What are the types of life insurance in Canada?
What is life insurance?
Life insurance is the contract you initiate to ensure those who depend on you get a certain amount of money once you die. These can be your children, spouse, or other close family members. They can use this money to cover expenses such as bills, debts, or any other use they may see fit. The contract is usually between the policyholder and the insurance company. As a policyholder, you determine who will receive the payout, and how much they’ll receive. However, you have to ensure you pay the monthly premiums. There are two broad types of life insurance in Canda:
- Term life insurance
- Permanent life insurance
Term Life Insurance
This insurance provides coverage for the policyholder for a particular pre-determined term. Principally, the risk factor in life assurance products increases with the age of the assured. This makes the premiums of a life cover to increase as the age increases. Some insurers increase the premiums every year in the One Year Term Insurance. This yearly increment has proved to be very unpopular with customers leading to the creation of the 10, 20, and 30-year term life insurance.
- 10-Year Term Life Insurance
In the 10-year life assurance product, premiums for the entire 10 years terms are averaged. The average figure is then paid every year until the end of the term. This takes away the headache of the increasing premiums that do not go well with customers.
- 20-Year Term Life Insurance
This type is the same as the 10-year, only that the premium increments are averaged for 20 years.
- 30-Year Term Life Insurance
Here the premiums are averaged for a period of 30 years. Many other products originate from this premium averaging principle.
This life insurance provides coverage for a lifetime. The underlying principle in this classification is that premiums are averaged for life. A constant premium is, therefore paid thought the assured’s life.
- Whole Life Insurance
Here the premiums are averaged for a lifetime. In the early stages of the cover, the assured pay premiums that are higher than the cost of the cover. The premiums in excess of the cover cost are reserved by insurance companies for future compensation in the averaging process. Should a customer cancel a cover before maturity, part of excess premiums, referred to as cash value, is paid back. The permanent life assurance that involves cash value is universal life insurance.
- Term To 100 Life Assurance
Term to 100 life assurance is a universal life assurance without the cash value arrangement. Removal of the cash value considerably lowers the average life premiums making it more attractive to potential customers.
- Universal Life Insurance
This type fuses a life insurance cover with an investment package into one product. The life cover side of the product could take the shape of any of the above life insurance types. The investment part is then decided by the insured, who determines the amount of additional premium they would wish to invest. Additional investment premiums are optional.
Conclusion
Life insurance products in Canada are broadly classified into two; term and permanent life insurance. The term life insurance includes the 10-year term life insurance, the 20-year term life insurance, and the 30-year term life insurance. The permanent life insurance consists of the Universal life insurance, the whole life insurance, and the term to 100 insurance. Term life insurance tends to be quite affordable for most customers. The permanent life insurance is ideal for people with estates and other high-value properties.
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