Whole Life Insurance
Whole Life Insurance
Whole life insurance provides your family with the comfort and security of financial stability after your death. Those insured with this type of policy often choose it because benefits can be used for providing income for surviving family, paying estate taxes, tax-advantaged charitable giving, estates for children and grandchildren, and tax saving and wealth-preserving strategies for businesses, if the insured is a business owner. In addition, those insured with this type of policy can receive cash back should they cancel their plan.
What Is Whole Life Insurance?
Whole life insurance is a form of permanent life insurance, which means you are covered for life with this type of policy. There is no predetermined term after which coverage expires. The other defining characteristics of whole life insurance are a fixed premium, and cash surrender value. What this means is that when you first take out your policy, the premiums you pay are higher than the insurance company’s cost to insure you. As time goes on, this overpayment accumulates in your policy. As you get older, the insurance company’s cost to insure you increases. What you overpaid in premiums at the beginning of your whole life insurance policy gets used later in your life to pay for the increased cost to insure you. This gives you the reliability of consistent payments throughout your lifetime – your premium will never increase like it does in a term life insurance policy. If you choose to cancel your life insurance policy, the insurance company will return to you what you overpaid in premiums at the outset of your policy, since they no longer need it to cover their rising cost for your insurance. This is called a cash surrender value.
Whole life insurance gives you the benefit of coverage that lasts a lifetime, a premium that stays constant, and the assurance that you can cancel your plan at any time without loosing the money that you’ve invested in your life insurance policy.
Whole Life Insurance Canada
Whole life insurance in Canada has become quite popular, as many Canadians appreciate the advantages that this particular kind of insurance offers. Whole life insurance is among the best types of insurance to keep you covered for your entire life, ensuring a bright future for your family. At Lifetime Insurance, we are knowledgeable about whole life insurance in Canada. If you have questions about whole life insurance, the insurance brokers at Lifetime Insurance are only a phone call away, and support is available 24 hours a day, 7 days a week. We are committed to putting you first.
Get A Whole Life Insurance Quote
Get a quote for whole life insurance using our free online quote calculator, or by contacting our expert insurance brokers.
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