Life Insurance Burlington

When shopping for life insurance, you will find many types of insurance policies designed for different stages of life. The most common policies are Term Life Insurance and Permanent Life Insurance. 

Term life insurance is designed for younger families who have large expenses with little assets and are just starting their families. Usually the family hasn’t reached it’s peak earning potential and hasn’t had the time to increase their net worth significantly. Term life insurance offers policies with very high coverage (EX: $500,000) for a very reasonable price (EX: $30 a month for a healthy young female). Term life insurance can be purchased in 10, 20 or 30 year terms and many companies are even more flexible. 20 year term policies are most popular because that’s how long a young female requires before they are confident that they could cover expenses should something happen to one of the partners. In many cases, as the term policies come closer to their expiry, the family chooses to convert them into permanent life insurance in order to leave a legacy for their children. 

Permanent life insurance is designed for mature families who have assets and acquired a net worth that they would like passed onto their children. Permanent life insurance is a guaranteed form of insurance in a sense that there is no specific term and the policy never expires (as long as premiums are paid). You can set up your policy so that you pay for only 20 years and after that, the policy lasts forever and you no longer need to pay for it. You may also create a policy that has a cash out clause where if you decide to withdraw money after a certain amount of time, you can do so with interest. 

If you would like some more information on any type of life insurance or would like to get an idea of what life insurance is best for you and your family, please contact Filip Ambroziak by calling (416) 803-2113 or emailing filipa@pbnet.ca. You may also fill out the form below for a quick quote!