Canadian Tire Term Life Insurance: Is It As Good As It Sounds?
Thursday, October 1st, 2009 Subscribe To Our Feed
Canadian Tire is Life insurance is not just backyard furniture and power tools as the name suggests. Their insurance policy was revamped and put out to the community. A marketing strategy was produced by this firm whose underwriters are Canada Life. The scheme doesn’t compare to an personal term life policy. Applying is not difficult, you can do it by telephone, mail or on the internet. You will be be expected to fill in seven health questions and you will need to fill them all in. You may find you have to give more facts or be subject to a nursing visit if any of the queries are answered yes to. A critical illness policy supplied by individual brokers is not the same as the terminal illness benefit supplied by this policy. I can’t see what the problem is: So advise me please. Let’s examine this type of policy against Canada Life’s individual term life policy. First off for a 40 year old male non-smoker, there may be nearly a $20 difference in cost and nearly $40 difference if that same male is a smoker. The Tire Term policies are decidedly larger for the same type of policy. The flexibility and customization of these types of plans are not available on the Canadian Tire policies.With limited benefits of $250,00 and the plans running no more than 5 years, we are now starting to see the flaws in this policy. A Canadian Tire Policy also levies PST. With and individual scheme you can amend it into a permanent plan, adding a rider to the scheme for extra benefits, or connecting it with another policy. An individual broker can advise you on the best type of policy for your needs, unlike the Canadian Tire Term Life Insurance plan which is a group policy. So in summary: As a potential policy holder you’ll potentially be much better off with an personal policy, rather than the Term Life policy from Canadian Tire. To find out more about the Canadian Term Life Insurance, please refer to our more detailed article.
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