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Learn how life insurance can protect your loved ones
Life Insurance Basics
Term Life Insurance
Whole Life Insurance

Types of life insurance available for many Canadians

Although it seems there is a vast array of policy types and product names, they all come down to two forms of life insurance – term or permanent. As a guide, temporary needs should be covered with term insurance, while permanent needs with either term-to-100, whole life or universal life insurance. Often a combination or blended plan may also be better suited for you.

PERMANENT LIFE PLANS

Advantages

  • Provides protection for your lifetime. Premiums stay level, regardless of age or health
  • Has cash value that can be borrowed to cover some missed premiums
  • Pays dividends that can be used to cash out, buy more coverage or accumulate growth

Challenges

  • The initial cost can be too high for sufficient coverage for immediate needs
  • May not be the right solution to cover short-term needs such as a mortgage due to the high cost
  • Cash values tend to be small in the early years and maybe more after ten years or longer

TERM LIFE PLANS

Advantages

  • Ideal for short-term insurance needs, or specific liabilities like a home mortgage
  • Provide more immediate protection because it is initially the lowest premium
  • May be converted to permanent insurance without medical evidence

Challenges

  • At renewal, premiums increase with age and may become unaffordable
  • The ability to renew will end at some point, typically age 65 or age 75
  • Usually, no cash values and loss of the policy immediately if payment lapsed

BLENDED LIFE PLANS

Short-term Needs

  • Use term insurance with a low premium cost for immediate needs
  • Term 10-year, term 20-year, term to age 65 are great solutions
  • Pay during periods of high-risk needs affordably

Permanent Needs

  • Buy coverage while young so it’s cheaper, smaller amounts for final expense or estate giving
  • Whole life, term-to-100, universal life insurance are great solutions for permanent needs
  • Options to pay for coverage in-full within 20 years
  • Cash value and dividends may offer excellent retirement or estate giving benefits

Different ways to shop for $500,000 coverage

Comparing quotes to start your life insurance shopping journey is good. You may focus, at the start, solely on the price when choosing a company. However, the best companies may offer additional benefits that give flexibility at a reasonable price.

Permanent Life Plans

About $320/month

Male, 35-year-old, non-smoker

Preferred health class

$500,000 of term-to-100

Pay premium lifetime

Coverage for lifetime

  • Supplement survivor's income
  • Coverage in retirement
  • Final expense & estate giving
  • Estate planning & tax obligations

Blended Life Plans

About $156/month

Male, 35-year-old, non-smoker

Preferred health class

$400,000 of 20-year-term

Plus $100,000 permanent coverage

Pay premium in full 20 years

  • For temporary needs
  • Plus permanent needs
  • Final expense & estate giving
  • Business succession planning
Please note that all information shown is for illustration purposes only. This information and any calculations shown should not be considered advice and may not apply to your needs, objectives and personal circumstances.

Many trustworthy companies work with IDC Insurance

IDC Insurance is the leader in the direct distribution of life, living benefits, health, travel and group insurance products. We simplify online quote comparison and help Canadian families, business owners and solopreneurs find the best rates for the right coverage.

Let our advisors guide you through this important decision

Life insurance in Canada is best handled with the help of an independent advisor that provides impartial guidance. Our advisors represent the whole market and not just one single provider. We are the best when it comes to helping you get the best product at the lowest rates and avoid costly mistakes.

Initially during engagement

Our advisors play a crucial role in your insurance planning process. We help you assess your insurance needs through a financial needs analysis. Next, we help assess your health, lifestyle and medical history to ensure product suitability. We then arrange to purchase a policy electronically by guiding you through the entire process via the phone. No advisors will visit. We continue to assist you throughout the application process to ensure your application is placed with an insurer that best fits your needs, medical history and budget.

...and while you are our client

Once a policy is inforce, we continue to provide ongoing services, such as address and phone changes, banking, beneficiary updates, and regular reviews as you go through life stages. Many of our advisors have had the pleasure of helping thousands of families over the years where they were once newlyweds to becoming young grandparents approaching retirement. We are here to help you at claim time and support your needs throughout the good and the not-so-good times. We will be around when you need us.

More Canadian families choose IDC Insurance advisors

IDC Insurance aims to help Canadians get the insurance they need at the best possible rates given their unique requirements and health history by working closely with licensed insurance experts and underwriters at major insurance companies.

If you are looking for assistance and guidance in acquiring long term care insurance I would look up Richard Parkinson (more…)

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