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.
For 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 InsuranceLooking 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 InsurancePremiums 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 InsuranceWhole 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 InsuranceUniversal 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;
- Investment account
- Life insurance
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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