Whole Life Insurance Canada
Whole life insurance is the most common type of permanent life insurance. Unlike term, it is permanent
as long as the premiums are paid.
A whole life plan:
- Has a cash value.
- Provides a death benefit.
- Lasts for a person's lifetime, as long as premiums are paid.
- Earnings are tax-deferred.
- Premiums can be spread out over your lifetime, or up until a certain age.
There are numerous options available to suit a person's needs, and each
carrier has different options and plan types. Permanent plans are also more complicated then term,
so we highly recommend
contacting us for assistance when getting quotes
or purchasing it.
Universal Life Insurance
Universal life is a different type of permanent insurance, is often used for estate planning, as well as wealth
With a universal plan you can reduce or increase the amount of your
death benefit, and in addition the cash value tends to increase in a non-linear
fashion, depending on how your money is invested. A universal plan tends to be a better choice for wealth management and estate
planning, since there are more options available to people.
For more information see the Universal
Life Insurance page.