You can see 2 types of life insurance plans in Canada: term life insurance and permanent life insurance. And those two types have several sub-categories of life insurance such as universal life insurance, limited pay whole life insurance, and term-to-100 insurance.

When you are looking for life insurance in Canada, choices are usually a good thing you should discuss with your insurance broker and compare different types of life insurance in Canada. It isn’t easy as each life insurance offers different benefits.

The two main types of life insurance:
The two major types of policies in Canada are term life insurance and permanent life insurance ( whole life insurance). While term policies are quite straightforward with many different types and subcategories of permanent insurance policies. according to many universal life insurance has its own type of coverage, it is also a part of permanent life insurance.

What is term life insurance?
Term life insurance gives coverage for a specific period of time, known as a term, and offers a tax-free, lump-sum payment to the beneficiaries if you pass away, within the term.

What is permanent life insurance?
Permanent life insurance (also known as whole life insurance) gives coverage for your whole life. Sometimes there is an investment or cash value component associated with your policy and its lump sum, tax-free payment.

People often buy individual life insurance policies after taking advice from a reliable insurance company in Canada. A life insurance expert can offer you the right suggestion about which insurance policy will be ideal for you.
For more Details visit at: https://www.einsured.ca/critical-illness-insurance/