Why should you and your family consider permanent life Insurance?


When it comes to Permanent Life Insurance in Ontario, one takes this type of cover intending to leave the beneficiaries a death benefit and cash value. While the death benefit is only accessible by the beneficiaries after your death, the cash value is a component you can access while still living as long as you pay your premiums accordingly, permanent life insurance exists all your lifetime.

 Types of permanent life insurances

  1. Whole life insurance: It is the most common type of Permanent Life Insurance in Ontario, which has a fixed premium throughout your entire life. In the case of death, there is full life compensation with a guaranteed rate of return. With many companies offering the services, some come with dividends to reduce the premiums, attract interest, or receive cash.
  1. Universal life insurance: It comes with some flexibility compared to life insurance. You are given some allowances, such as reducing your monthly premiums or increasing your death benefits by adding the premiums. This product is riskier than the whole life because the cost keeps fluctuating. After all, the market value determines them.
  1. Variable universal life insurance: This policy comes with a variety of investments associated with it, which may help you increase the value of your policy. The risk associated with it is that the investments may also attract losses, which will, in turn, reduce your policy. The policy also provides adjustable death benefits and premiums.
  1. Indexed universal life insurance: It has no fixed interest on your cash value, which could lead to gains or losses of a more significant potential from your investment. In this life insurance, in most cases, it also includes a minimum interest rate guarantee.

Reasons why you and your family should consider permanent life Insuranc

With the above common types of permanent life insurance, the following are the reasons why you take a cover from insurance.

  1. Protecting your family and loved one

With most people having other people dependent on them, permanent life insurance should be a must because it will be a salary to them after you die. They will not be worried about their livelihood support as you will have covered them. For young families, this should be the best option to ensure that their children do not suffer in case of death

  1. Inheritance

You may not be having tangible assets that you may leave your descendants after death, but with such insurance, you will be guaranteed that there will be something for your descendants to inherit from. If a monetary issue arises after you are dead, it will be easy for your kids to sort themselves due to the inheritance left for them

  1. To pay off debt and other expenses

In case of your death, the insurance cover may relieve your family by offsetting some of the expenses such as a mortgage, credit cards, and car loans, which are active when you are alive. With other costs such as funeral expenses, which might be hectic for your family, especially where you were the breadwinner, it can be sorted by Permanent Life Insurance in Ontario.

  1. More financial security

Many parents would wish their kids to continue having a quality life even after the demise. With Permanent life insurance, there will be a set of financial security that will give your children a better life even after you are long gone.


My Insurance Broker is one of the best places where you will get the best advice on the best policy that suits you and tell you all the benefits you stand to take when you take cover. Permanent life insurance is one of the best things you can do if you value your family. Act and protect your loved ones from a financial burden after you are gone.


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