Find the best whole life insurance in Canada
Whole life insurance is one of the many policy types you can choose to provide some financial protection for your family. Individuals choose this policy because of its long-term options and flexibility to increase the cash value portion of the plan. You get reliability and flexibility.
At ThinkInsure we work with the leading whole life insurance providers in Canada. Our advisors will work with you to understand your needs and create a whole life policy designed specifically for you.
What is whole life insurance?
Whole life insurance protects you throughout your lifetime – it never expires or renews as long as you keep your premiums up to date. That’s why it’s called whole life. It is also called permanent life insurance, or permanent whole life insurance and has the added benefit of a tax-advantaged savings element.
You receive a death benefit and you build cash surrender value. This type of coverage can serve as one component of your long-term savings strategy.
How does whole life insurance work?
This is a permanent type of life insurance. You will have the policy for your entire life. Your death benefits will remain the same. When you pass away, it will be paid out to your beneficiaries. This is a tax-free benefit, and it can be assigned to anyone you want. The younger you are when you purchase it, the more affordable the plan.
Your premiums are invested and the interest it earns results in cash value. You can access this cash in the future and use it to supplement your retirement income or for other purposes.