Permanent Life Insurance Vancouver, BC
In contrast to term insurance, permanent life insurance does not have an expiration date. The policy will pay out upon death at any age. Permanent life insurance is considered analogous to buying and acquiring an asset because an eventual payout is guaranteed when the insured passes away. Term life insurance on the other hand is often considered renting because the vast majority of the time a payout and return of premium never occurs. For this reason, term life insurance is much cheaper than permanent life insurance. As the cost of permanent life insurance can be prohibitive, many of our clients opt to acquire a combination of term insurance to meet their short and mid-term needs and permanent life insurance to meet their long term needs.
Permanent life insurance can serve several purposes. The simplest purpose is final expenses: dying is expensive and a small permanent policy can provide money for funeral and estate costs. Other times, permanent life insurance is used to fund capital gains liabilities on death such as taxes on a recreational property or a family owned business. Permanent life insurance can also be used to shelter investments from taxation.
Insurance Solutions we offer include: Life Insurance | Term Life Insurance | Creditor (Mortgage) Insurance | Permanent Life Insurance | Term 100 - Permanent Life Insurance | Universal Life Insurance | Whole Life Insurance | Medical Underwriting | Living Benefits Insurance | Critical Illness Insurance | Disability Insurance
At Camlife Financial, we have access to all available insurance products and can recommend the best insurance coverage suited to your individual needs.