Whole or Term Life Insurance in Canada?

When faced with the question concerning whole or term life insurance Canada, you need to determine your family’s needs. Who are your dependents? What kind of coverage do you need?

Term life insurance is a great option for a working family with a spouse and children as dependents. The policy typically covers in terms of 5, 10, 15, and 20 years. There are some policies that will cover 30 to 40, or even 100 years in order to go along with the length of the mortgage.

Term life insurance is customized to fit your needs. There are policies out there that cover the educational and marital cost of the insured’s dependents. You decide the amount of coverage you need, make the premiums, and renew at a higher rate at the end of the term.

Whole life insurance covers for the rest of the insured’s life or to the age of 100. Part of the premium is a payment, and the other part goes into a savings account. When the account comes to maturity, the policyholder has an option to borrow against the account. If the money is not paid back as agreed, the policy is subject to cancellation.

The best place to find competitive quotes on term life insurance in Canada is online. You don’t have to worry about a high-pressure sales campaign. Simply enter your information into the insurance calculator and over 50 different insurance companies will supply quotes.

In this day and age, an online quote for term life insurance in Canada is the popular way to go due to the convenience and simplicity of the program. Plus, many people looking for life insurance prefer to review things in the privacy of their own home before they make any decisions.

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