If your thinking of getting life insurance, then you're in good company. The Canadian life insurance industry is a multi-billion dollar industry for a reason. Insurance companies have responded to the needs of the average household and provide considerable amounts of coverage at very affordable rates. If you've just started looking for life insurance you've found a great resource with this site.
Term life insurance is the most basic form of and straight forward life insurance. The term simply states how long you would like to buy coverage for. For example a term 20 life insurance policy would give you coverage for 20 years meaning if you were to die during that time your beneficiaries would receive the death benefit. Getting term life insurance usually involves basic medical exam (if one at all) and choosing the length of term and how much coverage.
Whole life insurance differs in that it never expires. You continue to pay your premiums to the day you die, and in return you are guaranteed a death benefit. It also offers a built in savings component that accumulates alongside your insurance coverage. That extra money that you pay for whole life insurance is invested and accumulates into a cash value, which you are entitled to if you ever choose to cease your coverage. Other benefits of a whole life insurance policy is that you have the potential to collect income in the form of dividends.
Here at LifeCover.ca we understand how confusing insurance can seem. Often times people who would otherwise benefit from the protection of life insurance delay getting coverage simply because they don't know where to begin. That's where LifeCover.ca can help because we take care of the first and most crucial step. By connecting you with one of our affiliated brokers across Canada you can be sure you get the information you need with no obligation.
See how easy insurance can be with a quote from LifeCover.ca today.