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Cheap Life insurance from a reputable company is a must for Canadians looking to protect their loved ones in the event of unfortunate circumstance. By obtaining life insurance, a contract is made between the insurer and the policyholder whereby the insurer agrees to pay a lump-sum of money in the event of the policyholder's death. The lump-sum is paid out to the policyholder's beneficiary; the person who the policyholder designates on the policy.

There are two main types of life insurance: Temporary (term life insurance) and Permanent (whole and universal life insurance).

Term Life Insurance (Temporary)

For people seeking insurance coverage for a short period of time, term life insurance is suitable. This coverage is typically less expensive than other types of life insurance coverage. It is ideal for young adults, young couples and young families who are budget-conscious. Owners of small and medium-sized business can benefit with this coverage; to protect themselves from the loss of a key employee.

Benefits of Term Life Insurance

  • Rates are determined based on the amount insured and general condition of health and lifestyle
  • Amount insured and rates are guaranteed for the coverage term
  • Many options are available: renewable and convertible term coverage for 10, 20 or 100 years
  • Multiple people can be insured on the same policy

Whole Life Insurance (Permanent)

For people seeking financial stability and protection for loved ones in the event of a premature death, whole life insurance is suitable. Whole life insurance is a simple, flexible and affordable type of insurance coverage. Purchase this coverage with ease and comfort.

Benefits of Whole Life Insurance

  • Four coverage types available:
    • Lifetime coverage with premium payment for 10 years
    • Lifetime coverage with premium payment for 20 years
    • Lifetime coverage with premium payment up to the age of 65 years
    • Lifetime coverage with premium payment up the age of 100 years
  • Insured sum and premiums are guaranteed for the insurance term
  • Guaranteed cash surrender values
  • Rates are determined based on the sum insured and general health state
  • Ability to insure multiple people on the same policy

Universal Life Insurance (Permanent)

Universal life insurance is great for those people who are seeking financial protection for their loved ones in the event of a death as well as building a retirement fund that is tax-sheltered. Young professional couples may benefit from this coverage as they can pay the premium rapidly. Also those people with a higher income looking for a tax-sheltered savings outside of an RRSP.

Benefits of Universal Life Insurance

  • Get cost-effective permanent life insurance that features a tax-sheltered savings account
  • Flexibility to select and modify the insurance amount, costing options, payment details and rates according to needs
  • Investment options available to diversify savings amount
  • Partial withdrawals are typically allowed
  • Multiple people may be insured under the same policies

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