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Whole-life-insurance

Whole Life Insurance

Whole life insurance for clients across Canada

If you think you’ve already understood from its name, well, you’re not wrong. This is an insurance policy that lasts your entire lifetime (or as long as you can pay the premiums). And If you’ve leant anything from the year 2020, you might want to consider applying for this scheme. The product offers financial protection for you and your loved ones whilst helping you in building a wealth that you can access whenever you need it. If you want to know more, get in touch with our team at InsLyf Mortgage, we will be more than happy to help you.

Knowing a bit about whole life insurance schemes

As you might’ve already guessed, this scheme offers insurance coverage for your entire life; what you’ve might not have known is that the coverage is at a fixed premium and even if you develop a health condition down the lane, the premium amount will not change.

Other than that, whole life insurance schemes also have a cash component and the value increases over time. You can withdraw this cash at any point in time if you feel like you do not need the insurance policy anymore. You will also have the option to put in additional clauses for benefits that can address specific needs and concerns. For further details, contact us today.

The workings behind whole life insurance

Whole life insurance policies offer coverage for your life which means is, as long as you keep paying your premiums, you can reap its advantages. In the unfortunate event of you passing away, your nominated beneficiary will receive the payout. You should also know that if you start your scheme early in life (when you’re young), the premiums would be less.

When you’re working, the death benefit can replace your family’s income and post-retirement, the same allows you to leave a tax-free inheritance for your loved ones or your favourite charity or take care of your child’s education, even pay future premiums for the scheme. The benefit can also be in terms of covering funeral expenses and taxes.

Some benefits of whole life insurance

In addition to offering financial protection for the entirety of your lifetime, whole life insurance has some additional benefits as well.

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  • You can earn dividends on your policy which you can take as cash or use to pay a portion of your premium. Dividends can allow your death benefits and cash value to grow more quickly.

  • You can earn dividends on your policy which you can take as cash or use to pay a portion of your premium. Dividends can allow your death benefits and cash value to grow more quickly.

  • If you add a living benefit rider you can access your death benefits early.

You can speak with your financial advisors at InsLyf Brokerage for all the information that you need about these matters.

Should you change your term life insurance to whole life?

With all the benefits you may consider doing that. However, this change would depend on your age, financial obligations as well as personal circumstances. If you have many years of working life ahead of you then whole life insurance is an ideal scheme to accumulate cash in grow your wealth that can secure your financial needs. If you have any queries, contact InsLyf Mortgage today.

To find out more on whole life insurance policies, contact InsLyf Mortgage