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Term Insurance

At the end of the term, some policies contain a renewal or conversion option. With guaranteed renewal, the insurance company guarantees it will issue a policy of an equal or lesser amount without regard to the insurability of the insured and with a premium set for the insured’s age at that time.

Universal life

Not only will you be covered for life, but you can also grow your savings tax-free! It’s the right choice for you if:

  1. You want to leave your loved ones an even bigger inheritance
  2. You’ve maxed out your RRSP or TFSA contributions
  3. You’re in business and want to protect your company

Term Insurance is the right choice for you if:

  1. You’ve got dependent children
  2. You’ve got debts that need short-term protection
  3. You’re a business owner with substantial start-up costs
  4. You have house or planning to purchase.

Another common type of term insurance is mortgage life insurance, which usually involves a level-premium, declining face value policy. The face amount is intended to equal the amount of the mortgage on the policy owner’s property, such that any outstanding amount on the applicant’s mortgage will be paid should the applicant die.

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