A tax free lump sum payment made to your beneficiaries upon your death to help cover your temporary and/or permanent needs. The three types available are:
Term Life Insurance:
Lowest cost and best used for temporary needs such as:
Mortgage & loan insurance
Spouse income replacement
10, 20, 30 year terms & term to age 65
automatically renews at the end of each term but premium increases.
Convertible to Permanent Insurance or Universal life to a certain age.
Policy has expiry date
Participating Life Insurance:
Best used for Permanent needs such as:
providing tax free inheritance to loved ones.
corporate asset transfers
level cost, premium…