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There are two types of coverage available to Canadians when it comes to life insurance. They are:
Term life insurance: This policy covers you for a set amount of time. The length of a term life insurance policy can range from 1-30 years. The beneficiary will receive the face amount of the policy if the holder passes away during the term of the policy. Term insurance policies automatically renew, albeit at a higher rate.
Term life insurance is designed to take care of immediate and acute needs, such as a mortgage on a home, funeral expenses or leaving income to family members.
Permanent insurance: These policies covers the holder for the duration of their life (age 100). Whole life insurance provides protection against a loss of income, costs of mortgage and loss of life. Universal life insurance includes an investment component, which you control.
Please, have ready to amount of years that you've had continuous life insurance for, if applicable. This does not mean the first year you received a life insurance policy. This ensures accuracy on the quotes we are able to get for you.
We are currently able to process policies in Alberta.