Term vs. whole life insurance

Term life provides affordable coverage for a set period (10–30 years). Whole life lasts your entire lifetime and includes a cash value component. Many families layer a large term policy with a small permanent policy.

Premiums & pricing drivers

Age, health, tobacco use, coverage amount, and term length drive price. Medical exams may be required; simplified issue and no-exam policies can be faster but cost more.

Regulatory notes

Disclosure rules and free-look periods vary by state and province. Some Canadian provinces set additional rules for beneficiaries and policy loans.

How to qualify

1. Decide on coverage: 10–12× annual income is a common starting point.
2. Choose term length to cover debts (mortgage, education) and dependents.
3. Compare riders: disability waiver, child riders, accelerated death benefit.

Compare companies & riders

Look for financial strength ratings, digital application process, and conversion options from term to permanent. Ask about living benefits riders for chronic/critical illness.

Money-saving tips

• Buy while you’re younger and healthier.
• Choose a slightly lower face amount if it keeps premiums affordable.
• Opt for annual payments if discounts apply.

FAQ: Life insurance