Couples and Life Insurance

As a couple there are two things you should consider:

  • Life insurance to protect your partner in case you die;
  • Health insurance to protect yourself agsainst unexpected medical and dental bills.

The question is, what type of life insurance? Term life or whole (permanent) life?

Term life insurance is more affordable than whole life, and offers protection for a given amount of time (the "term"). In addition, at some future point in time many term life policies can be converted to whole life.

Whole life also offers protection against the death of a partner, but unlike term life whole life has a cash value, and can also be used for investment purposes.

couples affordable life insurance Bob and Kathy,
Victoria, B.C.

Bob : I still have a $42,000 school debt, and also have a $5,000 car loan. On top of this when we buy our new home there will be a mortgage, and we might have children. If I was to pass away I definitely do not want Kathy to have to struggle with so many payments.

Kathy: We looked at the different types of life insurance and decided to start with small term life insurance policies. We will get the protection we need for now, and eventually we might convert this to whole life insurance. We talked to an advisor, and found out that most, but not all, insurance companies offer convertible term life insurance. Our advisor helped us to get life insurance that suited us and our situation.

affordable term insurance

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