FOR IMMEDIATE RELEASE
Pressnews.biz (Press Release) Sep 2, 2014
-- Whether you are purchasing a whole life insurance or a term insurance Canada, you should try to find the best balance between the costs of your life insurance premiums and the cash value that you are going to receive at the end of the contract. Knowing your needs, your possibilities and your options is the best way to understand how the market works and make a smart decision in the end.
A life insurance is a contract signed between an individual and an insurance company with the purpose of ensuring the individual that his family will receive a financial support in the case of an unfortunate event that will result with his death. Other contracts may stipulate the fact that a terminal illness can also trigger the payment. There are two main kinds of insurance policies: the term life insurance and the whole life insurance. Nowadays, there are over 20 million people in Canada that have one type or another of life insurance policy.
A term insurance Canada is a contract signed for a determined period of time. This can be from ten to fifteen or even thirty years. During this amount of time, the insured individual pays a monthly rate and, in the eventuality of his or her death, the insurance company guarantees to pay back a sum that is stipulated in the initial contract. This kind of insurance policy has the most affordable life insurance premiums and it is often recommended by financial advisors and brokers, especially if you are planning to purchase a policy at an earlier age. In fact, a term insurance Canada is meant to backup you and your family during the most soliciting times of your life. It is a good idea to get a term insurance policy if you want to make sure that your children will have a good education and a healthy lifestyle for the next 10 or 20 years, even if you may not be there.
The whole life insurance policy lasts for the entire length of your life. In spite of the fact that it may be more expensive than the other one, this type of insurance comes with the advantage of the increased cash value. This means that the insurance company pays you back dividends that are not taxed because it is using a part of your premiums to invest them. The rates are the same for the entire length of the cover and the financial benefit is much higher than the one obtained from a term insurance. The younger you are when you decide to purchase a whole life insurance, the lower will your premiums be. Of course, a whole life insurance can also be purchased as an extension of your term life insurance when this one expires.
You now have the possibility to make a fast and reliable calculation of your life insurance premiums http://www.termcanada.com/quotes/ for a whole life or term insurance Canada http://www.termcanada.com/ just like insurance brokers do by using the online calculator provided by TermCanada.com!