If something were to happen to you, who would take care of your family? Who would settle your debts? Who would pay for your funeral expenses? And your estate taxes? If you co-owned a business, how would your business partner fare?

Term Life Insurance provides financial support to your dependents if you unexpectedly pass away during a fixed period of time. if you pass away during the term—usually 10, 20, 30, and even 40 years—your beneficiaries will receive a tax-free payment known as a death benefit. The exact amount of money they get depends on how much coverage you buy, but once it’s paid out, your beneficiaries can leverage it in whatever way best fits their needs.

Term Life policies only cover you for a set number of years, though they can be renewed once they end, whereas Permanent Life Insurance lasts a lifetime. Plus, while Term Life Insurance only offers a death benefit, Permanent Life Insurance also has a low-reward, investment-like savings component known as the cash value, which can be drawn on later in life for loans, retirement, or even to fund the policy premiums.

But investing comes at a price. Permanent Life Insurance is way more expensive—usually hundreds of dollars more expensive—than Term Life Insurance.

Term Life Insurance is a good idea for anyone that’s thinking of:

• Starting a family (income replacement will be critical to support your partner and kids);
  
• Buying a home (your loved ones might need help paying off your mortgage); and
  
• Starting or co-owning a business (your beneficiaries can use the death benefit to settle any business debts or fund buy-sell agreements).
  

Life Insurance doesn’t have to be a lifelong commitment. While there’s no harm in extra protection, paying for permanent coverage will put a serious strain on your wallet. Depending on your needs, it might actually be smarter for you to only insure during the years when it really matters, like your prime earning years, when your kids are young, or when your mortgage is at its highest.

We get it—it’s hard to picture a future when you won’t be there to support your family. But it’s even worse worrying about whether or not they’ll have enough to provide for themselves. And although your loved ones may never truly heal from the pain of losing you, the right policy will allow them to recover from the financial strain of an untimely death.

That’s where Term Life Insurance comes in; affordable coverage when you need it, for however long you need it. A simple, straightforward solution that’ll help you plan ahead while still guaranteeing protection for your loved ones. And if you insure early on, you can avoid paying a higher premium as you get older.

Don’t wait. Pass the pain over to us. At PROLINK—Canada’s Insurance Connection, we’ll take the time to understand you, your needs, and your family. We’ll help you secure the coverage you need to provide for your loved ones in case the unexpected happens to you.