Whole Life Insurance Vancouver, BC
Whole life insurance is permanent life insurance that offers both guarantees and cash values. Unlike universal life insurance, with whole life insurance the insurance company chooses the investments. This makes if safer and provides steady returns. Historically the investment returns have been about 6%+ with very little standard deviation.
A popular choice for whole life insurance is called 20 pay. This means that you only have to pay the premiums for 20 years at which point the policy becomes paid up and premiums are no longer required. Once the policy is paid up, the cash values and death benefit will continue to compound tax free.
Cash values within whole life insurance policies can be accessed without cancelling the policy. This is done via policy loan. Then upon death the loan is paid off and the balance goes to the insured’s beneficiaries.
Whole life insurance comes in many shapes and sizes and can accrue substantial guaranteed cash values over time. Many people invest in a whole life policy because contrary to the markets, the dividends are very stable. Like RRSPs and TFSAs, investing in a whole life policy also offers major tax advantages. Whole life insurance is very popular at the moment and many people are using it to supplement their investment portfolio.
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
Your insurance policy must be based on your current and projected ability to pay the insurance premiums, your medical state, your age, future financial plans, as well as other factors. We make sure we understand all this in order to choose the right insurance policy for you. At Camlife Financial, we have access to all available insurance products and can recommend the best insurance coverage suited to your individual needs.