If you have a family, life insurance is one of the simplest and most important ways you can help protect their financial future. Life insurance works by providing your beneficiaries with a tax-free benefit upon your death. Life insurance can pay for the final expenses; it can help to pay off mortgages and other debts; and it can even help to replace your income after you’re gone – giving your family the additional financial support they may need.

There are two major types of insurance:

Term Life Insurance gives you a steady premium for a set amount of time (usually ten or twenty years). Some companies offer plans anywhere from 5 to 30 years or to a specific age; after that time expires, rates will go up if you wish to renew. Unlike permanent insurance, term insurance has an expiry date – the day coverage ends. Term insurance is best for temporary needs and provides the most coverage for the lowest initial cost.

Permanent Life Insurance protects you for your lifetime by building savings that you can draw from later and providing a death benefit. Premiums may be paid for life, though some insurance companies offer policies called “Limited pay” in which premiums are only paid for ten, fifteen, twenty years or up to age 65, but the life insurance still lasts for the life of the policy holder. The premiums are higher, but they never increase, and the payouts are much larger at the end. Permanent insurance is best for permanent needs such as final expenses, estate equalization or providing an income to your spouse after you’re gone.

Don’t know what type of insurance is best for you?

This varies depending on your age, gender, health and personal circumstances. If you are younger and have little children, a temporary Term Life plan may be best while your family's need for financial security is greatest. If you are self-employed and your income fluctuates, a Universal Life plan is likely the optimal choice. We can help you find the ideal insurance policy for you and your family.

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