Canadian Living – September 2019

44 | CANADIAN LIVING SEPTEMBER 2019

ife insurance, like any other type

of insurance, can give you the

peace of mind of knowing that in

the event that something happens

to you, your loved ones will be protected.

It’s important to have an understanding of

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clear picture of your situation and who can

help so that you can choose the insurance

that works best for you and your family.

There are three types of life insurance

you can purchase: term, whole and univer-

sal. Term life insurance typically has the

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set term and can be renewed. Whole life

insurance, by contrast, has higher costs

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age, after which the policy pays out to the

owner. It also builds cash value that can

be invested and/or borrowed against. The

third option, universal life insurance, pro-

vides lifelong coverage and has both the

insurance and investment components

that whole life insurance does, but with

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following information will help you deter-

mine the best insurance option for you.

Here’s what you need to know in order to

choose the best life insurance policy for you.

Lesson:

LIFE INSURANCE 101

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LIFE & COMMUNITY money talks

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