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Financial Services: Permanent Life Insurance Quotes in Canada with LMBF

Life insurance can be broken down into two major options: permanent life insurance and term life insurance. The former option differs in that rather than protecting the insured’s beneficiaries for the duration of a specified term, it offers lifelong coverage that only expires if the policyholder chooses to cancel the policy or due to non-payment. Permanent life insurance in Canada also may offer the option of a savings component, which can grow at a guaranteed rate through the insured’s lifetime. If you’re looking for quotes, LMBF has your back. We can get you free permanent life insurance quotes in Canada quickly - today.

Advantages of Permanent Life Insurance

Savings Component

Savings Component

Many permanent life insurance policies contain the option to include a savings component, which can grow at a guaranteed rate. Some forms of permanent life insurance allow you to withdraw from the savings component during the insured’s lifetime.

Lifelong Coverage

Lifelong Coverage

Depending on your life circumstances, you may be at a stage where you can afford higher premiums but want lifelong coverage. You might have a special needs dependent who will require care in the event of your death or you want your beneficiaries’ needs covered for estate-planning purposes.

  Reasons to need permanent life insurance
  • You have beneficiaries who require lifelong care
  • You want tax-free treatment
  • You want the added opportunity for savings
  • You want lifelong coverage
  Ways that permanent life insurance may benefit you
  • Savings benefit
  • Favourable tax-free treatment
  • Estate-planning benefits
  • Funeral expenses coverage
  • Tax-free death benefits

What is permanent life insurance?

Permanent life insurance is the alternative to term life insurance which allows policyholders to have lifelong coverage and additional benefits. Although permanent life insurance is more expensive, most term policies have the option to convert to permanent at the end of their pre-determined policy date. Usually, at this point in life, policyholders have more financial resources built up and can afford the higher premiums.

Our Permanent Life Insurance Partners

Permanent life insurance can be a complicated purchase for some, and the choice between term and permanent can be a difficult one. What can you afford? How much coverage do you need? When the questions start to pile up, LMBF is there with answers. Thanks to our partnerships with top permanent life insurance carriers, LMBF can help you get the coverage plan you need for affordable rates so you can live life comfortably knowing that there’s security for your loved ones should anything ever happen.

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Looking to Get Started on Your Permanent Life Insurance Plan? Get Started With a Free Permanent Life Insurance Quote in Canada Today.

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Permanent Life Insurance in Canada: Some Frequently Asked Questions

A: Permanent life insurance provides protection for the duration of the insured’s life, whereas term life insurance only offers coverage for a pre-determined amount of time - typically as 10, 20, or even 30 years. Permanent life insurance is the choice for you if you can afford slightly increased premiums, need lifelong coverage (i.e, have a special needs dependent), and want a variety of additional benefits that term life insurance may not include.

A: Your needs will vary, so it’s not a question that can be answered for the “average” policyholder. You can figure out how much coverage you need by discussing individually with an LMBF permanent life insurance representative. They may also offer you advice based on if you need permanent life insurance or if term life insurance would be a better choice.

A: Permanent life insurance premiums vary similar to any other life insurance policy and costs are typically calculated from your personal demographics and risk factors, such as any high-risk activities you engage in, your current age, your existing health conditions, family medical history, your driving record, and so on.

A: It depends on your current budget and your coverage needs. Permanent life insurance is advised for those who might need lifelong coverage for their dependents or want to start on their estate-planning. Most term insurance policies will include the option to convert to permanent so if you do not have the finances to afford the higher premiums to start, you can always change to a permanent life insurance policy later in life.

A: Although smokers are generally charged more for their rates, given their higher chance of developing several critical health conditions, they are not un-insurable. Some insurance companies will consider you a “non-smoker” if you haven’t smoked for the last 3 or 4 years, but the number will vary by provider.

A: Yes, although your options may be more limited. As cancer is considered a major health condition, you might find that not as many insurance companies will be able to insure you or will charge higher rates. Discuss with LMBF for options if you are struggling to find options for your permanent life insurance policy.