You and 50% of Canadians have been putting off buying life insurance. You’re in good company either side of the 50%. Buying it is simple with the best life insurance company in Ontario, dropdead life insurance is here to help. The other side of the 50% is just the same as yesterday. Make up an excuse why you will buy this tomorrow. We all know tomorrow will never come. So, read on if you want to
actually do something that will help you and your loved ones. If not, happy days and pray to god you never die. Good luck with that.
Comparing Term and Whole Life Insurance
There are two main categories of life insurance on the market:
- Term life insurance
- Permanent life insurance
What’s the difference?
Term life insurance is cheap and lasts for a period of time. 20 years is typical.
Permanent life insurance has a way bigger sticker price, but has some goodies that are better than term life insurance.
What Is Permanent Life Insurance?
Permanent life insurance has a cash value. The coverage lasts for your entire life. This might seem like a great deal on the surface. After all, you’re going to die at some point. And wouldn’t you want to protect your family for as long as possible?
Permanent life insurance premiums are usually much higher than the premiums on term life insurance policies.
Remember, term life insurance is meant to replace your income only if you pass away. If you want to make a massive amount of money, then buy permanent life insurance.
Pros and cons of permanent life insurance
- Insurance for life: permanent life insurance never expires, so you can keep it for as long as you need it.
- Forced savings: it forces you to save funds every month.
- You never run out of insurance like you do with term life insurance.
- Price: Permanent life insurance is a lot more expensive than term life insurance (up to a whopping 10x the cost!).
- Complicated: Permanent life insurance is much less straightforward than term life insurance. You’ll want to understand all the fine print before buying this kind of policy. That’s ok, the rockstars at dropdead can get you the best permanent policy in Ontario. 99% of brokers have no clue how to structure them, so be aware of the broker that is trying to sell you permanent insurance when he should be asking you if you would like fries with that.
What Is Term Life Insurance?
Term life insurance provides coverage for a predetermined amount of time, usually 10–30 years. If you pass away during this time, your beneficiaries will get the amount of money you’re covered for. Your loved ones can then use this money to replace your income, pay off debt or a mortgage, pay for schooling, or cover other expenses.
If your policy expires or you stop paying the premiums, the coverage ends and the contract is over.
Term life insurance policies have much lower premiums than permanent life insurance policies because they have no cash value unless you die during the course of the policy.
Pros and Cons of Term Life Insurance
- Straightforward: Term life insurance is straightforward and the policies are easy to understand, so you don’t have to worry about cancellation charges, hidden fees, or other risks. Also, at dropdead, the best online platform in Ontario, you don’t even have to speak to a broker to buy term life insurance. Did we already mention we have the cheapest prices and are the best! dropdead is the cat’s meow.
- Price: Term life insurance can be 6–10x cheaper for the same amount of coverage.
- Flexibility: You can cancel term life insurance at any time.
- Expiration: Term life insurance eventually expires. If you still want coverage after that point, you’ll need to shop around for a new policy. The good news is that most term life insurance products offer features that let you continue your coverage after the term ends without having to show proof of good health or go through additional medical underwriting. This gives you some protection against getting sick because your renewal is guaranteed.
So, to make it simple:
Buy the best term life insurance from Ontario’s number one term life insurance provider, dropdead, without speaking to a broker.
If you want permanent life insurance, call us and we will make that happen.
Now where did I put my fries?