When considering Life Insurance, you may come across different types of insurance.

For larger levels of coverage ($25,000 or more), there are 2 main types of Life insurance: Permanent (Universal) and Term Life Insurance. Permanent Insurance insures you for your entire life while Term Insurance insures you for a set period of time. Many variables go into determining the right type of insurance, including your current financial position, age, size of family, age of children, etc. It?s best to consult a life insurance broker or refer to insurance websites for further information.

Many Permanent Insurance policies come with an investment feature, while Term Insurance is pure insurance where premiums are solely based on the cost for insurance coverage. Term Insurance typically renews automatically with price increases, based on your age, occurring every 5 to 10 years depending on the term of the product.

Term Insurance is based on the premise that as you age, your level of debt will decrease and your net worth will increase (therefore making your need for insurance lower over time). Also as children grow older and become self-sufficient financially, the need is further reduced. So Term Insurance can be ideal for providing coverage for the mid-term where the financial impact to your family would be the greatest should you no longer be around.

Permanent Insurance is typically designed as a longer term solution with generally higher premiums overall to offset the embedded investment or ?forced savings? feature.

If pure insurance coverage is what you are looking for, there are a number of products that you can research and apply for on-line.