Canadian Tire is not just power devices and patio furniture but also a life insurance provider. The home hardware organization revamped their life insurance policy and came up with a new scheme. Canada Life underwrite this new policy and a marketing campaign was determined. A term life policy could be considerably better than this type of scheme. Let’s have a look at this Canadian Tire Term Life Insurance Plan. You can apply online, by phone or by mail. There are seven health queries to fill in. You may find you have to provide more facts or be subject to a nursing visit if any of the inquiries are answered yes to. Although this scheme proposes a terminal illness pay out of $50,000, this is not the same as a policy taken out with an individual broker for critical illness.
What's the issue? This all seems great to me.
Let’s consider this type of policy against Canada Life’s individual term life policy. Firstly for a 40 year old male non-smoker, there can be nearly a $20 difference in cost and nearly $40 difference if that same male is a smoker. The Canada Life policies are dramatically less expensive. The flexibility and customization of these types of plans are not available on the Canadian Tire policies.The disadvantages to the Canadian Tire plan include restricted benefits of only $250,000 and a term of no greater than 5 years. Provincial Sales Tax is also imposed as a supplement by the Canadian Tire Term policy. Combining policies or adding a rider for additional benefits is an bonus of individual life plans. An individual broker can advise you on the best type of policy for your requirements, unlike the Canadian Tire Term Life Insurance plan which is a group policy. So taking the contrast in cost, the benefits given, the payments charged and the inflexibility of the Tire Term policy, you will be better off with an Individual Life policy from your broker. To find out more about the Canadian Term Life Insurance, please refer to our more detailed article.
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