Term Vs. Permanent Insurance

You should consider permanent life insurance if you:

-have a disabled child who will need financial help later in life

-have a cottage or large real estate holdings

-are looking for more tax deferred shelters

-are a business owner whose business has grown and is incorporated


More expensive than term. However, there are pricing advantages in that permanent is usually much cheaper than term as one gets over 46 years old….

Example: a 35 year old male gets a $250,000 term 10 policy (rates go up at age 46) which costs $15 per month. At age 46 if his health is not the best, he can renew at $88 per month. At age 76 to age 80 this will be $1,665 per month and at age 80 the term insurance is gone!

You should consider Term Insurance if you:

-have a tight cash flow

-don’t have a real need for insurance once all debt has been paid.

-have good pension plans for you and your spouse

-do not need for to provide for children

-need lots of short term coverage, for the least amount of money

For term insurance always get a convertible policy that allows you to convert the life insurance policy without a medical.

Please review my Income Replacement Calculator, under the Financial Tools section on my main site.

For further information please call Brian (905) 338-7689