Life Insurance in Canada


Life Insurance in Canada

By purchasing life insurance, Canadians may assist financial protection to their loved ones. As long as you pay your premiums, life insurance offers a one-time, tax-free payment to anyone you choose when you die. It can help to provide financial protection to the ones you care about the most. There are various types of life insurance, including term life, term 100, whole life, and universal life insurance. A life insurance agent’s job is to determine the optimum type of insurance for each customer based on their specific requirements.

Term life insurance

Term life insurance is the contract that promises to pay the death benefit if the life insured dies within the specified period of the contract. The term refers to the length of time that the coverage will be assured to continue as long as the policy premiums are paid. The most common life insurance requirements are 10 years, 20 years, 25 years, or up to a specific age. It can either be renewable or non-renewable. Depending on the policy’s term most insurance companies will not provide coverage past a specific age, often around age 75 or 80. 

Term 100

The term 100 is a permanent life insurance plan that covers you as long as you live and guarantees premiums paid up to the age of 100. “Term to 100” is also a name used for this product. Its main Characteristics involve no cash surrender value, often used to cover taxes payable at death and available as joint or individual protection.

Whole life insurance

Sometimes referred to as ordinary life or straight life insurance. Whole life insurance is usually a form of permanent life insurance that guarantees premiums, death benefits, and a minimum cash surrender value for the policy. Unlike term life insurance, a whole life policy does not expire, does not require renewal, and can not be canceled by the life insurance company, other than for non-payment of premiums.

Universal life insurance

It is guaranteed lifetime protection that allows you to invest and grow your wealth. Universal life insurance consists of two parts, insurance, and investment. You choose your investment and your wealth can be accumulated tax-free within the limits set by the government. You can borrow your policy under the influence of certain taxes. You can also choose whom you want to deposit your money with. It’s one of the most flexible and affordable products on the market that you will cover for the rest of your life.

A client can transfer his risk of death to an insurance company by purchasing a life insurance policy. Life insurance premiums are normally quoted on a monthly or annual basis and premiums are payable in advance. However, the policyholder can usually choose to pay those premiums monthly, quarterly, or semi-annually. If the insurance is acquired when the life insured is young and before any health problems occur, it can be quite affordable.

To get best consultation for your Life Insurance, please contact Sandip Surila, @ +1 587 404 0200 and visit for more information.