reduced by 25% or $500, whichever comes first. Once a written case is issued and qualifies for a first-year premium reduction, it will not be eligible to qualify again. ADO premium is not covered by the campaign. Clients will be billed for this portion right from date of issue. If a Temporary Insurance Agreement is chosen, it will not be impacted by this campaign and will remain intact.