Is Canadian Tire Term Life Insurance Any Good?
Canadian Tire is not just power tools and backyard furnishings but also a life insurance provider. Their insurance policy was adjusted and put out to the people. This scheme is underwritten by Canada Life and launched to a new marketing campaign. A term life policy could be considerably better than this type of scheme. Let’s have a look at the Canadian Tire Term Life Insurance Plan. You can apply online, by phone or by letter. You will be be expected to fill in seven health questions and you will be expected to fill them all in. Answering ‘yes’ to any of the queries need more medical facts and the possibility of a medical visit. The policies face value is $250,000 with premium increases after the first five years. So that sounds great, what’s the issue? Let’s consider this type of policy against Canada Life’s individual term life policy. Premiums are a lot more on the Canadian Tire plan. These increase by $40 for a 40 year old male smoker. The Canada Life plans are greatly lower. On the Canadian Tire policies there is a obvious lack of flexibility and modification.With curbed benefits of $250,00 and the policies running no more than 5 years, we are now starting to see the imperfections in this policy. A Canadian Tire Policy also imposes PST. With and individual scheme you can amend it into a permanent plan, adding a rider to the scheme for additional benefits, or combining it with another policy. An individual broker can inform you on the best type of policy for your needs, unlike the Canadian Tire Term Life Insurance plan which is a group policy. To summarize: Although the Tire Plan looks great on paper your will be better off with a personal plan which suits your individual lifestyle. To find out more about the Canadian Term Life Insurance, please refer to our more detailed article.
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