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).
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.
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.
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.
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