Term life insurance is the most basic of life insurance products in that it has no savings component, and thus no cash value. By the name, it is purchased for a 'term.'
One of the most common uses of Term Life insurance is as "Mortgage Insurance" which is offered by banks and large financial institutions to provide funds to pay off a mortgage in the event of the premature death of a mortgage holder.
If you want the "Real Deal" on what you get with Mortgage Insurance you may be interested to know that the vast majority of Canadians who purchase mortgage insurance from a bank don't fully understand what they are getting - and what they are NOT getting. An investigative report by CBC Marketplace on February 6, 2008: "In Denial", reveals details about mortgage insurance that few Canadians know about - until it is too late. Watch the video clip to become fully informed and learn how an independent insurance broker can assist you in getting the right insurance for protecting your mortgage.
Term life comes in many different flavors, with differing terms and conditions, guarantees, etc. As with any financial services product, it is wise to do your research and seek professional advice so that you purchase a product which best meets your needs.
Term life can be purchased in many ways. Your employer may offer term life with special terms as a benefit to you and your family. Many affinity groups (alumni associations, professional groups, etc.) offer special products. Although term insurance may be available from many sources, purchasing an individual policy provides the best features and flexibility and often at a better price.
Mutual funds and segregated funds provided by the fund companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. All other products and related services are offered through Brian Fitzsimons/Fitzsimons Financial.