1-888-601-9980
| Term Life Insurance | Universal Life Insurance |
|---|---|
| Lasts for a specific period of time | Is a form of permanent insurance |
| No cash value or maturity benefit | Has a cash value component |
| Modal factor is applied to non-annual premium payment | No modal factor |
| Cost-effective form of insurance | More expensive than pure term life insurance |
| Insurance | Annuity | |||
|---|---|---|---|---|
| Term Life | Whole Life | Immediate | Deferred | |
| Reason to buy |
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| Key benefit |
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| Premium Rate |
Low | High | Depending on X | Depending on Y |
| Premium Type |
Level | Level | Level | Level |
| Coverage Offered |
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| Male | 10-year Term | 20-year Term | ||
|---|---|---|---|---|
| Non-Smoker | Smoker | Non-Smoker | Smoker | |
| 30 | $22.32 | $42.30 | $30.60 | $58.41 |
| 35 | $22.50 | $46.80 | $32.85 | $80.86 |
| 40 | $28.80 | $67.95 | $47.58 | $126.45 |
| 45 | $43.20 | $113.40 | $74.35 | $205.09 |
| 50 | $66.60 | $202.05 | $123.29 | $323.95 |
| 55 | $115.20 | $336.15 | $222.98 | $535.24 |
| 60 | $199.77 | $494.55 | $392.76 | $832.22 |
| 65 | $355.50 | $856.80 | $681.75 | $1,347.30 |
| Company | Contact | Country | Contact | Country | Country |
|---|---|---|---|---|---|
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| col 1 – B | col 2 – B | col 3 – B | col 4 – B | col 5 – B | col 6 – A |
| col 1 – C | col 2 – C | col 3 – C | col 4 – C | col 5 – C | col 6 – A |
| col 1 – C | col 2 – C | col 3 – C | col 4 – C | col 5 – C | col 6 – A |
| col 1 – C | col 2 – C | col 3 – C | col 4 – C | col 5 – C | col 6 – A |
| col 1 – C | col 2 – C | col 3 – C | col 4 – C | col 5 – C | col 6 – A |
| Simple | Simple to understand – death benefit that stays the same for the ‘term’ as long as premiums are paid |
|---|---|
| Affordable | Costs less as it covers a shorter, pre-defined period and no investment component |
| Targeted | Can be used to cover specific temporary needs such as mortgage, children’s education, dependent support, etc |
| Flexible | Can be renewed for longer term or converted into permanent coverage |
| Term Life Insurance | Whole Life Insurance |
|---|---|
| Temporary coverage for a fixed period of time e.g. 10years, 20 years, 25 years | Guaranteed lifelong coverage |
| Best suited for temporary needs (morgage, children’s education, lifestyle protection) | Best suited for permanent needs (estate planning, retirement income, final expenses) |
| Guaranteed premiums for the initial term only | Guaranteed level premiums for life |
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Replacing income
For you or your family to take time off work.
Debts
Mortgages, business loans and other liabilities.
At-home care
Hiring nurses or other home-care practitioners.
Prescription medicine
Out-of-pocket expenses not covered by provincial plans
Enhanced care
Upgraded medical facilities and services
Modifications
Renovations or modifications to your home, car, or other household expenses
Additional treatment
Out-of-country or alternative medical expenses
Savings protection
Eliminate the need to use retirement savings
Term Life
TERM-TO-100
WHOLE LIFE (PARTICIPATING)
UNIVERSAL LIFE
Is it form of temporary coverage
Yes
Initial term is fixed
No
No
No
Is it form of permanent coverage?
No
Yes
Lifelong Coverage
Yes
Lifelong Coverage
Yes
Lifelong Coverage
Conversion to permanent product possible?
Yes
Initial term is fixed
No
No
No
Conversion to permanent product possible?
Yes
Initial term is fixed
No
No
No
