Canada's Life Insurance Issue: So Many Options
Choosing a life insurance policy for many Canadians is not clear or understandable. What is life insurance for anyway? Protection for our families and loved ones. Right?
It is supposed that life insurance is for those with big debt loads, young families, and young careers who desire to protect their families. They are utilizing life insurance to prepare for a tragedy.
But what about buyers who are in a later season in life, when the debt load is reduced and the kids have flown the coop? Thinking they are making a fiscally sound choice, many people stop purchasing life insurance. While they may have saved a few dollars, they have put security for their family at risk.
Getting life insurance later in life may not be as expensive as you think. Life insurance rates have dramatically dropped in the last ten years. In fact, there are over ten million Canadians in their forties and fifties who can purchase very affordable life insurance.
You can take advantage of the many different policies to protect your family and your wallet as you get older. Term life insurance is going to be smarter, safer, and more affordable in the short term. But in the long term, you can choose from permanent life insurance where you can choose from traditional whole life, universal whole life, and variable whole life insurance.
If you want to save money and still keep your family secure, these options will help prepare the future.
To get the most guarantees, traditional whole life is the best option. The yearly premium is guaranteed and as well as minimum guaranteed cash values and death benefits. Most of the whole life policies can use the surplus they earn to increase cash value or death benefits.
Universal life is for those who prefer premium flexibility – especially in the early years of the policy. Universal life has maximum guaranteed premiums and minimum guaranteed cash value and death benefits. Instead of dividends, universal life policies earn interest at a determined rate every year.
There is also variable life, which is for the more knowledgeable risk taker. Variable life has the fewest guarantees and because of that, it offers the greatest potential for cash value increases. There are obligatory guaranteed yearly premiums and guaranteed death benefits.
Purchasing life insurance can be difficult, but can be beneficial for your loved ones down the road. Get great deals and expert council at www.infoprimes.com for life insurance that meets your needs.
About the Author
You can always look on assurance vie internet a second option on assurance vie comparatif
Tell others about
this page:
Comments? Questions? Email Here