Permanent Life Insurance Ottawa, ON
Ottawa Life Insurance Brokers & Agents
Permanent Life insurance provides protection for your lifetime and typically the premiums are guaranteed for life. This is why the cost is relatively higher than the ones found in Term insurance products.
There are various types of Permanent life insurance: Non-Participating Whole Life Insurance, Participating Whole and Universal Life Insurance. Depending on the product, a portion of the premiums can go towards building up a cash value. This cash value can be used in later years to pay the policy, provide a loan or be paid out as an additional part of the life insurance benefit.
- Offers permanent lifetime coverage
- Premiums guaranteed for life
- Flexible premium payment period
- Some contracts will offer cash values
Permanent Life Insurance can be used in the following instances:
- To cover last expenses and funeral costs
- To cover potential capital gains taxes
- To build wealth
- To supplement retirement income
- To fund a buy/sell agreement for business owners
To learn more about these insurance products, Contact Kelvin Chong & Associates.