Permanent Life Insurance | Canada
Why would someone need coverage for an extended period of time?
Because contrary to what a lot of people think, the need for life insurance often persists long after the kids have graduated college or the mortgage has been paid off.
If you died the day after your youngest child graduated from college, your spouse would still be faced with daily living expenses.
And what if your spouse outlives you by 10, 20 or even 30 years, which is certainly possible today.
Would your financial plan, without life insurance, enable your spouse to maintain the lifestyle you worked so hard to achieve? And would you be able to pass on something to your children or grandchildren?
With Permanent Universal Life or Whole Life Policy you can:
- Accumulate Cash Value or Dividends on your policy which accumulates on a tax-deferred basis just like assets in most retirement and tuition savings plans, can be used in the future for any purpose you wish
- You can borrow cash value for a down payment on a home, to help pay for your children’s education or to provide income for your retirement.
Unlike loans from most financial institutions, the loan is not dependent on credit checks or other restrictions.
- You can stop paying premiums, as you can use the cash value to continue your current insurance protection for a specified time or to provide a lesser amount of death benefit protection covering you for your lifetime. Just know that if you surrender your policy in the early years, there may be little or no cash value.
- You can borrow money from a permanent insurance policy, you’re using the policy’s cash value as collateral and the borrowing rates tend to be relatively low.
- Permanent Universal Life or Whole Life Policy allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums. You also can reduce or increase the death benefit more easily than under another traditional permanent life insurance policies.
Permanent Universal Life or Whole Life insurance offers financial security to your loved ones—with premiums and coverage that never change.
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Permanent Life Insurance | Traditional Life Insurance
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Permanent Life Insurance Advantages:
Policy remains active regardless of ageMost term insurance policies expire at a certain age. With permanent insurance, you don’t have to worry about that. A permanent policy remains in force for life, meaning you are covered for life—your coverage does not end after a certain term.
Grow an investment within the policyFor every single dollar, you pay in annual premiums, you have the option to contribute three to four dollars into the investment fund attached to the policy. The best part is that these investments grow on a tax-sheltered basis within the policy and can be paid out tax-free, along with the value of the policy.
Level premiums for the rest of your lifeUniversal Life policies generally come with level premiums for the life of the policy, which means the premiums never rise and as policyholder, you always pay the same amount. Premiums are guaranteed when you buy your coverage and remain unchanged for the life of your policy.
Limited pay periodsWith permanent policies, you don’t necessarily have to pay the premiums forever ad infinitum. This is because of limited pay periods, which may have you pay premiums for the first ten years of the policy for example and then never have to pay policyholder ever again on that policy.
Tax-Free BenefitPermanent life insurance provides a tax-free death benefit to your beneficiaries when you pass away. life insurance proceeds receive when they are paid to your beneficiary. An even greater advantage is the federal income-tax free benefit that life insurance proceeds receive when they are paid to your beneficiary
Word of advice:
Facts & Statistic - Best insurances for everyone.
I have been in the process of dealing with another well-known insurance company when after over 5 months of waiting for my quote and being very frustrated with the process, I decided to look at other avenues. I visited this site and took a chance, asking for a quote. I am a smoker, have a number of medical conditions and was rated and declined in the past. So, in my case, getting a life insurance was tricky and quite expensive. Following my meeting with an advisor, he worked hard and diligently in getting me the best quote right at the meeting, not just giving me a chance of being insured and taking care of my family, but also saving me over 60% a month on what I was quoted from the other company (a quote which took them 6 months to get to me!).
Unfit for the Traditional Life Insurance
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