Recently I have been talking to people about the different types of life insurance. I came up with a pretty simple way to think about the 3 main types (Universal Life, Whole Life, Term Life) of life insurance.
Comparing life insurance to a holiday just came to me.
I will start with term life insurance. Term life insurance is like going on a vacation for a few weeks; it is good deal, but it doesn’t last, and if you want to enjoy it again you will have to purchase it again, but it will likely be at a higher price in the future.
Next there is whole life insurance. Whole life insurance is like owning a time share; it is a bit more expensive, but it will always be there, you don’t have to worry about it, and the price will never change.
Universal life insurance is last on the list, but definitely should not be forgotten. Universal life insurance is like purchasing a holiday house; this is often the highest quality product as it will always be there, you can invest in it and watch your money grow. But, you have to manage it, and keep an eye on it as well.
Talk to me about what type of ‘holiday’ you want and we can discuss specifics.
Tyler Brown – Financial Security Advisor
CP: (519) 212-9859
FX: (519) 489-2740
244 Woolwich St. South, Unit #1 ~ P.O. Box 261 Breslau, ON ~ N0B 1M0