Insurance Canada
Term, Whole & Universal Insurance Policies for Canadians
Insurance Direct Canada (IDC) offers Canadians from coast to coast the best term and life insurance possible.
At Insurance Direct Canada we think that when it comes to choosing affordable life insurance, Canada offers some of the best products available anywhere. Let's look at some of the types of life insurance available to Canadians.
Insurance Direct Canada Term Life Insurance
Term life insurance is different than permanent life. Term life insurance in Canada is usually more affordable and can be held between 1 to 30 years. The most common polices for term life insurance in Canada are usually between 10 and 20 years.
Let's say a person in Ontario took out a 15-year term insurance policy for $350,000. If that person dies during those 15 years, the beneficiary would receive $350,000. Once the 15-year insurance term is completed, the person is no longer insured and the death benefit would no longer be paid out.
Term insurance - Canada Has Three Basic Types:
- Level Term Insurance - this means that the yearly premium will always stay the same.
- Convertible Term Insurance - before the end of the term, the policy can be changed to a permanent life insurance policy.
- Renewable Term Insurance - the insurance policyholder may be given the option to renew after the term is complete. There is usually an age limit attached to this option.
Insurance Direct Canada Permanent Whole Life Insurance
The biggest difference between a Canadian term insurance policy and whole life insurance that Canada brokers offer is that the whole life insurance policy has a cash value. The insurance provider takes the difference between the policy's premium amount and the actual cost of the insurance policy including administration and sets it aside into a special cash value account. In later years, the customer may choose to have that account pay the premiums or the policy is canceled, the policy owner will get the cash value.
Insurance Direct Canada Permanent Universal Insurance
Basically, the universal type of insurance in Canada was designed to address some concerns with whole life insurance. It is the same as whole, with a few differences.
- Policyholders can make double payments to their premiums and have that extra amount go into their cash value accounts.
- Universal cash value accounts pay up to 4 percent interest.
Whole and universal insurance are forms of permanent life insurance in Canada. They usually cost more than term premiums, but the amounts won't increase with age and with the added cash value, they can turn out to be the more economical choice for Canadians.
These are some of the types of insurance products Insurance Direct Canada offers Canadians. With IDC’s Internet service, it doesn't matter whether you are from Ontario, BC, Alberta, Manitoba or New Brunswick. We can provide you with affordable life insurance Canada-wide.
For more information on which type of direct insurance in Canada that would best suit your needs, contact Insurance Direct Canada or call us from anywhere in Canada at this Toll Free number, 1-866-238-9271 Try our Instant Quote page for a quick term or life insurance Canada quote from leading Canadian insurance providers or contact Insurance Direct Canada. |
