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Whole Life Insurance Canada

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Province: Alberta British Columbia Manitoba New Brunswick Nova Scotia Newfoundland Northwest Territories Nunavut Ontario Prince Edward Island Quebec Saskatchewan Yukon
Gender MaleFemale	Smoker / Tobacco YesNo
Health Class Preferred Plus Preferred Regular Plus Regular
Date of Birth January February March April May June July August September October November December 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918 1917 1916 1915 1914 1913 1912 1911 1910 1909 1908 1907 1906 1905 1904 1903 1902 1901 1900
Type of Insurance: 5 year level term 10 year level term 15 year level term 20 year level term 25 year level term 30 year level term 35 year level term 40 year level term Level term to age 65 Level term to age 70 Level term to age 75 Other Term 10 20 30 Year Term All Level Term Product Categories Whole Life Guaranteed Life Pay Whole Life Guaranteed Pay to 65 Whole Life Guaranteed 20 Pay Whole Life Guaranteed 15 Pay Whole Life Guaranteed 10 Pay U/L T100 - Minimum Premium U/L T100 - Minimum Premium - 20 Pay U/L-T100 - Minimum Premium - 15 Pay U/L-T100 - Minimum Premium - 10 Pay Term to 100 Guaranteed Life Pay
Face Amount 50,000 75,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 500,000 600,000 700,000 750,000 800,000 900,000 1,000,000 1,250,000 1,500,000 1,750,000 2,000,000 2,500,000 3,000,000 5,000,000
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What is it?

The premiums are level for life and usually guaranteed. The amount of the life insurance is level for life.

The actual cost of life insurance for the life insurance company increases each year as you age. At age 30 years, less people per 10,000 will die, compared to age 65 years.

With level premium whole-life insurance, you pay more for the cost of the life insurance in the early years and less than the cost of the life insurance in the later years. The excess premium paid in the early years builds up funds, which earn interest. At the older ages, the interest on these funds, pay for the increasing cost of the insurance above the cost of your premium. If your whole-life policy is paid up at age 65, no more premiums are needed, as the interest will cover the future cost of insurance. You do not pay income tax on this interest.

Features and benefits

There are many features with additional benefits. These policies are mainly of two types; non- participating guaranteed whole-life and participating. Participating whole-life provides annual dividends (a refund premium which is therefore non-taxable). There can be five or six dividend options. The most popular option is to purchase a single premium whole-life policy addition (paid-up additions option). There is no medical evidence required for this additional coverage.

There are many other benefits available which can be added to the policy, they are usually called riders.

You really need a licensed independent agent to advise you, as premium rates between life insurance companies vary a great deal.

Term-to-100 life insurance is really low cost non participating whole-life insurance. The life insurance company discounts the premium because there is no cash value in the policy, unlike whole-life which has cash value.

• Low cost competitive term life insurance protects your family before you have accumulated an estate.
• Low cost term-to-100 life insurance preserves your estate.
• You work hard to build your estate - why give it to the TAXMAN?