Home / Investment / Term vs. permanent life insurance: How to choose what’s right for you + MORE Oct 8th

Term vs. permanent life insurance: How to choose what’s right for you + MORE Oct 8th

The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.
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Life insurance can protect your loved ones financially after you’re gone, but picking the right kind can protect your wallet even when you’re alive. Generally, there are two kinds of life insurance: term life insurance and permanent life insurance. Permanent life insurance provides lifelong coverage, which can come with tax benefits and dividends but has higher premiums. Term life insurance aims to provide income replacement when needed for a specific period of time and can be more affordable. 

Your insurance choice depends on your long-term financial goals

Brooke Dean, founder of BMD Financial Ltd. at Raymond James, likens the two options to renting versus owning. “Term life insurance is like renting an apartment,” she said. Similar to renting, people pay for coverage for a set period of time. When the time is up—similar to a lease ending—the consumer walks away without any ownership or equity in the policy. 

Permanent life insurance is like buying a house, Dean said…

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When you are in your career’s home stretch and approaching retirement, whether you do or do not contribute to your registered retirement savings plan (RRSP) becomes particularly important. Contributing to your RRSP—for most of your working life a wonderful tool for building wealth—can, in some cases, be detrimental to your financial security. 

When should you keep contributing to your RRSP?

If you have a group RRSP with matching contributions from your employer, this provides a significant boost to your savings. Many group plans offer matching contributions of 25%, 50%, or even 100% on contributions up to a certain dollar amount or percentage of income. To get your hands on this free money, you have to keep contributing. Defined contribution (DC) pension plans fall into this same category, with employer contributions making maximum participation a compelling opportunity. 

If you do not have much retirement savings or pension income, RRSP contributions are also generally advantageous…

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