Life insurance is categorized into 2 main categories: term life insurance and permanent life insurance. Permanent life insurance provides guaranteed coverage for your family’s future financial needs. There are three types of permanent life insurance – Whole Life, Universal Life and Term 100. These long-term life insurance policies are designed to protect your family in the event of death with life-long insurance coverage.
What is Permanent Life Insurance?
Permanent life insurance is life insurance coverage that never expires and pays a benefit upon the policyholder’s death. Many permanent life insurance policies also have a cash value component, where a portion of your premium payment goes toward cash accumulation, which grows on a tax-deferred basis. You can withdraw or borrow against the cash value. Often an increase in the life insurance cash value will increase the potential death benefit as well. As with all insurance types, there are some benefits and disadvantages that come with permanent life insurance.
In Canada, there are 3 types of permanent life insurance plans: Universal Life, Whole Life and Term 100 (T100). All three have distinct features, however, all three provide lifelong coverage that will pay out on the death of the insured, no matter the age.
How does permanent life insurance work in Canada?
Permanent life insurance in Canada offers coverage that never expires and is guaranteed to payout at the death of the insured. Premiums are typically payable for a limited period of time (10, 15 and 20 years) or indefinitely until the death of the insured. Premiums can be structured as level cost or yearly increasing (referred to as annually renewable term – ART or yearly renewable term – YRT). Unlike a term life insurance policy, permanent plans have no expiration date and provided premiums are paid as per payment schedule, the death benefit will be paid out tax-free to the beneficiary(s) of the insured.
Which is more expensive: whole life or universal life or term 100?
Theoretically, Term 100 is the most cost-effective permanent life insurance policy available in Canada. Unlike whole life or universal life (UL) insurance, T100 has no cash value component or ability to deposit excess premium in a tax-sheltered account.
However, universal life policies can be structured with a cost of insurance which mimics T100 policies. In this scenario, the policy would be “minimum funded” meaning no cash value component would be accumulated inside the policy and the cost of insurance would be T100. The advantage of a minimum funded UL with a T100 over a traditional T100 is the future flexibility to deposit funds into the policy at a later date. Whole Life insurance is almost always the most expensive permanent life insurance plan available when compared to either universal life or T100.
Permanent Life Insurance Advantages and Disadvantages
Permanent Life Insurance Pros
Policy is active for life and will not expire
Option to have level premiums that never change
Ability to have a tax-sheltered investment depending on the policy
Some offer limited pay periods for premiums (you only have to pay for a set period of time, not indefinitely)
Permanent Life Insurance Cons
Universal Life Insurance vs Whole Life Insurance in Canada
Universal life insurance and whole life insurance are two of the most common types of permanent life insurance products. Both offer a payout to your beneficiary upon your death and offer the ability to build a tax-sheltered investment inside the policy known as the accumulation value or cash value of the policy.
The cash surrender value (CSV) is the accumulation value minus any surrender charges or market value adjustments. The policy owner can withdraw or borrow against the CSV value in both universal life and whole life policy. Typically whole life policies allow 90% of the CSV to be borrowed against, while universal life policies allow between 50-90% depending on underlying investment inside the cash value of the policy.
The two products differ the most in terms of how this cash value is accumulated and managed.
The main differences between these two types are how much premiums cost, the investment accounts, and the tax advantages available.
- With Universal Life, premiums can cover the account deductions (cost of insurance, or COI) only, known as a minimum funded policy, or also include investments. Investments can be made at anytime, up to a maximum limit.
- The COI can be increasing yearly (known as yearly renewable term or YRT or also annual renewable term or ART) or level cost for the life of the policy. YRT/ART policies are often used to allow maximum cash accumulation inside the policy (as the cost of insurance is much lower in the early years of the policies). Under a YRT/ART structure, it is important to pay close attention to the assumed rate of return as underperformance of the cash value inside the policy could lead to the risk of policy lapse or require the policy owner to increase premiums at a later date. A level cost policy is used when a client does not want to have any fluctuation in the cost.
- Whole Life premiums stay the same throughout the entire policy
- There is no option to separate the cost of insurance and investments. These types of policies do not allow ART/YRT cost of insurance. As a result, whole life policies are always level cost
- Universal life policyholders have complete freedom with how they choose to invest their investment account value. The account earns interest according to the market, meaning losses are possible
- If the whole life policy is a participating policy, the policyholder can receive dividends from the insurance company if profits are made. Losses are not possible once the dividend is paid
- Market gains on investments in Universal life policies are tax-sheltered. Similarly, dividends earned inside Whole Life policies are also tax-sheltered.
What is Universal Life Insurance in Canada?
Universal life insurance is a type of permanent life insurance, meaning it guarantees you coverage for life. This is assuming you pay the periodic premiums agreed upon within your policy. Universal life insurance has the added benefit of possibly increasing your cash value over time by investing a portion of your money. This growth can provide a financial cushion for your family upon death. Universal life insurance traditionally offers flexible premiums that allow you to monitor how much you are paying to increase or decrease your cash value.
How does universal life insurance work in Canada?
As a type of permanent life insurance, universal life insurance covers you for life and is guaranteed to pay cash to the beneficiary. Universal life insurance also incorporates a potentially high-earning investment account: part of your premiums go toward investments of your choice.
As with any type of life insurance plan, universal life insurance collects your money through a premium-based payment plan. This means you pay a set amount of money for the plan periodically; this can be monthly, quarterly or annually. The cost of your premium is calculated from a variety of factors that derive how much of a risk it is to ensure you.
After you pay your premiums, your money gets split into three parts:
- Payment towards death benefit
This allows more freedom in deciding the cost of your premiums within the range of the insurance company. This range is set to cover the death benefit provided to your family and the operating fees of the company itself. The excess money will be set towards your savings and investments. This is also known as the cash value. The cash value may grow over time depending on the investments themselves, but the estimates provided by the insurance company are not guaranteed.
What is the cash value of universal life insurance?
The cash value referred to in universal life insurance is the accumulation of money within your specific policy. This portion is subject to growth or loss depending on the investments it is put into. It is held separate from the payment towards the death benefit offered to your loved ones, as this is always guaranteed. The cash value can also be withdrawn at any point during the policy and will increase with each premium payment. The flexible cash value portion of the policy is what separates universal life insurance from its other permanent life insurance counterparts.
How much does universal life insurance cost in Canada?
Universal life insurance is the most flexible permanent insurance product in Canada. The cost depends on how the policy owner wishes to structure the policy, either with or without cash value accumulation. “Minimum-funded” universal life insurance is able to mimic the lowest permanent life insurance costs available (i.e. similar to Term 100) but will not accumulate cash value. However, there will be a possibility for future investment at any time.
We have outlined some of the quotes offered by the best life insurance companies in Canada below for a level cost Universal Life policy:
Types of universal life insurance
The two main types of universal life insurance are: level cost vs yearly renewable term (YRT).
Under a level cost policy, the cost of insurance remains the same cost for the life of the insured. Inside a YRT policy, the cost of insurance increases yearly. This type of cost structure generally allows the policy to accumulate far more cash value inside the policy due to the lower costs particularly in the early years of the policy. The downside would be that unlike the level cost of insurance, investment performance plays an important role in ensuring policy is sustainable for the life of the insured.
Investment Options Inside Universal Life Policy
Universal life policies allow a wide range of investment options. They include index funds that mirror the performance of a selected index such as S&P 500 or NASDAQ 100. There is also the option to invest in fixed-income investments such as bonds and high-yield investments. Some universal life policies also allow policy owners to invest in the underlying Whole Life PAR fund, which offers the same risk profile given to whole life owners while providing the flexibility of a universal life policy.
Can I take money out of my universal life insurance policy?
Universal life insurance builds up cash value when you pay more than the minimum premium payments. It also grows from investments during the life of the policy. This cash value is marketed as a benefit and an option for policyholders to borrow money when necessary. This can be in the form of withdrawals, loans or termination of the policy itself.
There could also be tax implications as a result of taking out the money. It is also important to review the terms and conditions of your policy, prior to removing it, as the death benefit could be reduced.
Universal Life Insurance Pros and Cons
Universal Life Insurance Pros
You can invest as much or as little as you want, as long as the regular deductions are covered
You have control over where you want to put your investments
Interest earned on account value is tax-deferred
Universal Life Insurance Cons
Tends to be more complex which can be difficult to understand
Investments can perform poorly, resulting in a loss
Investment account needs constant monitoring and regular rebalancing
Is universal life insurance a good investment?
It depends. Universal policies, like all permanent life insurance plans, can be an excellent investment strategy depending on your circumstances.
For example, if you are a high-income earner and have maxed out or cannot apply for the other investment options such as TFSA and RRSP you may consider universal life insurance as an option.
Who is universal life insurance best for?
Universal life insurance tends to be more expensive than other life insurance options and is more difficult to maintain and manage. But has the added benefit of customizability and possible cash value growth. Universal life insurance plans are best for people seeking:
- Cash value that can be withdrawn
- Coverage that lasts a lifetime
- Flexibility in premiums
- Flexibility in death benefits
- Control in investments
This tends to apply to two types of people specifically:
- Younger individuals with a higher income can take on more risks, and do not need the money for a while
- People in the higher-income bracket who have maxed out their TFSA and RRSP and want to pass down inheritance tax-free
In addition, corporately owned universal life insurance policies are a popular retained earnings strategy for tax-sheltered growth.
Contact Protect Your Wealth today for help deciding whether or not universal life insurance is the best option for you.
FAQs for universal life insurance
If you have an existing life insurance policy and realize that it does not fit your needs, or it is beyond your realm of affordability, you may choose to cancel it.
Prior to cancelling you should review your policy and coverage with an advisor to grasp what has occurred during the period of your policy. This should include the total amount of premiums paid, how much cash value you have incurred and a future projection for said values. This will give you a deeper understanding of whether your policy is still growing in cash value, or has run stagnant. This should play an important role in your decision to cancel.
You are able to cancel the policy at any time, however, keep in mind there will be consequences to surrendering or cancelling a policy. This may include tax implications or policy fees and should be reviewed before any decisions are made.
While a term life insurance policy can be converted to either universal life or whole life insurance, universal can not be converted to whole life once put in force (or vice versa).
Universal life insurance is one of the best tax shelters available due to the death benefit that can pass to chosen beneficiaries. This death benefit is free of both income and estate taxes. The earnings accumulated within the cash value also usually grow on a tax-deferred basis, so no taxes are owed on current earnings.
At the end of the day, your universal life policy will always guarantee the minimum return rate, which is the death benefit offered to your loved ones upon your death. This does mean that your cash value is at risk of being completely lost if your policy charges and expenses consume all of the accumulated money.
Depending on the structure of the policy the death benefit can be the face amount only OR face amount + accumulation value. In the latter, both the amount of insurance and cash value is passed onto your beneficiaries.
What is Whole Life Insurance in Canada?
Whereas universal life insurance provides the freedom of choice in where and how much you can invest, whole life insurance leaves the investment choice to the insurance company. There are also two ways the interest is accrued: through non-participating whole life policies, and participating whole life policies.
For non-participating (or ‘non-par’) whole life insurance policies, the life insurance company retains any interest from CSV investments. However, premiums for non-participating policies are generally lower, as they factor in these gains.
For participating (or ‘par’) whole life insurance policies, interest is distributed to policyholders (minus a fee) as a policy dividend. If investments result in a loss in a given year, no dividend will be paid, but the policyholder will not lose any CSV. While participating policies have the opportunity to make more than non-participating policies, premiums are higher to reflect this.
How does whole life insurance work in Canada?
Whole life insurance, as with all permanent life insurance plans, offers coverage over your entire life at the cost of a periodic premium. This premium can be paid monthly, quarterly or annually depending on the terms and conditions of the policy. This premium ensures funding towards the death benefit provided upon your death to your loved ones, as well as a cash value component.
Whole life insurance premiums tend to be quite costly. They are calculated based on factors that decide how high of a risk the insurance company is undertaking in order to insure you. Whole life insurance premiums, in particular, tend to be ten times more expensive than a comparable traditional life insurance policy. This money goes towards three things:
- Death benefit provided to your beneficiaries
- Fees paid towards the insurance company
- Cash value component
What is the cash value of whole life insurance?
The cash value of whole life insurance works in the same way as that of a universal life insurance policy. It accumulates a portion of the money you pay periodically in the form of premiums and has the potential for growth. This growth is tax-free and can be accessed by the policyholder at any point during the duration of the policy, but the money taken out will be taxable (unless withdrawn via a policy or 3rd party bank loan). Most whole life policies have a guaranteed return rate, but this tends to be a low percentage and is only a rough estimate of how much your cash value will actually grow. There are also non-guaranteed return options for whole life insurance where the return rate depends on dividends that can be applied to your cash value every year, but with no estimate on how much that will amount to.
How much does whole life insurance cost in Canada?
The cost of whole life insurance may vary drastically depending on several factors such as age, occupation and health history. The life insurance companies will base your rate on how “at-risk” your life is. The face amount of the coverage will also determine how much a policyholder will pay; along with the additional amount you choose to add to your cash value. You will have a “minimum-funded” option that allows you to only pay for the cost of the death benefit, but this will add nothing to your cash value amount. Whole life insurance tends to be more expensive than its term life insurance counterparts; this includes term 100 life insurance.
We have outlined some of the quotes offered by the best life insurance companies in Canada below:
Types of whole life insurance
Whole life insurance is offered with a range of terms and conditions depending on the type of whole life insurance you choose. Although they share the same general framework, some leverage the cost of premiums to best manage payments, while others are built to maximize the death benefit or cash value. A standard whole life policy requires premium payments for the life of the policy to offer a dollar amount of coverage called the death benefit. This structure is quite restrictive and other types of policies have been developed to allow more customizability.
We will be covering five types of whole life insurance: participating whole life insurance, non-participating whole life insurance, modified whole life insurance, variable whole life insurance and guaranteed issue whole life insurance.
Participating whole life insurance
Participating whole life insurance pays dividends into the cash value of the policy when the issuing life insurance company makes a profit. The excess investment earnings from a company pay these dividends but are not always guaranteed. These policies tend to be offered by “mutual” life insurance companies which are owned by policyholders instead of being publicly traded. These dividends are also considered non-taxable income as they are partial repayments of the life insurance premiums that were paid.
These dividends can be used for four options:
- Paid to policyholders directly in cash
- Used to reduce premium payments
- Purchase additional cash value insurance
- Added to cash value to earn interest
Non-participating whole life insurance
Non-participating whole life insurance payments are different from participating ones in that they do not pay dividends. The accumulated cash value from this type of whole life insurance still gains interest, but the life insurance company does provide this money to policyholders. This type of whole life insurance may not have an option to cash out but comes at lower premium payments. Non-participating policies are usually issued by publicly traded life insurance companies.
Modified whole life insurance
Modified whole life insurance operates with a changing premium cost. It charges lower premiums during the beginning of the policy that gradually increases after a certain number of years. If you believe that you will have increased income in the future, meaning you will be able to afford a larger premium, this type of policy can be an affordable and maintainable option for you. The period in which payments may come at a lower cost can range from 5-20 years, and after that, the premiums will be raised. This rise will occur only once during the duration of the policy. The death benefit will stay at a steady amount regardless. The premiums during this beginning period tend to be lower than traditional whole life insurance, but after the increase, will be higher.
Guaranteed issue whole life insurance
Guaranteed issue whole life insurance is similar to a standard whole life insurance policy but has a large benefit to some people. It does not require a medical exam, meaning those who may not be able to obtain the more affordable options can still gain some coverage through these types of policies. Unfortunately, this comes at a higher premium cost and lower amounts of coverage. It is also known as burial or final expense insurance and is usually only issued to those above the age of 50. If you are not suffering from serious health conditions or other high-risk factors, this option is not a good idea for you.
Can I take money out of my whole life insurance policy?
Whole life insurance functions similar to universal life insurance in that it builds up cash value from premium payments and investments during the life of the policy. This cash value is marketed as a benefit and an option for policyholders to borrow money when necessary. This can be in the form of withdrawals, loans or termination of the policy itself. This may or may not incur interest, depending on the policy of the life insurance company.
If you wish to withdraw money from the whole life insurance policy, you can contact your insurer to see how much is available for you to take. They will also be able to determine what interest rate may be applied and whether or not you will be taxed on the loans. The amount you remove will be taken out of investments and remove the potential growth for that amount. It is always a good idea to review the terms and conditions of your policy, prior to removing it, as the death benefit could be reduced.
Whole Life Insurance Pros and Cons
Whole Life Insurance Pros
Premiums are cheaper later in life compared to term life insurance
Opportunity to build up a CSV, which can be a useful asset
Don’t need to actively check and rebalance CSV/investment account
Whole Life Insurance Cons
Premiums are expensive in early years of the policy
CSV in non-participating whole life insurance policies don’t earn interest
No control over how CSV is invested
Is whole life insurance a good investment?
Whole life insurance is potentially a good to excellent investment vehicle depending on your financial circumstances. For example, if you are a high-income earner and have maxed out or cannot apply for the other investment options you may consider whole life insurance as an option. Like most investments it is always to not put all eggs in one basket and to discuss your situation with a professional to find out if whole life insurance is right for you.
Who is whole life insurance best for?
Whole life insurance policies come at a higher price than traditional term life insurance policies, and even most permanent life insurance policies. They offer more permanence and stability, alongside a host of living benefits that most term life insurance cannot match. It is a good option for individuals such as:
- Owners of businesses
- Participants in a defined-benefit pension plan
- Anyone needing estate liquidity to pay estate taxes or transfer expenses
- Pre- or post-retirees concerned about the safety of their retirement income
- Anyone concerned about their financial legacy impacting their families or charities
- Life insurance plans for children
This is enticing, however, whole life insurance is a steep cost and it is not for everyone. For example, whole life insurance is probably not the best option for:
- Individuals with no dependents
- Individuals who would struggle to cover the cost of the periodic premium
- Individuals who expect their dependents to eventually fully support themselves and won’t need to leave them any money
- Individuals who are choosing it as a default option instead of as part of a full financial planning strategy
Contact Protect Your Wealth today for help deciding whether or not whole life insurance is the best option for you.
FAQs for whole life insurance
The right type of life insurance for you should be decided based on a number of factors. The key difference between whole life insurance and term life insurance is that term coverage only protects you for a limited number of years. Whole life insurance provides lifelong protection, but only if you can keep up with the premium payments charged by life insurance companies for this luxury. The difference in cost can range up to almost 15 times for the same amount of death benefit.
Term life is the better option if you:
- Only want life insurance to cover a short-term need
- Want the most affordable coverage
- Think you might want permanent life insurance but you can’t afford it right now
- Don’t want to use life insurance as a possible investment vehicle
Whole life is the better option if you:
- Can comfortably afford the higher premiums
- Want to leave money for your heirs
- Have a lifelong dependent life a child with disabilities
- Want life insurance that builds guaranteed cash value
These two types of permanent life insurance are comparable and similar in their lifelong coverage and are composed of two parts: a savings or investment portion and an insurance portion. They both share higher premiums and an option to borrow from the cash value of the policy, but they do have a few key differences. Whole life insurance offers consistency with fixed premiums and guaranteed cash value accumulation, while universal life insurance provides flexibility in their premium payments, death benefits and savings element of their policies.
The right life insurance option for you will depend on your family structure and financial situation, alongside your appetite for risk and desire for flexibility.
You have the option to cancel your whole life insurance policy at any time, but you will face penalties if you cancel during the first 10 years of your coverage. The amount of your cash value that you are able to collect depends on how long you have owned the policy and the accumulation of money in your cash-value account.
The surrender period is the name for the first few years of the policy and has different cancellation rules. This can range from not returning any cash value to charging surrender fees for the life insurance company to recoup their expenses. If you cancel after this period, you increase the likelihood that you will be able to retain some of your earnings, but you may still be susceptible to surrender charges. The surrender fee traditionally decreases incrementally after the first decade of the policy. If you deem these costs to be worth cancelling the policy, you may do so. It would be a good idea to consult a life insurance agent to help you with this decision.
Contact Protect Your Wealth today for help deciding whether or not to cancel your policy.
Alternatives to cancelling the policy include:
- Withdraw from the cash value amount
- Take a loan against the cash value
- Sell the policy to a life settlement group
Some whole life insurance policies, such as a participating whole life insurance policy, provide tax-free growth while you are alive through premium payments and investments. This cash value component is guaranteed to grow in a tax-advantaged way and it will not decline in value. So long as this money is left to gain in your policy, you will not owe taxes on it.
Critics of whole life insurance often compare the gains to anywhere from 8% to 10% annual expected returns, but this is simply not realistic. That is the general average for gains in investment, but those returns are not guaranteed and you are prone to losing the money you invest. Whole life insurance on the other hand provides guaranteed returns that are moderate, but you will not lose money as long as you pay your periodic premiums.
What is Term 100 (aka. T100) life insurance?
Term 100 life insurance also goes by term to 100 life insurance or T100 life insurance. This is a type of permanent life insurance meaning the coverage lasts for the entire life of the policyholder. For term 100 policies, premiums are meant to be paid until the individual turns 100 years old. The premiums are meant to be paid only until the insured person turns 100 years old, however, the coverage will exist until the policyholder ultimately passes away. Unlike whole and universal life insurance options, there is no cash value to term 100 life insurance policies.
Term 100 life insurance is a form of permanent life insurance, but it also shares similarities with traditional term life insurance. It may offer lifelong coverage, but it also does not accumulate any cash value as you pay premiums. This is a trait commonly found in term life insurance policies.
How does term 100 life insurance work in Canada?
Like all permanent life insurance policies, term 100 life insurance offers a lifetime of coverage. But similar to term life insurance policies that only last for 10, 20 or 30 years or more, no cash value is accumulated from your premiums. This policy garners its appeal from its unique characteristic that requires you to only pay premiums until your 100th birthday. Unlike term life insurance policies, term 100 also does not renew at the end of the term. After your 100th birthday, you are no longer expected to pay premiums, but will still maintain the death benefit to your beneficiaries.
Term 100 policies does not have cash-out options or dividend payments like the other permanent life insurance options we covered in this article. This means the only monetary benefit is a payout to your loved ones upon your death.
Similar to all other life insurance products, term 100 life insurance requires an application and has its own qualifying factors. This can include age, habits (such as smoking or drinking), health and lifestyle (such as dangerous activities you may partake in). Most life insurance companies offer this type of insurance as an option for anyone between the ages of 18 to 75. The amount of coverage offered can range from tens of thousands to millions of dollars, amongst a selection of additional riders.
How much does term 100 life insurance cost in Canada?
Term 100 life insurance is the cheapest amongst the permanent life insurance options due to the lack of cash value and a cash-out option. That being said, the actual cost of a term 100 plan will depend on the life insurance company and their specific requirements. It is important to consider how much coverage you will need and is sustainable for you to afford.
We have outlined some of the quotes offered by the best life insurance companies in Canada below:
Term 100 Life Insurance Pros and Cons
Term 100 Life Insurance Pros
Does not run out like a typical term life insurance plan
Does not renew at a higher price at the end of your term
Less expensive than whole/universal life insurance plans
Steady, unchanging premium cost throughout the length of the policy
Term 100 Life Insurance Cons
No cash value surrender option
More expensive than term life insurance
Who is term 100 life insurance best for?
Term 100 life insurance tends to be a gamble due to the appeal of not having to pay premiums only applying after the age of 100. People may see this as an ineffective tradeoff as they will most likely be unable to receive that benefit, but there are a few other reasons why term 100 may be the option for you:
- It is cheaper than a whole life plan
- It does not run out life a term insurance plan
- There are no penalties to cancel
- You want to ensure your loved ones have money to pay taxes on assets you leave to them
Term 100 has an added benefit of you being able to walk away with no obligation of future payments. This will terminate your coverage, but buyers tend to hold onto the plan and its promise of lifelong protection.
Contact Protect Your Wealth today for help deciding whether or not term 100 life insurance is the best option for you.
FAQs for Term 100 Life Insurance
The three types of permanent policies each have their own pros and cons. All three offer lifetime coverage at the cost of periodic premiums. If you are looking for flexibility and customizability within your plan, universal life insurance will be the best option for you. However, this policy tends to offer the least amount of guarantees of the three. Those leaning towards guaranteed benefits and monetary value will find the best option to be whole life insurance. Whole life insurance offers a cash value similar to that of universal life insurance, but with guaranteed returns at a stagnant premium rate. Term 100 also has a stagnant premium rate and is a great option for individuals on a budget. It is the cheaper of the three but has no cash value. On the bright side, once you turn 100, you will no longer have to pay the premium.
All three policies exist for individuals in different situations. Contact Protect Your Wealth today for help deciding which type of permanent life insurance is the best for your specific circumstance.
Term 100 does not have a cash value unlike universal or whole life insurance. This means that there is no additional monetary benefit to the policy outside of the death benefit. While there is no room for your premiums to grow, the premiums themselves will come at a cheaper rate than that of the other two options.
Universal Life Insurance vs Whole Life Insurance in Canada vs Term 100 Insurance in Canada Comparison
Is Permanent Life Insurance Right For You?
What coverage is best for your family will depend on many factors, including how quickly you anticipate needing to purchase premiums, the expected cash value of each policy, and whether you choose whole life or universal life for your permanent life insurance policy. Understanding the differences will help you make decisions about the best option for you and your family. The products are designed to protect your loved ones, so it’s important to consider what they need most based on their current situation and future goals when choosing the right product for them.
Working with a life insurance advisor can help you find the right insurance policy for your needs and situation. At Protect Your Wealth, we work with and compare quotes and policies from the best life insurance companies in Canada to help you find what you’re looking for.
Contact Protect Your Wealth or call us at 1-877-654-6119 to talk to an advisor today. We’re proudly based out of Hamilton, and service clients anywhere in Ontario, including areas such as Aurora, Milton, Ancaster, Markham, and Stoney Creek.