HEALTH

Preferable Life Insurance Plan Options Available in Canada

At different age stages, people have different needs and different responsibilities. Every individual subscribes to life insurance policies in two plans term insurance and whole life insurance. But apart from the two, three more life insurance plans are available in Canada that possess different objectives.

Buying a life insurance plan is not an easy task for every individual. First, you need to understand your objectives, goals, financial conditions. An insurance agent has a better understanding of the plans life insurance in Ontario, and associated benefits. It is a sort of investment so one should be attentive before purchasing a plan.

What are available life insurance plans in Canada?

Below, you will read about the life insurance plans available for Canadians.

  • Term Life Insurance 
  • Whole Life Insurance 
  • Universal Life Insurance
  • Limited Pay Whole Life Insurance 
  • Term-to-100 Insurance 

Term Life Insurance 

The term defines the specific period it can be purchased for 10 years, 25 years, 20 years, 25 years. Once the term gets over, you can schedule it again by picking a new term. You will get tax benefits, financial security, in case you passed away.

Apart from these periods, you can ask the life insurance company for a specific term defined by you. The term life insurance cover supports you to complete the goals and responsibilities of your life to take care of your kids, their education, marriage, your mortgage coverage. You need to pay a minimum. 

Whole Life Insurance 

It is different from temporary life insurance; it is a highly valued, lifelong protection policy. This life insurance investment value can be utilized to fulfill various financial goals and responsibilities. You can maintain a carefree retirement life with a lump sum amount of whole life insurance value investment. You can also ask for a loan over this whole life insurance plan.

It can also be treated as a financial resource to your family members for any type of emergency. It is a long-term insurance plan therefore, it offers you high premium support.

Universal Life Insurance 

A universal life insurance plan is a permanent insurance product that works well as whole life insurance but it gives you comfortable payment and investment options. By accessing this plan you may enjoy the Universal benefits at the end of your service life. 

Determine your financial goals and then choose the insurance cost and investment option. An insurance agent can better guide you to pick up the insurance plan. Mortality costs impact death benefits. You can take a loan from this insurance plan between the terms. The policy sustains concerning cash value.

Term-to 100 insurance plan

As the name includes 100 the plan is for 100 years of life. In this plan, you can not collect the money until the term gets over. The cashout is possible only when you pass away. If you successfully maintain it for 100 years you don’t have to worry about the premium cost.

It is a sort of permanent insurance product that offers death benefits and there is no change at the end of the term plan. You can’t adjust the premiums, the cost is high and fixed. Pay the premium on time otherwise, the policy gets lapsed.

Limited Pay Whole Life Insurance

It is also one of the permanent insurance products that are similar to whole life insurance. You can subscribe to this plan for 20 or 30 years. No added premium is needed once the specified premium cost installments are completed. 

Life insurance agent guidance and advice

Here, we have mentioned the term period of all the five insurances but we know it is quite difficult for some people to choose the best suitable insurance and critical illness insurance in Ontario for their needs. To simplify things, you can connect to a reliable insurance agent as different policy brokers have their specified term benefits that you can only know after having a proper discussion. 

You can tell them about your financial requirements, insecurities, expectations. They will help you to choose the best suitable life insurance. So you can get proper protection for yourself and your family without compromising your lifestyle. All the plans we have mentioned provide death benefits and are suitable with different objectives and needs so pick one and live your life without stress happily with your loved ones.