Term vs. Permanent Life Insurance

What to consider when choosing between Term and Permanent (Whole Life) life insurance coverage

Term and Permanent life insurance plans offer different advantages, depending on your needs and stage in life
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Term Life Insurance

Term Insurance is life insurance that will provide you with coverage for a specific duration of time agreed upon at the outset of the policy. In most cases you will see terms of 10, 20, and 30 years. Among other considerations, the cost of the premium is dependent on each individual’s case and is calculated by age, health status and level of coverage needed. The premium is guaranteed for the life of the policy and will not increase as long as the policy is in good standing. It is common to have some plans be renewable after the term ends, up to age 75 and some plans can provide coverage up to the age of 100. Once the term is up the policy either ends or may be renewed.

Offering an affordable and practical way to protect your loved ones when you are gone, Term Life Insurance provides you with the option to choose your length of term, with a fixed rate.

Benefits of Term Life Insurance:

Offers tax-free benefits for those left behind to help them with financial obligations such as:

  • Mortgage responsibilities
  • Current or future education debts/cost
  • Estate and/or capital gains taxes
  • Hospital bills or other medical expenses

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Permanent Life Insurance

Permanent or whole life insurance offers coverage for the entire remainder of one’s life. These type of plans can sometimes offer investment opportunities. The cost of your premium for Permanent life insurance, like Term life insurance will not increase for the life of your policy. It is usually more expensive than Term, however it provides an excellent option for longer term succession planning, wealth accumulation and estate payments.

Benefits of Permanent Life Insurance:

Offers tax-free benefits for those left behind to help them with financial obligations such as:

  • Outstanding loans and debts
  • Funeral and burial expenses
  • Estate and/or capital gains taxes
  • Hospital bills or other medical expenses
  • Leaving funds to a favourite charitable cause

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With a wide selection of Term or Permanent Life Insurance Plans available, it’s simple and straightforward to apply for reliable, affordable coverage

Get up to $750,000 in coverage for No Medical and up to $1 million on all other plans.

Applying is easy

Whether you’re 18 or 80 you can apply, including non-residents with a valid work or study permit.

Get a free no-obligation quote

Having a life insurance plan in place when people rely on you can make all the difference in the world. From mortgage payments to covering a child’s education, these expenses can be covered and are tax-free when paid out.

Make sure that your loved ones are protected. Speak with one of our advisors to find out which may be the best option.

REQUEST A QUOTE TODAY!

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All fields * are required in order to provide you with details and optimum support. An advisor will be calling you on the number provided for your personalized no-obligation quote.

Date of Birth:
Personalized No-Obligation Quote
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