Your Essential Guide to Life Insurance

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Life insurance explained, plus what are term and permanent insurance. How are they different?

Life insurance is a contract between you and an insurance company where you pay a premium. In exchange, the insurance company pays the benefit amount to the beneficiaries you name when you die. In Canada, there are 2 types of life insurance: term and permanent insurance. Furthermore there are 3 types of permanent Insurance: Term to 100, Whole life insurance, and Universal life insurance.

Life insurance is one of the most important aspects of any estate plan. It’s not just about protecting family members against the financial ramifications of losing a breadwinner, it’s also about providing peace of mind for your loved ones. When looking for life insurance, we often face these important questions:

  • How much coverage do I need?
  • What do I need to qualify for life insurance?
  • How do I pick the best policy for my needs?

Read this comprehensive article for an overview of life insurance, options, and terminology. Make sure to contact our professional insurance brokers, we would be happy to help you find a solution for your specific needs.