What is Whole Life Insurance? It is a type of a permanent life insurance that covers you as long as you live. Typically you will be paying constantly higher premiums since in the early years of your policy, it should accumulate enough value to off-set later, higher insurance risk. Your premiums will not change throughout your life. You can also terminate the policy (also called surrender) if you want and get part of the accumulated funds, or you can sometimes borrow money against your policy cash value.
Interesting fact about Whole Life Insurance:
Whole Life Insurance products usually have higher initial premiums than Term Life.
It is interesting to know that according to our data many Canadians make choice in favor of Whole Life Insurance (see chart).
Our Publications related to Life Insurance
The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]
Overall, insurance is considered a somewhat boring, though necessary, topic. On top of that, it is not always clear – there are plenty of various types of life insurance products in Canada that work differently. I decided to explain it in a bit of a different and funny way – I hope that you will […]
The life insurance landscape in Canada is quite unique. The infographic below shows all the key players and their size, reflecting their assets under management (AUM) based on life and wealth segments of the company’s business. scroll further down to continue reading In Canada, the majority of insurers fall under the umbrellas of three large […]
By RateHub.ca When it comes to budgeting for your vacations, travel insurance is one of those things that’s often overlooked. It’s easy to understand why: we have publicly funded healthcare in Canada, so many people assume that benefit applies to wherever we travel in the world. Unfortunately, that’s not the case. The cost of seeking […]
Critical illness insurance is one of those insurance types that often gets neglected. Here are a few statistics based on Manulife’s disability and critical illness calculator (a link is provided at the end of this article). If you are 30 and 40 years old respectively, here are your chances to get a critical illness before […]