Life Insurance

What type of insurance do you need? Learn about the different types so you can choose what's right for you.  

TERM INSURANCE: ('rental' insurance)

Term insurance is the most affordable type of insurance coverage.  There are different terms available depending on your needs:  For example: 10 year, 20 year, term-to-age-65.  The premiums are guaranteed for the duration of the term.  The purpose of this type of insurance is to protect your loved ones.  With a lump-sum tax free payment to the beneficiary of your choice, this can assist them with their needs such as:  mortgage payments, children's education, loans and debts, final expenses.

UNIVERSAL LIFE ('leasing' insurance)

Universal life combines permanent life insurance with investment account options where you can grow your savings, tax deferred.

This is a popular choice for people who want a less expensive permanent plan than Whole Life insurance, people who have maxed out their RRSP contributions, or business owners looking for a tax-efficient way to protect the value of their business.

PERMANENT INSURANCE:  ('buying' insurance)

Permanent insurance (also known as Whole Life Insurance) provides coverage for a lifetime, not just a specified term.  The cost is spread out for the course of your lifetime, or you can get quick pay options such as paid up in 10 years or 20 years. Some features may include dividends, paid up additions, and a guaranteed cash value.

To determine how much insurance you need go to www.insureright.ca