How to choose the right type of life insurance

Financial Life Planning

How to choose the right type of life insurance

life

Deciding what to buy term, permanent or universal life insurance doesn’t have to be an either/or choice. You may need more than one type.

If you’ve spent any time researching life insurance, you know that there is a long-standing debate about the benefits of term versus permanent insurance. It’s often presented as an either-or decision, as if one is right and the other wrong, depending on your situation. Don’t be fooled.

A short primer to start. Term and permanent aren’t the only kinds of life insurance. Universal life is another. Unlike health insurance, which generally speaking pays out when you get sick, life insurance pays a tax-free cash benefit to your beneficiary or beneficiaries when you die. A lot of Canadians have group life insurance provided to them as an employee benefit. Many don’t, and many others choose to top up their group plans with individually purchased life insurance.

  • Term Life Insurance
  • Permanent Life Insurance
  • Universal Life Insurance

To read more details about the different types of life insurance, CLICK HERE. If you have questions please be sure to contact Harry or David.