More About Whole Life Insurance Canada

Whole life insurance Canada provides comfort and peace of mind to your loved ones while providing a nice addition to your portfolio.

More About Whole Life Insurance Canada

A life insurance policy is more than just a chunk of money your family receives when you die, it is a real investment. And the best part is that your premiums never go up.

That is why it is so important to buy your policy when you are young. The sooner you secure a low monthly premium, the better returns you will get on your investment.

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Of course, a whole life insurance policy is not as high a yield investment as some other endeavours, but it is a good solid investment you can rely on for the rest of your life.

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As with any investment, there are variables you need to examine before deciding which type of policy is best for you.

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#1 Whole life insurance Canada policies seem to be more expensive at first glance. But, as your salary increases and inflation rises, after a few years your premiums will not seem high at all. Especially when compared to term policies that increase every time you renew, to the point of being totally unaffordable.

You are encouraged to purchase a whole life policy when you are young, but many young couples can not afford the premiums. These people generally opt for the "cheaper" term life policies.

If you cancel your whole life policy early, you will lose the bulk of the money you put. On the other hand, if you buy term insurance, you lose all of the money you paid in premiums.

#2 Decide if you would like a participating or non-participating policy. With a participating whole life insurance policy, you pay higher premiums, but you are provided with annual dividends. This means the cash value of your policy increases, as does the death benefit. This keeps your policy nicely in line with rising inflation.

There are huge advantages to a participating policy, but these advantages come at a pretty hefty cost. You need to carefully go over all of the advantages and disadvantages with your broker or agent. Once you know the pros and cons, you can decide if the higher cost is worth the additional benefits, and if you can comfortably fit the higher premiums into your budget.

#3 Find out if the company offers a quick-pay option. You may not know this, but a whole life insurance policy can actually be paid off, just like a mortgage. Once you pay off your mortgage, you still keep the house, and all of the built up equity, but you do not have to make any more mortgage payments.

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Whole life insurance policies work the same way. You can actually pay it up and still enjoy all the benefits. Of course, this costs more. It is similar to doubling up on your mortgage payments to pay your house off quicker.

#4 Look into any riders or additional benefits that may be available. Many policies let you add certain add-ons, such as long term disability benefits, accidental benefits or various other benefits or riders you may deem necessary for your particular situation. All of these enhance the value of your policy. Just read all of the fine print. Any add-ons to your policy also come with additional costs.

#5 You may have a favourite insurance company that handles all of your insurance needs. In fact, most companies offer discounts if you buy more than one type of coverage with them.

This promotes loyalty and a more familiar environment. However, this may not always be in your best interest. An independent broker deals with various companies. It is his job to find you the best policy for the best price from all of the whole life insurance Canada companies available.

Whole Life Coverage

Just as the name implies, whole life coverage is a protection plan that stays with you for your entire life. You have the option to cancel at any time.

Your policy is not written in stone. Many people need to use this option in dire financial need. It is much better to cash in your whole life insurance policy than to face foreclosure on your home.

But, if you can hold onto your policy, you will be able to reap the full benefits. This could mean a nice retirement income, funds to take that trip around the world you have always dreamed about, or leaving a nice sum of money to your children and grandchildren.

The money is yours to use as you please. Unlike term life insurance where you will never live to see a dime of all of the premiums you paid.

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We're waiting to help you! Click here to ask any question. We'll contact you with your answer, or to make an appointment, free of charge.

If you want to have life insurance protection, plus make an investment in your future with one monthly payment, a whole life insurance Canada policy is definitely the way to go.

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