Term vs. whole life insurance: Which type of policy is best? + MORE Mar 20th

How to go about securing the best policy for your insurance in Canada.
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Life insurance can be a necessity for ensuring your loved ones are taken care of after you’re gone. It can help them pay for funeral expenses, the costs of everyday living and much more. But one of life insurance’s main advantages is that it can pay off outstanding debts, including a mortgage. So, life insurance vs. mortgage insurance? Which is better?
How do mortgages work?
First, a mortgage is the debt you owe when you can’t pay the full price of a home or other property—it’s the difference between what you offer as a down payment and the purchase price. Usually, lending institutions advance the difference to the seller, who then receives the full sale price upon closing of the deal. Then you sit down with the lender to work out your repayment terms. 
What is life insurance?
An individually owned life insurance policy provides tax-free money following the death of the insured. It can be used to pay off your mortgage, either in whole or in part. 
“Life insurance may completely pay off this obligation if the borrower passes away while there’s still an outstanding balance,” says Peter Wouters, director of tax, retirement and estate planning services at Empire Life Insurance Company in Burlington, Ont…

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Term or whole life insurance? That is the question. But we have two more questions: What is the difference between these two types of policy? And which one is best for your needs? 
Generally speaking, term life insurance is best for those seeking a low-cost, short-term solution. Whole life insurance may be best for you if you’re seeking a long-term solution with locked-in rates.
Below, we outline the pros and cons for each—and more. 

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The pros and cons of term life insurance
True to its name, term life insurance provides coverage for a set period of time—usually a 10-, 20- or 30-year term. Your premium costs stay the same throughout that period and may change when the term is over, if you choose to renew it. If you pass away during the term, a payment will go to your beneficiaries.
The pros: “Term life insurance is less expensive than whole life insurance,” says Adam Mitchell, president of Mitchell & Whale Insurance Brokers Ltd…

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Critical illness insurance issues a single lump-sum benefit should you be diagnosed with a critical illness that falls under the policy’s coverage, such as cancer, multiple sclerosis or paralysis. Unlike disability insurance, critical illness coverage is not designed to be ongoing, but to handle immediate expenses. That said, you’re entirely free to use this money however you wish, from paying for in-home care to taking a once-in-a-lifetime trip. If you’re curious about critical illness insurance, read on to learn all about why it’s a popular form of coverage for many Canadians.
What is critical illness insurance?
Critical illness insurance grants you a one-time, predetermined lump-sum payment in the event of one of several diagnoses. Unlike a disability plan, this is not designed to replace employment as an income stream, but to provide a sum of money to handle expenses associated with living with a critical illness. For example, you might use the funds to modify your living space, or to pay for treatments or in-home care…

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