Life Insurance | Knowing Your Options

Posted in General, Did you know?, In the News, Life Insurance, BPNEWS

When it comes to life insurance there are a variety of options for you to choose from, all of which we have outlined for you here.


Life Insurance Options, Youngs Insurance, OntarioFor some reason many people view life insurance to be optional, however, it is something everyone can benefit from having. In a previous blog, we answered the 6 most frequently asked life insurance questions.  If you are thinking that life insurance is for you, but are unsure what type would best suit you, we have provided an overview of your options.

Term Life Insurance

Looking for the lowest cost term life insurance? Look no further. Term Life Insurance has level premiums for a set period of time. The coverage you select will allow for suitable protection during the years when you have children, mortgages, and other insurable needs. Term Life Insurance is the most cost effective, basic and popular of life insurance products in Canada.

  • Long or Short-Term Insurance
  • Ability to convert to a permanent life insurance policy
  • As long as you pay the premiums, your coverage cannot be cancelled or altered
  • 10, 15, 20, 25 & 30 years to pick depending on your needs
  • Reduced cost compared to permanent insurance

Term-to-100 Life Insurance

Premiums are level for your entire lifetime - they never go up, they never go down. Term to 100 is commonly used if you are looking for low-cost insurance for the rest of your life for such needs as creating an estate or burial expenses.

Whole Life Insurance

Whole Life Insurance premiums are level for life and generally guaranteed. With level premium whole life insurance, you pay more for the cost of the life insurance in the early years and less in the later years. The excess premium paid in the early years builds up funds, which earn interest. At the older ages, the interest on these funds, pay for the increasing cost of the insurance above the cost of your premium. If your whole-life policy is paid up at age 65, no more premiums are needed, as the interest will cover the future cost of insurance. You do not pay income tax on this interest.

Universal Life Insurance

Universal Life is flexible, permanent life insurance. Universal Life (UL) combines permanent life insurance with the benefits of tax-sheltered investing. There are three parts to a UL policy;

  1. Investment account
  2. Life insurance
  3. Administration
Every month you pay a deposit that goes into an investment account. Each month, the insurance company goes into this account and pays for the cost of insurance (COI) and administrative costs. Any money left in the account will earn a return based on the performance of that investment.

The policyholder has control over certain components that other types of insurance do not offer. The policyholder can change the amount, timing and frequency of their deposits, and increase or decrease the face amount without changing the premiums, as long as there is enough money in the investment account.

It makes sense to purchase life insurance today, contact Youngs Insurance today for your no obligation quote, or complete this online form click here.

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