Evaluating Your Insurance Coverage Needs

Term vs. permanent life insurance

Knowing your options

When it comes to buying life insurance, it’s important to know your options. You’ll want to understand how long your insurance will last, how much it will cost and what it will cover.

You have 2 basic choices with life insurance: term and permanent. Both options will help protect you and your family but have different features.

Term life insurance

Term life insurance is affordable coverage for your big expenses, so you can help protect your loved ones when it matters most.

Permanent life insurance

It’s guaranteed lifelong coverage that protects the people you care about. But it’s more than just insurance. Over time your policy can build value you can access for cash during your life, with certain tax implications. You can access money in your policy through a loan or a withdrawal.

There are 2 types of permanent life insurance: participating life insurance and universal life insurance.

Read the full article on CanadaLife.com

The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.