Should I Buy Term Or Permanent Life Insurance?

Term life insurance and permanent life insurance are two very different kinds of protection. Choosing between term or permanent insurance will depend primarily on your short and longer term needs and preferences for flexibility and risk.

 

Term may be all the insurance you ever need, or it may be used as an interim step before purchasing permanent insurance. Possibly, a combination of term and permanent in the same policy may be the best solution for you.

 

When examining permanent solutions, be aware that they can be in the form of participating or non-participating permanent coverage, or universal life insurance.

 

Examine the scenarios below. They can help you understand when term or permanent insurance is most appropriate for particular needs.

 

Your individual needs must be considered and prioritized before making any decisions. We can help! Contact us today to help you determine your needs and decide which product is best for you.

 

Next page >

 

I have a young family and need life insurance, but my budget does not allow for much premiums.

 

 

 

Click a link below to jump to another section of the article:

 

I'm looking to cover a temporary need, such as a mortgage, line of credit, or business loan.

 

I know my immediate needs, but they may change in the future.

 

I'm concerned about providing the necessary resources for my child's future.

 

I would like to ensure that taxes owing on my estate are paid, leaving my assets intact to my heirs.

 

I'm in business with a partner and would like to ensure that I have the funds to buy that partner's interest at death or retirement.

 

I would like to leave a legacy to my heirs or favourite charity.

 

I would like a tax-effective way of increasing my retirement income.

 

Return to life insurance education center