By Dave Dineen
There are two main types of life insurance. The temporary lasts a fixed period. The perm lasts for life. Which one suits you? To find out, discover the characteristics and advantages of each.
Life insurance is first and foremost financial protection.
Maybe you want to protect your family, for example. In this case, life insurance can be used to leave money for your children in the event of death. Are you a business owner? You may wish to protect yourself, your associates and certain key employees in the event of sudden death.
For all of these situations, consider life insurance. But how do you choose the right one for you?
There are two main types of life insurance:
term life insurance
permanent life insurance
Understanding what makes them different will help you choose the right coverage for you.
“When you buy life insurance, you have to think long term,” says Mark Coutts. President of Coutts Financial Services Inc. in Toronto, he holds the titles of CFP, CHS, CFDs, RPA and FCSI.
“Mentally, it’s like turning on your high beams,” he continues. You have to think far ahead when choosing between term insurance, permanent insurance or a combination of both. »
Speak to an advisor to learn more about your life insurance options
So what’s the best option to protect your family and achieve your financial goals? Depending on your situation, you could choose one or the other, or even both. If your needs are simple, one type of life insurance might be enough to protect your spouse and children. If your situation is more complex (for example, if you own a business or have a blended family), you may need more than one type of life insurance.
Is term life insurance right for you?
Is permanent life insurance right for you?
Are you hesitating about what would be best for you? Talk to an advisor.
An advisor can help you:
fully understand the different options;
determine which coverage and payment features are best for you;
make the best decision possible based on your situation.
They can also answer your questions and help you integrate life insurance into your overall financial plan.
