Author Topic: Term Insurance Question  (Read 2428 times)


  • 5 O'Clock Shadow
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  • Posts: 8
Term Insurance Question
« on: August 12, 2013, 06:29:39 AM »
I am from Canada and have been with my wife for 17 years. We choose to take out a term life insurance policy of $300,000 instead of mortgage insurance. The term was for ten years and is set to expire in 2014. I am 50 and my wife is 12 years older and a smoker.Our monthly premium is $153. I called the provider to look into renewal and was told that the new premium would more than likely be around $400 per month. We have done extensive renovations to our house and still have a mortgage of $210,000 with a PLC of $4,000. We have increased the value of our investment but would have trouble with the added cost of this policy.  Can anyone offer some advise on how to avoid such a dramatic increase? Is there a different type of insurance that is more affordable? Help!


  • Stubble
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  • Posts: 245
Re: Term Insurance Question
« Reply #1 on: August 12, 2013, 07:49:21 AM »
Do you need as much insurance now as when you got the original term policy? i.e, you've increased your investments, paid down the house, presumably increased your incomes? That policy is only 250 more per month.  Perhaps you can reduce the payout?  If one of you dies, can the other pay for the house if say, 100K principal was paid in by a cheaper policy?


  • Stubble
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  • Posts: 122
  • Location: Winnipeg canada
Re: Term Insurance Question
« Reply #2 on: August 12, 2013, 09:22:19 AM »
Try breaking them up into 2 smaller policies, my dads financial planner just did this for him and he saved about a third of the price of the policy by having two instead of one with the same insurance provider. Also try shopping around with different providers.