subject: Does The Right Life Insurance Plan Exist In Canada? [print this page] The many life insurance options make buying a policy unclear and not understandable. What is life insurance for anyway? It is security for our loved ones. Right?
Many purchase life insurance while they are still relatively young, the kids are in the house, and the prospect of paying off the mortgage, student loans, and vehicles is a century away. They are being wise and protecting their family in case of a tragedy.
Is it just for younger buyers, or will those who are older benefit from having life insurance long after the children are gone and the debt load is smaller? Thinking they are being financially sound, many cease their life insurance. While they may have saved a few dollars, they have put security for their family at risk.
It may not be as costly as you think to get life insurance. Life insurance is much more affordable than it was ten years ago. Ten million Canadians in their forties and fifties are able to afford life insurance policies.
The older you get, you can take advantage of the different policies to protect your loved ones and your bank account. For the near future, a term life policy may be smarter, safer, and cheaper. But in the long term, you can choose from permanent life insurance where you can choose from traditional whole life, universal whole life, and variable whole life insurance.
To help your future, these choices will help you save money and secure your family's future.
Buyers are offered the most guarantees with traditional whole life insurance. The yearly premium is guaranteed and there are minimum guaranteed cash values and death benefits. Earnings from the dividends can increase cash value or death benefits with most whole life policies.
The premiums with universal life are really flexible, particularly in the early years of the policy. You can get assured minimum cash value and death benefits along with maximum guaranteed premiums with universal life. Universal polices can earn interest at a set rate every year, opposed to earning dividends.
If you are a more well-informed and risky investor, you may want to consider variable life. Variable life has the least guarantees and because of that, it offers the best potential for cash value increases. Mandatory annual premiums and guaranteed death benefits come with variable life.
It can be very beneficial for your family's future to purchase life insurance regardless of how tricky it can be. To receive professional advice and great deals on life insurance, go to www.infoprimes.com
by: Joshua A. Spicher
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