A recent study1 from Statistics Canada found that Canadians are carrying debt later in their life:
34% of retirees still held mortgage and consumer debt.
Two thirds of non-retired Canadians aged 55 and older held mortgage and consumer debt.
With mortgages extending past 20 years and children staying in school longer and getting multiple degrees, it’s not all that surprising that debts and considerable expenses are sticking around for longer. But it does point to a definite need for longer-term insurance protection that fits Canadians’ shrinking budgets.
With a variety of options available, Transamerica’s 30-year term is a simple and affordable way to offer you peace of mind. With guaranteed protection for 30 years, and the ability to convert to permanent insurance or renew to age 100, you can have coverage that lasts as long as you need it . With a 30-year term policy, you will pay a level premium for the full 30 years, which adds up to considerable savings when compared to a 10- or 20-year term product that will need to be renewed. And with the built-in options available, Transamerica’s 30-year term products offer the flexibility to meet your needs and adapt to changes that might occur down the road.
For more information on how a 30-year term product can offer flexible long-term protection at an affordable price, talk to your financial advisor.
1. Retiring with debt, Katherine Marshall, Perspectives on Labour and Income, Statistics Canada, April 2011.
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