Best Life Insurance Quotes Canada  

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It's very important to know your options when it comes to applying for term insurance or permanent insurance.

Term insurance policies offer premiums level for a stated term, as opposed to permanent insurance policies, which offer premiums level for the insured's lifetime.  It's like renting versus owning a home for example.

The following are additional differences between Term and Permanent life insurance policies.
Term life policies:

1. Most term policies offer a set number of years of coverage such as 10 or 20 years.

2. Most term policies are very affordable for families to purchase.

3. Term policies do not build a cash value. If the insured cancels a term policy, there's no cash value returned to the policy holder.

4. Term policies do not offer any paid-up values or features if the insured has to stop paying his or her premiums.

5. Term life policies do not allow the insured to take a premium holiday. As stated, term life policies do not have a cash value. If the insured misses a premium, the policy will generally lapse within 31 days.

Permanent policies:

1. Permanent policies can take the form of Whole Life, Universal Life, or Term 100 coverage. Under all of these plans, the insured generally will have coverage for his or her lifetime.

2. Most permanent policies build a cash value. Participating Whole Life policies have a guaranteed cash value and a non-guaranteed cash value which is referred to as their dividend value.

3. Permanent policies can be paid-up in a limited number of years. Many permanent policies have the option for the insured to have a paid-up policy after 10, 15, or 20 years. Therefore, if the insured decides to no longer pay after the paid-up date, he or she will continue to have coverage for the lifetime.

4. Permanent policies allow the insured to take a premium holiday. Because most permanent policies have a cash value, this cash value can be used to offset premiums for a period of time, if the insured were unable to pay his or her premium.