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You'd insure your car or home without thinking twice, right? So, why would you hesitate to take out life insurance?
6 reasons to take out life insurance
- Maintain your family's standard of living.
- Compensate for loss of income.
- Repay your debts.
- Pay expenses related to a death.
- Leave an inheritance to your loved ones.
- Have an extra cushion so you don't depend solely on your employer's insurance.
Get lifelong coverage to protect your family and savings and cover the expenses you may leave behind.
Get coverage for the time it takes to meet your specific financial needs while protecting your loved ones (10-, 15-, 20-, 25-, 30- or 35-year terms).
Combine the peace of mind of permanent life insurance coverage with the benefits of financial investments. The amounts accumulated in your investments are tax-sheltered, enabling you to build a healthy portfolio.
See our comparison table
|Term Life Insurance||Permanent Life Insurance||Universal Life Insurance|
|Description||Affordable coverage for your temporary needs (e.g. mortgage, birth of a child)||Coverage in the event of death to ensure you can meet your financial needs throughout your life (e.g. cash flow, income replacement).||Permanent, comprehensive, flexible and accessible coverage that can be used as a fund for non-registered savings in order to build tax-sheltered retirement income.|
|Other coverage available||Critical illness, disability||Critical illness, disability||Disability|
|Term||10, 15, 20, 25, 30 or 35 years||Coverage guaranteed for life||Coverage guaranteed for life|
|Guaranteed insured amount||
Minimum : $25,000
Minimum : $10,000
Minimum : $10,000
|Cash surrender value||
No, except for
|Links||More information about term insurance||More information about permanent insurance||More information about universal insurance|