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Whole Life Insurance

Life is uncertain, and in the untimely event of someone passing away, their family might face a financial crisis in his or her absence. Whole Life Insurance policies can resolve this problem, and even in the event of a mishap, you can rest in peace that your loved one will not go through any such condition. For whole life insurance policies, get in touch. We are life insurance providers and serve customers in Ontario and surrounding areas.

The benefits of a whole life insurance policy

If you are wondering what the benefits of this wholesome policy are, you already know one of them. Whole life insurance offers financial coverage for the entirety of your life. It has a fixed premium rate, so you will never have to worry about your monthly premiums increasing. As long as you are paying the premium, you will have your coverage. However, that’s not the only benefit that you can take advantage of when it comes to whole life insurance. Have a look at the list below for more details.

  • Cash componen:Whole life insurance policies come with a cash component that increases over time. It has a guaranteed rate of interest for growth, and you can use it as your personal savings or investment vehicle. You will also be happy to know that this cash component is tax-sheltered throughout the lifetime of the policy. The funds can be used to
  • Pay the premiums of the policy
  • For medical emergencies
  • You can take it out as a tax-free loan too
  • Dividends:If you have chosen dividend-paying whole life insurance, then there is a chance of a dividend cash-out of your insurance company performing better than expected in the market. You will be able to participate in the company’s profits after they clear death benefits and other business expenses.
  • No medical:Similar to other insurance policies, you will not have to take and pass any medical exam to purchase whole life insurance. You may have to answer some questions but will always have the option to skip them if you want to.
  • A good investment strategy:You can consider whole life insurance as a good investment strategy in the long run. You will have a guaranteed return on your money. The cash value that builds up in your policy can be used in your golden year. They can be a steady stream of income when you are not earning.
  • For your special ones:If you have a child with special needs, whole life insurance can be perfect for them. They will have easy access to all the financial resources throughout their life no matter what.
  • Benefit on estate taxes:If you have millions of dollars in estate taxes, you can preserve your life savings with the help of whole life insurance and pass it down to your family members..
  • Use it as a tax-sheltered account:If your other tax-sheltered accounts have maxed out and you want to save extra for your retirement, the cash component of your whole life insurance policy can act as the perfect saving vehicle.

If you are still not impressed and have some queries regarding whole life insurance, contact Canadian LIC today. Book an appointment; we look forward to meeting you. Our insurance brokers can help you with money-back insurance and universal insurance policies as well.

Here are a few reasons why you should get Whole/Permanent life insurance

The question should not be why you should but why you shouldn’t. Permanent life insurance gives you complete peace of mind. As we all know, good or bad, life is full of surprises, and sometimes the worst things happen when you least expect them. At least, with Permanent Life Insurance, you can plan ahead, so your loved ones have a financially stable life even when you are not there. Read on for more reasons why you should get a permanent Life Insurance plan.

  • It provides insurance coverage for your whole life and to your beneficiaries when you pass away.
  • When you retire from your daily work, you will get a steady flow of cash from the savings that you have built up over time.
  • Insurance policies have significant tax-free guaranteed death benefits, and you can save a good amount of cash if you have invested in the same.

It’s always better to plan ahead. You may never know when death comes for you, but when it does, you should have complete peace of mind knowing that you have done your bit so your loved ones don’t suffer when you are not there anymore. That’s why it is important to choose a whole life insurance policy where your beneficiaries will be paid the amount no matter when you die.

There are two types of life insurance that you can choose between. One is the non-participating one, where there is a guaranteed cash value involved, and the other is the ‘participating’ option, where the cash involved is variable depending on your premiums and dividends. The dividends involved are paid on the basis of interest rates depending on the insurance company’s profitability. Are you looking for a life insurance company? Contact us today for more details.

A few things you should know

  • A whole life insurance policy can be cancelled or revoked if you stop paying the premiums, in which case, you can receive the cash value
  • Your health condition at the time of your purchase determines the premium amount that you will pay for the entire period
  • The cash value withdrawn from the insurance is tax-free
  • The fixed premium that you would be paying might be high when compared with Term Life Insurance, but on monthly payments, it is less
  • The cash value that you get against the insurance can be borrowed as collateral for a third-party loan

Term life insurance policy vs Whole life insurance policy

With Term Life Insurance, it comes with a set period of anywhere between 10 to 20 years. Over this course of time, the premium is subject to change when you renew. This is because the risk of death increases as you grow old. However, when it comes to a whole life insurance policy, your premiums are locked in. They will not increase as time passes by. This is a big advantage this policy has over term life insurance coverage, where the cost of your premiums will most likely change as well if you plan to renew for another term.

Another advantage of a permanent life insurance policy is that you will never have to re-qualify for coverage. So in, during the term, you develop a medical condition, and the cost of your premiums will not be affected.

With term life insurance, you will also not receive any pay-out if you live out the term. That will not be the case with whole life insurance because of its in-built cash component that continues to grow over time.

Whole life insurance policies may also be more customizable because of more extensive rider options. These riders or clauses come with additional benefits and can be included in a policy to address specific needs and concerns at an extra premium cost. Certain whole life insurance riders, such as a child death benefit, may not be available with term life insurance. To find out more, call Canadian LIC today.

Our team members can always offer you unbiased advice with your interests in mind. Are you looking for a life insurance company? Contact us today for more details. Our services are available to customers.

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FAQ

This policy covers the entirety of your lifetime and after you retire, you will have a steady cash flow in the form of cash value if designed that way.

Yes, and it will be returned to you or your beneficiaries ( if the untimely event of your death).

Absolutely not. You use the amount to repay your loan, credit card bill, home renovation, and anywhere you want.

The policy lapse

You can pay it over a period of 10-20 years or till the age of 65 or till age 100.