Save Thousands of Dollars on Your Term Life Insurance

Term Life insurance is great for getting the amount of life insurance your family needs, at a cost you can afford.

Here is an example of how to save more than 100% on Term Life Insurance!

You can save over 100% on your life insurance premiums and save thousands of dollars. This may sound unlikely, but it is easy to check out for yourself. Here is how a 40 year old could save $18,000 in life insurance premiums.

See the insurance quoter on the home page.

As an example enter a male aged 40 , choosing $500,000 of coverage, is a non-smoker, regular class . Press compare now and you will see companies and premiums from lowest to highest, and also see AM Best Ratings where available.

He will pay $30.20 per month for ten year term insurance with RBC Life. Now look at the top left corner of the quote and look for the word “spreadsheet”. Click on that and the calculator will show the accumulated cost of the premium over different time periods.

A surprise to many people – the premium for ten year term insurance goes from $30.20 per month to $200 per month in year 11. The total accumulated cost of ten year term insurance over 20 years is $29,105 because of the increased premium.

Here’s how to save money with a new quote. Keep everything the same, but choose 20 year term insurance, instead of ten year term insurance. Press compare now again. The monthly cost is now $52.38 instead of the $30.20 it was for ten year term insurance.

This is the money saving difference – the 20 year term insurance does not have the huge price jump in year 10, in fact there is no price increase for the first 20 years.

Instead of costing $29,105 over 20 years as the ten year term insurance did, the 20 year term insurance costs just $11,640 over 20 years- for exactly the same coverage! A savings of well over 100% and over 18,000 dollars!

Check out how much you can save using this example, or we can do it for you. Compare your existing insurance or ask for a quote online using our contact us form.

If you have a term insurance policy I invite you to compare it to what is available using or online calculator. If you have a ten year term insurance policy, what year are you into? How many years till the next huge price jump?

If you want help doing a fair comparison using published numbers, give us a call at 403-228-7966 or e-mail us at myles@insurance-resource.ca. Ask for Harold, Myles or Sandy.

The $250,000 boost – 4 steps to Maximizing your TFSA