Term life insurance is a financial product that provides a lump sum payment to your beneficiaries in the event of your death. It is designed to provide temporary coverage for a specific period of time or 'term' (e.g., 10, 20, or 30 years), making it a more affordable option for many families.

The amount of coverage you need depends on various factors such as your current financial situation, outstanding debts, future expenses, and the number of dependents. A good rule of thumb is to aim for a coverage amount that is at least 10 times your annual income. In some cases, purchasing both Whole Life and Term Life policies can be a smart way to ensure financial security while keeping monthly premiums more affordable.

There are two main types of life insurance: term life and whole life. Term life provides temporary coverage for a specific term (e.g., 10, 20, or 30 years) and is more affordable, but it offers the same amount of protection during that term. Whole life, on the other hand, is a more expensive option, but it provides guaranteed, lifelong coverage and builds cash value over time. Deciding which is right for you depends on your individual needs and budget. Neither term life insurance nor whole life coverage on the Goose app requires a blood test, agent assistance, or any other complex process.

With Goose Insurance, if you purchase a life insurance policy, you have 10 days to cancel or make any necessary changes. Once the policy is in effect, you can only reduce the coverage amount.

On the Goose Insurance app, we offer both renewable and non-renewable term life policies. If you purchase a renewable term life insurance coverage, you can convert it to a whole life policy without a medical exam. You can do the conversion until the policy anniversary closest to your 75th birthday, up to the maximum coverage amount for your age.

Premiums are influenced by factors such as your age, health, lifestyle, coverage amount, and type of policy. Generally, the younger and healthier you are when you purchase a policy, the lower your premiums will be. It's advisable to lock in a policy early to secure more favourable rates.

A beneficiary is the person or entity who receives the death benefit if you pass away. You can choose one or multiple beneficiaries, and they can be family members, friends, or even charitable organizations. It's crucial to regularly review and update your beneficiaries to reflect any changes in your life circumstances. In some provinces, your beneficiaries may be deemed irrevocable; it is always a good idea to inquire about provincial laws pertaining to beneficiaries.

In most cases, life insurance coverage takes effect immediately upon approval and payment of the first premium. However, it's essential to carefully review the terms of your policy, as certain situations or policy types may have specific waiting periods.

Please refer to the policy wordings for the full list of benefits, exclusions, and limitations. You can also contact our licensed agents at support@gooseinsurance.com if you have any additional questions.