Understanding Life Insurance


In simple terms - Life Insurance is money...

It is money that you can purchase at a discount, is guaranteed, and received tax free... That’s it!

- 100% guaranteed
- 100% Tax free
- Bought at a discount

With that being said there is a few different ways you can purchase Life Insurance. It is important to understand that there is no right answer. The most important part is you get the coverage. Depending on your circumstances there may be products that make more sense for you based on certain goals, but you must understand that no one can really tell you what to buy as no one knows your future and family the way you do.

We also believe that for the most part getting the proper amount of coverage is more important than buying a fancy product and we take an educational approach to Life Insurance.

We show you...

- Whats available to you in the industry.
- How you can figure out how much insurance you either need or don’t need.
- Which company you should buy from based on the conclusion of the first two points.

The four main types of Life Insurance in Canada are as follows;

Term Life - A term product will offer you a guaranteed premium for a set period of time (IE: 10 year term).After your term is over, your price is guaranteed to go up. Premium increases can be substantial depending on the period of the term, age, and health.

Term-100 - A term 100 product will guarantee your premiums for your whole life, with no investment component.

Whole life - A Whole Life product will allow you to purchase insurance for your whole life with a set premium for life. There is also often an investment component involved in a whole life product that will allow you to use cash inside the policy that you can use for a variey of reasons. You can often buy a whole life policy that you can pay off completely for life in a set period of time. (IE: pay the insurance off in 10,15 or 20 years)

Universal Life - A universal Life product is like the name says, very flexible. You will be able to invest inside the policy and pick the investments you would like to use, you can pay it off early if you want, you can use it as a tax free savings account.

Contact us if you have any further questions or would like a free quote comparing all the companies in Canada.
To see a list of the Life Insurance Comapnies we represent click here

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