Types Of Life Insurance Policies – Which Is Right For You In Ontario?

Life insurance pays certain benefits in the event of the policyholder's death, provided that death occurs within a certain period of time. However, policies do not provide returns beyond the stated benefits, unlike insurance policies which allow investors to share the returns on the insurance company's investment portfolio. You can also avail the benefits of Ontario’s best life insurance from online sources.

Lifetime renewable yearly

Historically, life expectancy has increased every year as the risk of death increases. Although not popular, this type of life insurance is still valid and is commonly referred to as Annual Renewable Life Expectancy.

Guaranteed standard of living

Many companies now also offer the same life expectancy. This type of insurance policy has premiums designed to stay at the level for a period of 5, 10, 15, 20, 25 or even 30 years. Tiered housing insurance policies are popular because they are very inexpensive and can provide long-term protection.

Permanent life insurance

A perpetual life insurance policy is, by definition, a policy that provides life insurance for the insured's life – the policy never expires until the premium is paid. In addition, permanent life insurance offers a savings element that builds monetary value.

Life insurance combines low-cost term life protection with a savings component placed in a tax-deferred account, the monetary value of which can be provided to policyholders as loans. Universal Life is designed to offer more flexibility than Life, allowing its holder to transfer money between the insurance and savings components of the policy.

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