Whole Life Insurance

This type of policy has guaranteed premiums and are payable according to the selected payment plan.  The protection provided by this type of policy is known from the onset of the contract with regards to the guaranteed death benefit that will be received by your beneficiaries.  Some policies are paid up to a specific age or a set amount of time such as a 15 or 20 year pay period.

Types Of Whole Life Insurance

Participating Policy

This whole life product gives you the opportunity to participate in the insurance company's profit by way of dividends.  The dividends can be used a few different ways such as:

  • Cash surrender value - giving the owner of the policy access to cash via a policy loan or in some cases a partial surrender of the policy
  •  Purchase more insurance - called "Paid Up Additions" which allow you to buy more permanent insurance. Over the course of a policy this can be a significant amount of additional insurance.
  • Reduce Premium - Dividends can be used to reduce premium, by allowing the insurance company to keep the dividend

Non-Participating Policy

This whole life product provides you the guaranteed death benefit and premiums without the opportunity to have dividends.  There is a cash surrender value built into this type of policy and in some the option to make additional deposits to build the cash surrender value up.  The growth rate within a whole life policy is usually very similar to long-term GIC's and is guaranteed.

Contact us today, or fill out our online quote form, and we can do an audit of what you have and more importantly what you need to protect your family

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