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Life Insurance: What is it, and why do you need it?

With life insurance, you must ask yourself tough questions. Of course, the biggest question you face is an untimely death. Will your family cope with a sudden loss of income? The problem most families face on top of grieving the loss of a loved one is facing a financial burden.

Life insurance helps to protect loved ones, providing them with compensation to pay for what your income took care of. These can include groceries, bills, and mortgage payments. Furthermore, it can cover the funeral expenses and other costs associated with your passing. 

The payout size depends on your policy, but a life insurance policy will be enough to help replace the pre-tax income for 5 to 10 years. Here at Insuranceman, thinking about death is not easy. Still, if you have dependents that rely on you financially, consider having life insurance. 

Find peace within yourself today to provide your family with a secure financial future. Compare online life insurance quotes today. 

Different Types of Life Insurance in Canada

You can find several insurance policies in Canada, but all types fall into two categories: permanent/whole life insurance and term life insurance. 

Permanent Life Insurance 

It is sometimes called whole life insurance and has no term limit. It will last your entire life if you pay all the premiums. The fixed premiums are higher compared to term life insurance. 

The main difference compared to term life insurance is that the cash value, as the worth, increases with each premium payment made. The money can also be paid to a policyholder when canceling the contract. 

The money you can use as collateral when taking a loan. With a term life insurance policy, this is not possible. 

Pros of Permanent Life Insurance 

• The monetary value increases with time, and you can save it for retirement or take it as a loan.
• You pay fixed premiums and provide a steady death benefit payout. 
• Suitable for long-term goals and estate planning. 

Cons of Permanent Life Insurance 

• More expensive premiums 
• It is complicated regarding the returns and benefits and challenging to understand, needing professional guidance. 
• The policy only starts with an earned return after several years, for example, 20+ years, to build up a sizable value. 
• You cannot convert it to another type of policy.

Term Life Insurance 

With term life insurance, a policyholder can choose a pre-defined period of:

• One Year
• Five Years
• Ten Years
• Fifteen Years
• Twenty Years 
• Thirty Years

You can choose a term of up to 60 or 65 years. No money is paid out if you are still alive at the end of the contract. Still, you can find a new policy or renew the payout. But the renewal will be at a higher premium. On the other hand, compared to permanent life insurance, you pay lower premiums. 

Pros of Term Life Insurance 

• Less expensive 
• You can renew or convert the cash into a permanent policy once the term ends.
• It provides less commitment than having whole life insurance 

Cons of Term Life Insurance 

• It gets expensive as you age. 
• Only temporary and will eventually run out if not renewed
• On each renewal, the premiums increase and have no borrowed cash value 

The life insurance you choose depends on your circumstances. If you only need temporary coverage at a young age to pay a mortgage or until kids become financially independent, term life insurance comes highly recommended. 

But if you are well off and would like to use your policy for estate planning, then permanent life insurance is your better option. 

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