Term vs. permanent!
Which one to choose?
If you are expecting simple answer, you will be dissatisfied - there
is no right answer to this question! It only depends on your
objectives and wishes.
What is your age?
What is your financial situation?
Do you
have dependents?
Are you considering renewing your policy later?
If you answers
to these questions, you should explore answer to the question.
Generally - term life
insurance is cheaper.
Some examples: $500000 policy, non-smoker, regular health
5 years period fo 30 years old male begins at $340 annually.
45 years old female gets
15 years policy for $650 annually
(for more options try our term life instant quote Canada
It seems very cheap, doesn’t it? So why should yuo consider permanent insurance too?!
Because
as soon as you want to renew your policy later (let’s say at the age of
60) your premiums will jump incredibly high (the same 5 years policy
for 60y old costs about $1900 annually)! Generally, term life is
perfect in situations, when you don’t have much money, but still want
to be covered - for young couples for example.
On the other
hand, with whole life/universal life insurance you start paying higher
fees ($500000 policy for 35y old male non-smoker it’s from $2845
annually), but payments are constant for whole life. And what’s
important, whole life is also an investment tool, so you actually are
not "paying", you are just "forced to save"…
More about Canada life insurance
Please, do not hesitate to ask anything you would like to know!
