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Get a Life Insurance Policy That Suits You
Life insurance is an excellent way to create financial security for you and your family. Let us find you the life insurance coverage you need at an affordable rate.
Setting up the right financial plan can mean the difference between leaving your family in a comfortable financial position and leaving them with a mountain of debt and an insufficient income.
Life insurance can be used to:
- Pay any remaining debts and final expenses
- Provide an income for your family
- Make sure your family can maintain a comfortable level of living
- Accumulate tax-advantaged savings that you can use when needed for personal or professional reasons
- Accompany your retirement income or assist with long-term care or home care if needed
While it does vary from policy to policy, life insurance will provide a lump sum to your beneficiaries in the event of your death, either from natural causes and the majority of diseases. It is meant to provide your family and loved ones with a financial safety net, so that they can maintain their standard of life after you are gone.
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Which Life Insurance is Best For You?
Life insurance is offered in two main types: term and permanent. The coverage under each of these types differs significantly.
- Term life insurance covers you for a specific period of time – usually the time during which your family would need the death benefit the most (such as getting a mortgage, buying a business, having a baby). It typically offers basic coverage at affordable premiums. Term life insurance is the least expensive life insurance option, and is the most frequently purchased.
- Permanent life insurance covers you for your whole life. Many Permanent Life Insurance policies build up a cash value, either by setting aside some of your premiums as savings for you or by paying dividends.
| Term Life Insurance | Permanent Life Insurance | |
|---|---|---|
| Advantages | Term Life insurance is the most affordable coverage, and can be converted to a a Permanent policy, often without a medical exam. | Permanent life insurance builds cash value, premiums remain level, and you’re covered for life. |
| Lifetime coverage | No. Short-term coverage for a set period, such as 10, 15, 20, 25 or 30 years. Can be renewed for another term. | Yes. Permanent coverage designed to provide lifelong financial protection for as long as premiums are paid. |
| Cash Benefit | No. There is no savings component to Term Life insurance. | Yes. In addition to a death benefit, Permanent Life Insurance builds cash value over time that can be borrowed against, tax free. |
| Convertible | A Term insurance policy can be converted to a permanent policy. | Permanent policies are not convertible to Term. |
| Cost | Relatively low premiums. | Relatively high premiums. |
| Fixed Premiums | No. Term insurance premiums increase with each renewal. | Yes. Permanent Life insurance premiums are fixed for the life of the policy. |
| Learn more | Learn more |
The extent of your coverage depends on how much life insurance you opt to buy – the more coverage you purchase, the better protection for your loved ones. Talking to an experienced life insurance broker will help you determine what coverage works best for you and your beneficiaries, according to your particular situation.
For three generations, Mitchell & Whale Insurance Brokers have been helping individuals and families in Ontario make the right decisions to for the futures of their loved ones. Let us help you provide for those you care about most with a financial safety net, so that they can maintain their standard of life after you’re gone.
