Vancouver Life Insurance: An Easy Guide for Comparing Plans

comprehensive overview of different life insurance published by Venture First Advisory allows Canadians to pick what’s right for them

This press release was orginally distributed by ReleaseWire

Vancouver, BC -- (ReleaseWire) -- 09/23/2022 -- Looking for Vancouver life insurance can be tricky. There are so many different types—and often, the differences aren't well understood. Luckily, the team at Venture First Advisory has published an article with a convenient overview, so people can understand key differences and choose the right coverage for themselves—and their families. For more, go to https://www.venturefirstadvisory.com/blog/comparing-types-life-insurance/.

Venture First Advisory has a plan for everyone. As a team that works with top Canadian insurance companies, applicants can choose between Term or Permanent policies, which offer different price points, benefits, and flexibility. Here's a quick overview.

Term Life Insurance

Term life insurance provides a set amount of life insurance coverage for a predetermined time—a term. Generally, the period ranges from 10 to 45 years, and the policy expires at age 85.
Term life insurance tends to be the least expensive; it's a policy that provides in case of accidental or illness-related death. While the accessible cost makes it popular, people must either renew at a higher rate or switch to a permanent policy once it runs out.

Permanent Life Insurance

For whole-life coverage, there are permanent plans with higher premiums. In some cases, partial premiums may be invested in a fund that gets paid out if the policy is cancelled. There are three common types of permanent life insurance: Term 100, Whole Life, and Universal, each with unique benefits.

Term 100

Term 100 life insurance is similar to Term Life Insurance. It offers lifetime coverage but at a less expensive premium. People who live past the age of 100 are still covered but do not have to pay. The lower term 100 life insurance cost is because there is no investment component, which means no payout upon cancellation.

Whole Life Insurance
As the name suggests,Whole Life Insurance offers whole life coverage. Premiums are higher due to an investment component. This cash investment can be paid out either by receiving dividends each year or electing for a payout when needed. Whole Life Insurance policies usually have a fixed premium, which means the same amount is paid for the entire coverage period.

Universal Life Insurance
Similar to Whole Life Insurance, but with even greater flexibility. Universal Life Insurance features flexible premiums and the ability to choose investments. People can also use some of the built-up cash value to reduce premiums. Universal is a fantastic option for people to want to build up assets— with the ability to change depending on personalized preference and risk tolerance.

Choosing the right Vancouver life insurance means understanding the differences and selecting the one that most effectively meets an individual's needs in relation to budget and family.

The specialists at Venture First Advisory always excel at providing clients with the life insurance solutions necessary for long-term peace of mind.

Book an appointment with Venture First Advisory today to speak to one of their experienced advisors—this is the coverage you need from people you can trust.

About Venture First Advisory
Venture First Advisory is committed to having the most in-depth knowledge about insurance for British Columbians, from comprehensive life insurance to health and dental plans. We have relationships with every major insurance brand in British Columbia. Developing these relationships means that, with our deep knowledge of the different options available, we can find the best plan for you.

For more information, please visit https://www.venturefirstadvisory.com/ or call 1-855-245-8086.

Venture First Advisory
Alan K.
media@venturefirstadvisory.com
1-855-245-8086

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