Temporary insurance is called Term Insurance as it is coverage for a set time period at a "level" premium. The most popular are 10-Year, 20-Year and, Term to age 100 policies.
Permanent insurance builds cash values in the policy. There is Whole Life insurance that offers guaranteed cash values and Universal Life insurance that offer variable cash values based on the investments within the policy.
"Life Insurance - It's cheaper to buy ten years early than one minute too late" - Unknown
Mike Sukhram, MBA, FMA, PFP, CIM | Financial Advisor
Carte Wealth Management Inc. | Main Street Adviser Group
425-6755 Mississauga Rd., Mississauga ON L5N 7Y2
905-891-7171 | msukhram@msadviser.ca
Mutual Funds and ETFs provided through Carte Wealth Management Inc.
Insurance products such as segregated funds, life, disability, and critical illness insurance are offered through Carte Risk Management Inc.
Banking services through referral arrangement.