What If Life Insurance?
Life Insurance provides your loved ones non-taxable cash in the event of your death, this is called a death benefit. If you are insured for $500,000 and die, your loved ones would receive a cheque for $500,000.
There are two different types of life insurance; Term & Permanent.
Term Life Insurance
Term life insurance is a life insurance policy where the rate is locked in for a "term" period. This period could be 5, 10, 15, 20, 25 or 30 years. Once this term period is over, the rate increases significantly. Unlike Permanent life insurance policies, term life insurance doesn't have cash values and can not be used as an asset.
Permanent Life Insurance
Permanent life insurance is where you lock in your life insurance premium for the rest of your life. This means there are no rate increases at the end of the term. The downside to Permanent is that it's very expensive when comparing to term insurance.
Types Of Permanent Life Insurance
What's Right For Me?
To best decide which type of policy is right for you, contact us and MyLifePolicy.ca will help you figure out your needs.
Is life insurance expensive?
Life insurance policies can be created to fit any budget.