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What Is Whole Life Insurance?
When you need life insurance for a long period of time, whole life insurance can provide a managed solution for lifetime protection. Under this plan, your rates are locked for life from the day you apply, with some policies payable in as little as 10 or 20 years.
Whole life insurance also provides a cash value over time that may be surrendered for an extra cash flow in retirement.
Benefits of Whole Life
- Lifetime protection and tax-free benefit to your beneficiary.
- Cost of insurance is fixed from the day you apply;
- Cash value can provide an extra source of emergency income or be used to lower cost of insurance;
- May be paid off early while coverage continues indefinitely.
Who is Whole Life Best For?
- For those who need a flexible lifetime protection plan;
- For those looking to cover estate or inheritance taxes;
- People who want to invest into their insurance but want guaranteed growth;
- Applicants who apply early to take advantage of lower premiums.
At Easylifequotes, we offer quick and easy access to Whole Life Insurance quotes from all of Canada’s top insurance providers, such as BMO, RBC and many more. Get started with a Free, No-Obligation quote and explore your options today!
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