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Permanent Life
Insurance
This is known as Whole Life Insurance which remains in force of the policyholder's entire lifetime. The premium amount can be paid up over, 10 years, 20 years, until age 65, or to age 100.
Permanent life insurance provides lifetime insurance protection (does not expire), but the premiums must be paid on time. Most permanent policies offer a savings or investment component combined with the insurance coverage. This component, in turn, causes premiums to be higher than those of term insurance. The investment may offer a fixed interest rate or may be in the form of money market securities, bonds or mutual funds. This savings portion of the policy allows the policy owner to build cash value within the policy which can be borrowed or distributed at some time in the future.
Advantages of this Permanent Insurance plan Policies:
100% tax-free in Canada
Some policies give non-smoker rates to smokers for the first 2 years as an incentive to quit smoking
Many policies provide free of charge Best Doctor Service, which locates the best medical care in the world
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