ife insurance should be a insurance provides protection for
part of your overall a specific period of time,
financial planning. While normally 10, 20 or to age 100 in
some life insurance policies can Canada.
be used to help you achieve your
financial goals, others just Permanent life insurance policies
provide protection. But whichever are whole life and universal
type you choose, it is important life. These policies offer death
you understand your needs and the benefits and a savings account
options available so you get the (cash surrender value) so that
best value for your life you can get money back either by
insurance coverage. cashing in the policy or by
borrowing against it. However it
How Much Life Insurance? is my firm belief that you should
only buy whole life insurance if
First, determine how much the premium is about the same as
coverage you'll need and how much the term life insurance. And that
you can afford. Now these 2 items will only happen in your sixties
may not match. However, if you or beyond. Otherwise you are
have a young family, you need to paying a higher premium for the
get the most coverage for the same coverage And then, if you
lowest price. That means term want to borrow your own money out
life insurance which indeed, of the policy, the insurance
meets the needs of most everyone. company charges you interest! And
if you don't pay it back, the
What Type Of Life Insurance Do I coverage is reduced by the amount
Need? of the borrowing. And you still
continue to pay the far higher
Next choose a term or permanent premiums, though now for less
life insurance policy. Term life life insurance coverage. Why
would you do this? you have is an expensive term to
100 life insurance policy.
Is Universal Life Insurance Same
As Whole Life Insurance? Lesson: Be aware of what life
insurance you buy.
No. In whole life insurance the
savings, so called, are in the Check the financial strength of
premium itself. In universal the companies who will have to
life, the investment is added on stand behind the policies you're
if you so choose. But if you do considering.
not add any investment to a
universal life insurance plan all
About the Author:
Ivon T. Hughes, The Hughes Trustco Group Ltd. Online Insurance Broker - Get a FREE Quote TODAY! Tel: (514) 842-9001 Email: info@trustco.ca Web: www.hughestrustco.com
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Ivon T. Hughes
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