When purchsing our second home, my husband I decided that we were in need of a good life insurance policy that would be able to pay off the remaining amount of mortgage and help the kids through college/university and any additional living expenses; just in case something happened to either of us. We sought out a financial advisor/insurance broker that was recommended by a friend of ours who signed us up for this policy.
The TermSELECT insurance policy is a renewable and convertible Term Life Insurance plan for a term period of 20 years. Under this policy my husband and I have Single Life coverage which can be renewed at the end of each term period without providing proof of good health. We also have the option of converting our coverage to another eligible life insurance policy before our conversion exipry date of August 4th, 2049.
We are covered for $500, 000 each. My annual premium is $305 and my husband's is $445. We completed an application as well as a Personal History form. Within a few weeks we were contacted by a nurse who came to our home and took blood samples. Shortly thereafter, we received our 'official' insurance policies in the mail. My husband and i have piece of mind that we have insurance that will ensure that the house is paid for and the kids get a good start in life.