Term vs permanent life insurance in Canada

Term vs Permanent Life Insurance – What Will You Choose?

There are many insurance providers in Canada, who have their own peculiar life insurance plans to meet different needs. To make an educated decision towards your choice of a policy, you need to know how they differ and what their main principles are.

This infographic provided by NoMedicalLifeInsurance.ca shows five major categories according to which you can tell the difference between the term life and whole life insurance plans. As you can see, it is not only the durability and cost that set them apart – there is more to consider, when choosing a life insurance policy.

For example, Whole Life Insurance allows building a cash value, which you can use in order to pay for premiums or for your own benefit. The advantage of this overview by nomedicallifeinsurance.ca is that it helps you to weigh all pros and cons of each insurance and have a deeper understanding of how both the whole life and the term life insurance work. If you are still not sure what policy would meet your needs the best, address an insurance professional, who will show you all the options you have, explain everything that seems difficult to comprehend, and help find a life insurance policy relevant for your situation.