Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.
In Canada, we have many Insurance company that offers Life Insurance, and we could see there are two (2) Category – 1 Temporary and the 2nd Permanent.
In the beginning 1887 there were only one type & Category of Life insurance which was the Whole Life plan and by 1970s the demography of the population has changed and they need for more affordable insurance to mass population emerged and thus Term Insurance has come in to existence. The Term insurance was a most attractive product as the Baby Boom Generation liked it and it was best suited their need and fit into their affordability.
By the time as they grow old , by 1985 the birth of Universal Life, with its flexibility and its customization feature attracted and gain ground. The right protection can be one of the foundations of your financial plan. A life insurance policy can pay tax-free cash to your family when you die.
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