Robert Yancovitch Montreal Insurance Tips: Universal life insurance vs. whole life insurance

Life insurance is something that we all need, but we don’t really like talking about it. But neglecting to purchase life insurance can wind up costing your family tons of money. Funeral costs, credit card bills and other expensive bills can really add up. Now is the time to start thinking about the ones you love and do something to protect them in their greatest time of need. Today, we are going to discuss two of the most common types of life insurance so that you can choose which one is right for you.

Whole Life Insurance

Whole life insurance policy owners pay a monthly premium and in exchange their beneficiaries receive a certain amount. The amount received will depend on the size of the policy. Normally, the higher the monthly premium the more money the beneficiary will receive. But this one-time benefit is not the only thing whole life insurance offers. Depending on the insurance company, earnings beyond the death benefits amount will be placed in a cash reserve. This cash can be borrowed against, used to pay premiums or allowed to act as a savings account that can later be used during retirement.

Universal Life Insurance

Unlike whole life insurance which the monthly premiums are set by the insurance company, a universal policy will allow you to set your own monthly premium. This allows people who are on a budget to afford life insurance without paying as much out of pocket. But unlike whole life insurance where your cash value is always protected, if you stop making payments on a universal policy you just might lose all of your cash value.

Let Robert Yancovitch Help You Make The Right Decision

We all need life insurance but choosing a policy can be difficult. If you live in Montreal and do not have life insurance or you are looking for more coverage, why not let Robert Yancovitch help? No matter what your budget is, Robert Yancovitch can help you get enough coverage that will give you peace of mind. For many years, he has helped the fine people of Montreal protect their families. For more information, please visit the Robert Yancovitch Insurance website.