Choosing Whole Life Insurance
Every stage in life has its joys and its difficulties. This was true for your parents and their parents before them, and it will be equally true for your children. Luckily, there is a way to stay happy and to enjoy life without worry: good financial planning, in which insurance plays a key role. Whole life insurance offers guaranteed, reliable coverage to last your entire lifetime. Ideal for personal and business needs, it provides permanent protection you can count on and guaranteed cash values that grow over time.
For a complete insurance solution that adapts to your situation as your needs evolve over the years, we offer you whole and term life insurance coverages, in a single contract for all insured persons. So it’s easy for you to take stock of your insurance coverage: a single premium, a single fee and a flexible contract.
As mentioned in the Universal Insurance topic, whole life Insurance comes under Permanent Insurance. In which premiums remain fixed as long as the policy is in place. As long as the premiums are paid, the policy remains in effect. As the premiums continue to be paid, the policy builds up a cash value and also dividends. These dividends can be used to lower premiums, purchase more insurance or pay for term insurance. Whole life requires little to no management.
Who does Whole Life Insurance best for?
- Whole life insurance is a good option for all stages in life. You choose the payment period, you are insured for your entire life and it also provides surrender values.
For Your Family
- Nothing can replace the loss of a loved one. But it’s comforting to know that your loved ones will have the necessary financial support to help them carry on, no matter what. Whole life insurance protects your loved ones’ financial security for their entire lives.
For Your Children
- Insurance coverage is also a precious gift to give to your children. By subscribing to coverage at a low price because of their youth, you guarantee them coverage that they can adapt to their needs as they get older.
For Your Business
- Your business is your life’s investment, so you want to protect it. To guarantee its continuity, either by financing the purchase of a partner’s shares or giving your heirs the necessary time and assistance to find the right buyer, whole life insurance helps to avoid unpleasant surprises and helps keep your business prosperous.
Features and Advantages
- Your premiums, your face amount and the surrender values are guaranteed. No surprises, no worries!
- Payment options
- You can choose to pay up your premiums in 10, 15, 20 or even 30 years, up to age 65 or even up to age 100. So you can set up a budget according to your priorities.
Surrender values are available starting in the 11th year of the contract and they continue to increase with time, allowing the accumulation of a fund that can be used as needed.
Advantages for children
- For all coverage issued between age 0 and 20, we offer a guarantee that once an adult, the insured can increase his coverage, regardless of his state of health.
- Healthy living is profitable. Insured children age 0 to 14 benefit from a 40% increase in their initial coverage beginning in adolescence if they meet certain health criteria—all at no additional cost.
- Coverage is grouped in a single contract to reduce multiple administrative fees.
- They can benefit from preferred underwriting and obtain a lower premium.