Why choose Permanent Life Insurance?
Within Canada, Permanent Life Insurance is one of the most popular types of policies available — however, it’s not the right solution for everyone.
Permanent Life Insurance is a policy that lasts your entire life, rather than for a fixed term with Term Life Insurance.
Along with life insurance death benefits, additional key benefits include fixed premiums for the lifetime of the policy- cash value that can be used to borrow against your policy and investment potential through your insurance provider.
Choosing between Permanent Life and Term Life Insurance Policies
When looking for a life insurance policy, finding one that fully fits your needs is crucial. When deciding between Permanent and Term life, below are some key questions that can help you find the right fit:
- Term length: Permanent Life Insurance offers a simple, no-fuss approach — one policy for the rest of your life. In comparison, Term Life Insurance offers fixed-term policies lasting for 5, 10, 20, or more years, covering policyholders until they’re confident their finances can cover any illness, disability or death.
- Budget: Permanent Life Insurance policies tend to be more expensive, but premiums will stay consistent throughout the life of the policy. Term Life Insurance tends to be much more affordable however life insurance premiums increase as you get older.
Start Working Towards Financial Security For Life.
Contact Protect Your Wealth today to learn more about our comprehensive insurance, retirement planning & investments – each fully customizable for your needs.