There are 2 different types of life insurance plans in Canada: term life insurance and permanent life insurance. And those two types have several subtypes of life insurance such as universal life insurance, limited pay whole life insurance, and term-to-100 insurance.

When you make a decision on purchasing something, choices are usually a good thing. However, choosing from the different types of life insurance in Canada isn’t easy as each different type of life insurance serve different benefits.

What are the two main types of life insurance?
The two major types of policies are term life insurance and permanent life insurance ( whole life insurance). While term policies are fairly straightforward, there are many different types and subsets of permanent insurance policies. While many describe universal life insurance as its own type of coverage, it also comes under permanent life insurance.

What is term life insurance?
Term life insurance covers you for a specific length of time, called a term, and pays a tax-free, lump-sum payment to your beneficiaries if you pass away , within the term.

What is permanent life insurance?
Permanent life insurance (also called whole life insurance) covers you for your whole life. Sometimes there is an investment or cash value component related to your policy and its lump sum, tax-free payment.

You can get an individual life insurance policy by taking advice from a good insurance company in Canada. A life insurance expert can give you the right suggestion about which insurance policy will be suitable for you.

For more details, visit : https://www.einsured.ca/life-insurance/