Be Aware of Your Term 10

awarenessSo you decided to buy a Term 10 insurance many years ago. All you know is that you are protected for 10 years at a really cheap price. And although this is not my product of choice by any means, here are some key tips if you happen to own this policy. A term 10 life policy will automatically renew and a lot of the time, people pay little attention to their  bank account or mailed out statements and often times you could be paying 4-6 times higher in the 10th year renewal. Your probably fuming or foaming at the mouth but the renewal rate is so high because there is no medical to renew. Simply put if you had cancer, heart attack stroke or any health issue they cannot decline you, not matter what. Although this is likely not the case, if you wanted to save a lot of money you could simply reapply do the standard medical tests and get a rate that would be 30-50 per cent cheaper then what you are currently paying on renewal. Sadly most are unaware this is the case and continue to pay those high renewal rates. I will warn you that these days taking a term 10 is a risky product and not recommend for young couples with children especially. Its always better to spend a few bucks more to get a longer term that is locked in.

Lets Change the Face of The Insurance Industry

bankruptThe reason why I am pointing out the Term 10 Alert is that I have seen so many people not even realize that there Term 10 renewed, not once but several times. You can imagine their surprise when I pointed this out and they discovered that they were paying substantially higher premiums for decades even though there health was in preferred status. Needless to say they were happy at the reduced savings but the whole experience left them with a bad taste about the industry as a whole and their perception of insurance brokers was far from stellar. Hoping to change all that by adding some incredible value to the life insurance industry that I represent be creating awareness and education.

 

PS: Feel free to send me any of your questions or please pick up my free Ebook guide ” The Naked Truth About Insurance.”

 

Jack Bendahan, Toronto's honest life insurance broker. Making life insurance simple and protecting your family like I do my own.