I was 24 when I purchased my first home and the Royal Bank of Canada (RBC) required me to purchase life insurance to cover the value of the home before they would advance me my mortgage. I decided to go with the cheapest life insurance policy available - Preferred Term 10.
I was covered for $250, 000. I could've gotten more covereage but elected not to due to the fact that we didn't want to have huge premiums that we couldn't afford to pay. My monthly premium was $13.73. My husband was also covered for the same amount ($250, 000) but his monthly premium was $23.17. We were covered for all of the typical things that fall under a life insurance policy. Our police had automatic renewal and was non-participating as we were not receiving dividends.
This was the first private life insurance policy we ever purchased and we were very pleased with the application process, the amount of coverage received and the cost of the monthly premiums.