7 min read
At a glance
- Some life insurance premiums may increase after the first or second year of your term.
- Rate increases part way through your initial term mean your life insurance may not be as affordable as it first seemed and can impact your budget and financial security.
- Canada Protection Plan, a Foresters Financial™ company, offers term rates that stay the same for your entire term.
There are many times when predictability is boring. You don’t want to guess the entire plot of a movie in the first five minutes. No one likes the same team winning the championship every year. But predictability can be a good thing. Your bus should arrive on time. Likewise, having a stable job and being able to support your family is always important. These are situations where you would likely welcome predictability.
The same goes for affordable life insurance rates. You don’t want to see your rates increase after the first or second year. Even if they were affordable at first, a sudden increase would come as a surprise. So, when you ask how much life insurance costs, you would probably want rates that are not just affordable, but that also stay the same during your term, with no surprises.
Where can you find reliable premium rates?
Canada Protection Plan is committed to providing affordable life insurance rates so that our customers can focus on what’s more important. A life insurance product through Canada Protection Plan can help provide future financial security for your loved ones. It also offers peace of mind that you are helping to protect them, all while offering predictable and consistent rates during your initial term. With Canada Protection Plan, the price you’re quoted is the price you pay for the whole initial term of the policy. Get your quote today and lock in your affordable rates.
The benefits of predictable premiums
Researching the average life insurance rates for your age and gender can help you get a good idea about how much you might pay per month. However, it’s important to remember that your personal rates are based on a range of factors, including your current health, lifestyle and family medical history.
Once you’ve determined your rate and gotten a quote, you may want to focus on finding a policy with predictable premiums. This reliability can offer multiple benefits for anyone who has purchased a life insurance policy. Here are some of the biggest benefits.
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Stability
But just because prices everywhere else seem to increase doesn’t mean your life insurance should. When you’re looking at term life insurance rates, you may want to seek assurance that the price will remain stable throughout the duration of the term.
Unlike your favourite restaurant or essentials at the grocery store, Canada Protection Plan’s rates will stay the same during your initial term. If you lock in your rate today, you can enjoy peace of mind knowing your premiums won’t increase throughout your initial term.
Security
Whether you purchase a policy in your 30s or look for affordable life insurance over 50, you are likely looking to provide financial security for your family or loved ones. But, if your rates will increase after one or two years, it may be more burdensome to maintain the policy.
By purchasing life insurance where your rates won’t increase during your initial term, you don’t need to worry about early cancellation. You know exactly how much you’ll pay for the duration of the initial term, from the very beginning. So, there’s no need to worry about having surrender your life insurance—and financial security for your family—if the monthly premiums go up suddenly.
Long term value
Great value for money is something you are likely to consider with any purchase. You want to know that you’ll get what you pay for. Predictable rates for life insurance are a fantastic example of long-term value. This is because
When you buy a life insurance policy, you are assured coverage during your term, whether you buy a Term 10, Term 20, Term 30 or Whole Life plan. While some premium rates might be more expensive than others initially, prices that stay the same throughout the term can be very valuable, as opposed to rates that increase after a predetermined period, which could be one or two years. Over the course of your term, your policy could potentially work out to be more affordable.
Budgeting and affordability
Your financial needs and responsibilities will likely change as you get older, which makes purchasing life insurance much more important. Depending on how old you are, you may have a different definition of affordability compared to someone of a different age or generation.
While life insurance can help protect your family’s future and provide peace of mind, it shouldn’t cause a major disruption on your overall budget. Furthermore, since your financial situation could change throughout the years, you need to be prepared for increasing expenses. These could include having another child or needing to support your elderly parents. A term rate that doesn’t increase can make it easier for you to budget and help ensure your coverage is still affordable, despite any changes in your circumstances.
Looking at a life insurance rates by age chart can help you determine how much someone your age is likely to pay, to make budgeting easier.
No surprises
You may have found a life insurance quote that seems too good to be true during your research. Not only are you promised coverage, but this coverage also only costs a fraction compared to other quotes.
The thing is, if it seems too good to be true, then it probably is too good to be true. If you don’t get confirmation that the rates won’t increase after 12 months, then they likely will.
When Canada Protection Plan tells you our rates are predictable, we mean it. They will stay the same during your entire initial term, so there are no surprises after one or two years.
This is ideal for anyone, regardless of their age or life insurance needs. If you’re looking for affordable life insurance over 60, a sudden rate increase means you may not be able to afford other essentials or be able to buy your grandchildren birthday presents. Likewise, young families who have purchased a term plan may find that an unexpected increase makes it challenging to reach their financial goals.
If your rate is the same for the entire initial term, you know exactly what you’re getting and the confidence that nothing unexpected will happen.
What does Canada Protection Plan offer?
When you purchase a life insurance policy from Canada Protection Plan, you can rest assured there won’t be any big surprises after the first year of your initial term.
Whether you purchase a ten-year term or opt for longer protection, you will get rates that stay the same during your initial term. To make things even better, you won’t have to pay a penny until your second month, but still get the same great coverage immediately.
When you take out life insurance with Canada Protection Plan, you also become a Foresters member, which gives you access to member benefits.1 These benefits include a range of ways to find great deals, prioritize your health and give back to the community.
Use our life insurance rate calculator to find out how much you’ll pay today.
No surprises with Canada Protection Plan: What next?
Are you looking for the affordable life insurance Canada Protection Plan offers? Whether you’re younger and looking for coverage or need affordable life insurance for seniors, Canada Protection Plan can help. Our No Medical2 and Simplified Issue life insurance are fantastic products where your rates can stay the same during your initial term. Here’s what you can do next.
- Get a no obligation quote today.
- Speak to one of our expert advisors to find a life insurance product that suits you.
- Pick your policy and lock in your life insurance premium rates.
- Get peace of mind and long-term value knowing that your rates stay the same during your term.
Sources
1 Foresters member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice or are no longer available.
2 Insurability depends on answers to medical and other application questions and underwriting searches and review.
Footnotes
TM Foresters and Canada Protection Plan (CPP), and their employees and life insurance representatives, do not provide, on Foresters behalf, financial, estate, legal or tax advice. The information given here is merely a summary of our understanding of current laws and regulations. Clients and prospective purchasers should consult their financial, estate, tax or legal advisor regarding their situation.
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