Empower Your Financial Security
At Tradex, we’re registered to offer Life Insurance products in Ontario, ensuring you have essential protection against unforeseen circumstances. Life Insurance is crucial in any financial plan, offering peace of mind and effective risk management during difficult times. It’s a vital component to safeguarding your family’s future and ensuring stability in times of adversity
Term Life Insurance
Tradex can help you get the level of protection you need – and the premium you want – by customizing your Term Life Insurance plan’s duration and coverage. Term Insurance provides an option superior to plans typically offered by lending institutions.
Tradex is able to provide products from the following major Canadian insurance companies through Qualified Financial Services:
Protect your family or the bank?
With Manulife’s Family Term | With most lenders’ mortgage insurance | |
|---|---|---|
I pay the premiums, so I would own the policy. Right? | Yes. You own the policy and you name your beneficiaries. | No. You’re part of a group policy owned by the lender. Your lender is the beneficiary. |
Is the coverage flexible? | Yes. You choose from 3 coverage options and the amount of coverage you want, regardless of your mortgage balance. You can increase or decrease your coverage, renew your coverage and convert to permanent protection. If you renegotiate or pay off your mortgage or sell your home, you can continue your coverage. | No. your lender will insure you only for the amount of your mortgage. You can’t alter, renew or convert the policy. If you choose to move your mortgage to another lender, you can’t transfer the policy. Your coverage ends when the mortgage is paid off or ends. |
Circumstances change. If it’s better for my beneficiaries to use the proceeds from the policy for something other than paying off the mortgage, will they have that option? | Yes. Upon death, the benefit goes directly to your beneficiaries. They decide how to best use the money. | No. Upon death, the benefit goes directly to your lender to pay off the mortgage. |
I pay the premiums, so I would own the policy. Right? | Yes. Your premiums and benefits are guaranteed for the life of the policy. Only you can cancel or make changes to your policy. | No. Your premiums and benefits are not guaranteed. The lender can change or cancel the policy at any time. |
I pay the premiums, so I would own the policy. Right? | Yes. The amount you pay for your coverage is based on your age, health and smoking status. | No. Since mortgage insurance is usually provided through a group plan, you pay the same rate for your coverage as everyone else. |
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Book a consultation today and discover insights and strategies tailored to your financial journey at Tradex.