Life insurance is designed to provide financial protection for your loved ones when you pass away. It helps cover expenses, replace lost income, pay off debts, or leave a legacy. In Canada, life insurance generally falls into two main categories: Term Life Insurance and Permanent Life Insurance.

Term Life Insurance
• What it is: Protection for a set period (e.g., 10, 20, or 30 years).
• Features: Affordable premiums, guaranteed rates, and options to renew or convert to permanent insurance.
• Best for: People who want coverage for a specific timeframe, such as paying off a mortgage, raising children, or protecting family income.

Permanent Life Insurance
• What it is: Lifelong coverage, as long as premiums are paid.
• Features: Higher premiums than term, but includes cash value that can grow over time.
• Types:
• Whole Life Insurance: Guaranteed coverage and cash value growth — stable and predictable.
• Universal Life Insurance: Flexible coverage with investment options for tax-deferred wealth accumulation.
• Best for: People who want lifelong protection, estate planning, or to leave a legacy for their family.

Which Type Is Right for You?
• Term Life is perfect if you need affordable protection for a fixed period, like young families, homeowners, or anyone with temporary financial responsibilities.
• Whole Life suits those who value guaranteed lifelong coverage, steady cash value growth, and peace of mind.
• Universal Life is ideal for people seeking lifelong protection with flexibility and potential to grow wealth through investments.