Term insurance in Alberta is affordable and easy to get because of fierce competition among insurance carriers. As well, the Internet has vastly changed the face of the industry.  It's more innovative than ever before.

The Internet makes it possible to apply for term insurance in Alberta online. Thus, most people can go online and apply for whichever term insurance policy they want; and they can even sign their application form (and policy) over the Internet.

It's important to note that term insurance in Alberta entails more than just life insurance. It also applies to disability, critical illness, as well as other types of health and sickness policies.  However, below we will be looking at term insurance as it pertains to term life insurance.  The process is similar.

1.  How the Availability of Term Insurance in Alberta Has Increased

In the past, individuals had to be healthy and provide proof via an intensive medical check up to qualify for term life insurance. Times have changed, and it's now possible to get a policy with a health condition or if one is an occasional marijuana smoker.

2.  What Makes Term Insurance in Alberta so Versatile?

Term insurance provides a benefit for a fixed period.  According to the dictionary, a term is a fixed or limited period for which something lasts or is intended to last.

With term insurance in Alberta, the amount of the benefit is flexible as well. For example death benefits can range from $25,000 to $1 million or more.  Albertans can apply to lower or raise the death benefit amount so they can tailor their policy to their circumstances.

For example if a couple were to buy term insurance in Alberta when they first got married, they'll more than likely want to increase the benefit amount when they have children or purchase their first home. Accordingly, after they've raised their family and have a smaller or nonexistent mortgage, they won't need as large of a benefit amount.

Common Term Lengths for Term Insurance in Alberta

Albertans can purchase a life insurance policy for the following set number of years:

•  5-years

•  10-years

•  15-years

•  20-years

•  30-years

As with the flexibility that comes with the policy death benefit amount, the term can also be lengthened or shortened.  After the term ends, the life insurance policy doesn't provide a death benefit.

Thus, another benefit that comes with term insurance in Alberta is the affordability to purchase it.

3.  Why Term Insurance in Alberta is Affordable

Since a term life insurance policy is in place for a fixed time, it costs less than permanent insurance. With term insurance, there isn't a cash accumulation, so that keeps the cost down.  However, it is possible to change a term insurance policy to permanent.

For more information about health and disability policies, or to find out more about term life insurance in Alberta contact a life insurance broker.

Reassured For Life is an Alberta life insurance brokerage ( www.reassured.ca/term-life-insurance-alberta ) providing advisor services that fit your needs, budget and lifestyle. To know more, visit www.reassured.ca/blog.