Life Insurance

Life is unpredictable. No matter how careful you’re, things can go wrong for you and your family. Life insurance is a great way to ensure a safe and secure financial future for your family and loved ones when you’re no longer around them. It’s basically a legal insurance agreement between a policyholder and an insurance provider. Under this agreement, the insurance providers pay a lump-sum amount of money in terms of the death benefit to the beneficiaries when the policyholder dies. The policyholder pays premiums on time to get coverage benefits for their beneficiaries.

Life insurance protects your family and loved ones from financially devastating situations when you’re not there to help them. It serves various financial purposes for your family in your absence, such as

Acts as your income replacement to help maintain the quality of life for your family.
Secure the financial future of the individuals dependent on you, like your children or spouse.
Covers the general financial expenses and your unpaid debts.
Covers final expenses.

Different types of Life Insurance

Canadians can choose between two major types of life insurance: Term Life Insurance & Permanent Life Insurance.

Term Life Insurance

Term life insurance, also known as temporary life insurance, covers you for a specified number of years, called a “Term.” For Canadians, term life insurance is available in variations of 10, 15, 20, 25, and 30-year terms. If you need life insurance coverage for a limited time, term life insurance is the most affordable option. Most term policies come with fixed premiums, meaning the premiums’ rates don’t change over time.

Any Canadian citizen with age 18 to 75 years is eligible for term life insurance. A term policy allows you to get coverage from $100000 to $5 million.

Permanent Life Insurance

Permanent life insurance lasts for your entire life. It’s also known as coverage for life. The premiums of a permanent policy may or may not increase over time, depending on the terms and conditions. It’s the best option if you want “full-time” coverage and peace of mind regarding your family’s financial future.

Permanent life insurance is an expensive coverage option as it covers you for your whole life. Many permanent policies come with a cash value component that can act as an investment opportunity for the policyholders.

Juggernaut Finance helps you find the most affordable and well-customized life insurance policy that best meets your specific coverage needs and budget.