Life insurance is an essential ingredient in financial planning, providing protection for you, your family and your business.
Your life insurance coverage gives you peace of mind in knowing that the loss of your income at your death will not create economic hardship for your family and your financial obligations can still be met. The proceeds from your policy can provide funds for your children’s education and your family’s ongoing living expenses. Your life insurance benefit can help your business to continue operating without you. Life insurance can pay for your funeral and other related expenses.
Choosing the right coverage can make all the difference to your financial security.
The two types of life insurance are term and permanent (or whole). The one that’s right for you depends on your budget, your family circumstances, your financial obligations, and the length of time you want the coverage to last.
If you want life insurance for a limited time – long enough to meet your specific responsibilities to those who depend on you, but not longer – Term Life Insurance may be right for you.
If you’re seeking added security, flexibility, cash value and lifetime coverage, some form of Permanent or Whole Life Insurance may be right for you.
Term Life Features
- Provides coverage for a specified period (Term)
- Affordable way to get maximum coverage
- Premiums typically increase if coverage continues after specified term
- Basic life coverage with no cash values
Permanent/Whole Life Features
- Provides coverage for your whole life (Permanent)
- Initially higher premiums than Term insurance, but generally more cost-effective long-term
- Builds equity in the form of a cash value which you can put to use during your lifetime
- Offers many options to choose from
Term and Permanent/Whole Life Combined
You may find that a combination of Term and Permanent/Whole Life meets your needs best. A Permanent/Whole Life plan may be the foundation of your coverage and you may want to supplement it with Term Life while your family depends on you for income, or for the period of your mortgage.
Family Guardian offers a diverse life insurance product line, from basic life coverage to plans that incorporate savings and investments. Our experienced financial counsellors can help you choose the plan that best suits your needs:
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Whole Life
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Endowments
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Term Life
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Universal Life
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Group Life
