You many think that Canadian Tire is company that deals with appliances, tools and outdoor living, but it is life insurance. The home hardware organization revamped their life insurance policy and came up with a new policy. This policy is underwritten by Canada Life and put out to a new marketing campaign. The policy doesn't come up to scratch to an personal term life policy. You can request the details online, by phone or by letter. You will be queried about your health. There are seven of these questions. Answering ‘yes’ to any of the queries need more medical information and the possibility of a medical visit. A critical illness policy set up by individual brokers is not the same as the terminal illness benefit set up by this policy. So that sounds fine, what’s the issue? Now we need to show you the contrast between this type of policy and a Canada Life individual term life policy. Premiums are a lot larger on the Canadian Tire plan. These increase by $40 for a 40 year old male smoker. The Canada Life plans are drastically less expensive. The adaptability and alterability of these types of plans are not available on the Canadian Tire policies.The drawbacks to the Canadian Tire plan include restricted benefits of only $250,000 and a term of no greater than 5 years. A Canadian Tire Scheme also imposes PST. You can add riders to individual plans which give your more benefits. Also you can connect it with another policy if you wish. As the Canadian Tire Term Life Insurance policy is a group policy, you don’t get the alterability and personal advice of a broker to lead you to the best resolution for your situation. To summarize: Although the Tire Plan looks brilliant on paper your will be better off with a personal plan which suits your individual lifestyle. To find out more about the Canadian Term Life Insurance, please refer to our more detailed article.