Life Insurance

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What's the best life insurance to buy? The simple answer is: it depends on your short- and longer-term needs and preferences for flexibility and risk. There are two kinds of life insurance - term life insurance and permanent insurance. They are two very different kinds of protection that satisfy very different life insurance needs. Term (which covers you for a specific period of time) may be all the insurance you ever need, or it may be used as an interim step before purchasing permanent life insurance (which protects you for a lifetime). Possibly a combination of term and permanent in the same policy may be the best solution for you. Term insurance Here are some things to consider about term insurance: Young family with a limited budget: You have a young family and need life insurance, but your current budget does not allow much for premiums. Term insurance is well suited to meeting high, short-term protection needs for the lowest initial cost per $1,000 of benefit. Temporary needs: You're looking to cover a temporary need, such as a mortgage, business loan, car or any kind of temporary loan. Term insurance can cover most debt in a cost-effective way. Permanent life insurance Permanent coverage can work very well when you expect to have an ongoing or lifetime need for insurance. Permanent coverage offers considerable flexibility and options during your lifetime. Some permanent policies have cash values that may accumulate over time. These cash values may be used to help finance a business opportunity, a sabbatical, or retirement. Some permanent policies offer more flexibility than others. Providing for an estate: The proceeds from a permanent life insurance policy can provide your heirs or estate with the liquidity needed to pay final taxes, capital gains and settlement costs, preserving as much as possible of your estate (cottage, family business, investments, etc.) for your heirs. Your InSureU! advisor can help you determine your needs and decide which product is best for you.