Whole
Life insurance
What is Whole Life Insurance?
Whole Life insurance offers you lifelong coverage and a built-in savings feature known as cash value. This means that as long as you're alive, your Whole Life policy won't expire, and it will also increase in value over time.
Advantages vs Drawbacks
A Whole Life plan offers many useful benefits:
Enjoy the peace of mind with fixed, never-increasing premiums.
Watch your cash value grow over time as an added bonus.
Safeguard your investments from market downturns with tax-sheltered options that maintain their value.
Your bank or institution recognizes this as a valuable asset.
Ensure lifelong coverage and provide your family with a tax-free, ever-unchanging death benefit.
Your beneficiary receives the death benefits without the need for probate proceedings.
The drawbacks of this insurance type include:
Higher Initial Cost: Permanent life insurance policies, like Whole Life, come with a higher initial price compared to Term Life insurance because they provide lifelong coverage.
Limited Flexibility: Whole Life insurance is less flexible than some other permanent policies, such as universal life insurance.
Slow Cash Value Growth: It can take a significant amount of time to accumulate cash value within a Whole Life insurance policy.
Investment Consideration: Whole Life insurance may not always be the best choice as an investment, as the interest earned on the cash value may be lower than what you could potentially earn with other investment options in the market.
In Canada, you'll have to budget for Whole Life insurance
The price you'll pay for this type of insurance can vary based on several factors such as how much coverage you want, your age, gender, whether you smoke, your overall health, and your health at the time you buy the policy. Initially, it might be five to ten times more expensive than a term policy.
To figure out if a Whole Life insurance plan is the right choice for you, it's a good idea to talk to one of our advisors. Our licensed experts are knowledgeable about insurance products and can discuss all the details with you when you schedule a meeting with them.
Why should you choose Insurance Guide for Universal Life Insurance?
At Insurance Guide, we believe in a personalized approach to purchasing life insurance. Instead of pushing a one-size-fits-all policy or a fixed coverage amount from a single company, we want to understand your unique needs. We'll have a friendly conversation with you, asking a few questions to figure out what you really require in insurance. Once we have a clear picture, we'll tap into our network of insurance providers to find a policy that aligns with your goals and budget.
To get started and protect what matters most to you, reach out to one of our friendly Insurance Guide Agents today.
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Our advisors are contracted through Experior Financial Group, which was established in 2014, with Headquarters in Guelph, Ontario with associates throughout Canada and the USA.
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