Did you know?
Permanent insurance can be a great choice at different stages in your life.
Have you considered locking in your life insurance?
A great perk of your term insurance is that you can easily switch it to permanent coverage.
Switching is easier than applying for a new term policy. There are no medical questions, even if your health has changed.
You can also convert only the amount you need. That can help balance your goals now and in the future. Converting may also be more cost effective than paying to renew your term policy down the road.
Call or email your advisor to see if permanent insurance can benefit you.
Advantages of permanent insurance policies:
Lifetime coverage continues even if your health changes.
Many types of permanent insurance have a cost guaranteed never to go up.
Provides tax-preferred cash value growth opportunities to those whose RRSPs and TFSAs are topped up.
You can access the accumulated cash value in the policy.
Some plans let you choose to pay over 10 years, 20 years or the course of your life.
Like term insurance, your named beneficiaries will receive the death benefit tax-free.
Permanent insurance is a great way to help:
Guarantee you leave something to your loved ones.
Build wealth over time.
Keep a cottage or cherished vacation property in the family.
Secure extra cash to finance things like your retirement.
At age 37
$100K in permanent coverage could cost around $91/month. Depending on the type of policy you choose, your coverage could keep growing year after year. You’d also have access to any cash that grows in your policy.
At age 45
You could get $50K of permanent coverage for as low $67/month. You can also choose from different coverage options. These could include guaranteed cash growth in your policy or keeping some of your term insurance.
At age 60
$25K of simple permanent coverage can start around $72/month – and never expires. You also have flexibility. You can choose coverage with a growing death benefit, or coverage that grows cash you can access down the road.
Examples are based on rates in effect in November 2022. Unless specifically stated, any rates or values shown are not guaranteed.
Call or email your advisor to see if permanent insurance can benefit you.
A short meeting before your term ends can help review your goals and find the best solution for you.