Maritime Life has enhanced its term life insurance series to provide better value and affordability. The revised offering boasts substantially lower premiums in most cases, preferred rates, an enhanced Critical Needs rider and a choice of terms and benefits.

“In addition to lower premiums, we’ve expanded the availability of preferred rates to all term life applicants,” says Normand de la Chevrotiere, manager life products marketing, Maritime Life. Preferred rates reward individuals who maintain a healthy lifestyle by providing them with lower premiums. Historically as many as 65% of Maritime Life’s non-smoker applicants benefit from its preferred and preferred plus rates.

The term life series also allows term life policyholders a special conversion privilege to convert to a permanent insurance plan within five years. At the time of conversion, the policyholder will receive credit for past premiums paid. “It’s like renting a house with an option to buy. Basically if you decide within five years you’d rather buy, the owner will sell it to you and give a credit against the purchase price for all the past rent you’ve paid.”, adds de la Chevrotiere.