Permenant Life Insurance in Canada
“Permanent”life insurance is a termination relative to “Term” life insurance. While term life insurance covers you for the possibility of you dying during the specific term period, permanent life insurance is designed to provide lifetime insurance protection and covers an event that’s certain to happen; one’s death.
Generally, there are two types of permanent life insurance products, Whole Life and Universal Life. Currently, we only find web sites (of Canada) that provide online quote comparison of whole life insurance of some insurance companies. Two examples of the sites are Insurancedirectcanada.com and life-insurance-quotes.ca. None of them include Universal Life insurance products. When you submit your request, Insurancedirectcanada might record your email address and phone number and share it with its brokers.
Actually, Permanent life insurance usually has a quite complicated structure compared with term insurance products. For examples, its COI (cost of insurance) design, policy fund development, surrender charge, investment selections, guarantees and non-guarantees etc. might be different from product to product. These are also important factors for you to consider. Moreover, for a lifetime insurance, the service of your agent (broker) and life insurance company is also very important.
Therefore, insurance premium is only one of the factors you need to consider when you purchase a permanent life insurance policy and you should not solely base on quote comparison to make your selection. If you are considering to purchase a permanent life insurance policy, you need to have a professional life insurance broker or agent who you trust to discuss the details and for advice. If you like to contact us for this purpose, you might contact us by phone, email, or through the following online form to contact us.