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Term 100 Insurance Guide and Quote

    Why choose RHM Insurance for Term 100 Insurance

    An Independent Brokerage working for you.

    Working with experienced licensed brokers across Canada

    We work with all the Major Life Insurance Companies in Canada

    We have over 30+ years of experience being in continuous business

    Term to 100 insurance is a type of life insurance policy that provides coverage until the policyholder reaches the age of 100. Unlike traditional term life insurance, which only provides coverage for a set period of time, term to 100 insurance is a permanent policy that offers lifelong protection.

    How does term to 100 insurance work?

    Term to 100 insurance works by providing a death benefit to the policyholder’s beneficiaries upon their passing. The death benefit is a tax-free lump sum payment that can be used to pay for final expenses, debts, and other financial obligations.

    The policyholder pays premiums on a regular basis, which are typically fixed for the life of the policy. These premiums are based on several factors, including the policyholder’s age, health, and lifestyle habits, as well as the amount of coverage they need.

    Once the policyholder passes away, their beneficiaries submit a claim to the insurance company. The insurer then pays out the death benefit to the beneficiaries, who can use the funds as needed.

    RHM Insurance’s take on Term to 100 Insurance

    Term to 100 was designed as a stripped down version of permanent insurance. It is nice that it is simple, it has a guaranteed premium for life for a choosen death benefit. Myles Rempel said “when term to 100 first came out it was definetely much cheaper than other forms of permanent life insurance.” Over time a lot of this price advantage has dissappeared, but it still might be the cheapest permanent coverage.

    The simplicity of term to 100 in many cases, but it has one main disadvantage that both Myles and Harold have seen. It does not build a cash value and this is important for a reason we evatually realized over time. The reason is that if a premium is ever not paid, it is paid out of the cash value. All life policies lapse 30 days after a premium is not paid. As people age they sometimes forget to keep track of their premiums after events like moves or banking changes. A mistake not caught regarding premiums could jeapordize a policy that has been in force for decades. An available cash value solves this problem as premiums will be taken from the cash value if they do not otherwise come in. Pro Tip – It is possible to create a special account linked to the Term 100 policy with cash in it that works similar to a cash value to protect the life policy.

    Advantages of term to 100 insurance

    There are several advantages to choosing term to 100 insurance over other types of life insurance policies. Here are some of the key benefits:

    1. Lifelong coverage: Term to 100 insurance provides coverage for the policyholder’s entire life, regardless of how long they live. This can provide peace of mind for individuals who want to ensure that their loved ones are protected no matter what happens.
    2. Fixed premiums: Unlike whole life insurance policies, which can have fluctuating premiums, term to 100 insurance premiums are typically fixed for the life of the policy. This can make it easier to budget for premiums and ensure that coverage remains affordable over time.
    3. No expiration date: Traditional term life insurance policies expire after a set period of time, which can leave policyholders without coverage if they outlive the policy. Term to 100 insurance, on the other hand, provides lifelong coverage without an expiration date.
    4. Tax-free death benefit: The death benefit provided by a term to 100 insurance policy is typically tax-free, which means that beneficiaries can receive the full amount without having to pay taxes on it.
    5. Estate planning benefits: Term to 100 insurance can be used as part of an estate planning strategy to help minimize estate taxes and ensure that assets are passed on to beneficiaries in a tax-efficient manner.

    Disadvantages of term to 100 insurance

    While term to 100 insurance offers many benefits, there are also some potential drawbacks to consider. Here are a few things to keep in mind:

    1. Higher premiums: Term to 100 insurance premiums can be higher than those of traditional term life insurance policies, since they provide lifelong coverage. This can make it more difficult for some individuals to afford coverage.
    2. Limited flexibility: Once a term to 100 insurance policy is in place, it can be difficult to make changes to the coverage or the premiums. This can limit the flexibility of the policyholder and make it more difficult to adjust coverage as needed.
    3. No cash value: Unlike some other types of life insurance policies, term to 100 insurance does not accumulate cash value over time. This means that policyholders cannot borrow against the policy or use it as an investment vehicle.

    Is term to 100 insurance right for you?

    Whether term to 100 insurance is the right choice for you will depend on your individual needs and circumstances. If you are looking for lifelong coverage and want to ensure that your loved ones are protected no matter what, term to 100 insurance may be a good option. However, it is important to carefully consider the costs and benefits of this type of policy before making a decision.

    Call RHM Insurance at 403=228-7966 or toll free at 1-888-478-2244 to discuss the many options available with Term t0 100 coverage.

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