Insurance Questions
Which type of life insurance or product is right for you?
Term Life Insurance |
Whole Life Insurance |
Universal Life Insurance |
Provides coverage for a set period of time. | Provides lifetime coverage. | Provides lifetime coverage and a tax-free savings opportunity. |
Main features |
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Meets short-term needs (e.g. while your children are growing up or you’re paying off your mortgage). | Meets long-term needs (e.g. to leave your loved ones an inheritance). | Meets long-term needs (e.g. to leave your loved ones an even bigger inheritance). |
Affordable coverage for a set period of time with fixed premiums. |
Pay fixed premiums for the duration of the policy or pay in full over a set period of time (e.g. 10 or 20 years).
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Fixed premiums for the entire policy period. You choose how much you want to save tax-free. This amount is deposited into the investment options you’ve selected. |
Doesn’t include a savings component. | Doesn’t include a savings component. | Includes a savings component. |
Can be renewed at the end of the policy period. Cost is then adjusted for a new term. | Lasts your whole life so you don’t need to renew it. | Lasts your whole life, but lets you add or change coverages as your needs change. |
Can be converted to permanent or universal life insurance. | Can’t be converted. | Some coverages can be converted. |
Can be combined with health insurance. | Can be combined with health insurance. | Can be combined with health insurance. |
Find out what our term life insurance products can do for you! | Find out what our permanent life insurance products can do for you! | Find out what our universal life insurance products can do for you! |
*Mutual funds are distributed through Desjardins Financial Security Investments Inc. For insurance products, Desjardins Financial Security Investments Inc. acts as a national life insurance brokerage agency.