Whole life vs term life cost

 Life insurance can be very confusing. What is term life insurance? What is whole life insurance? How can you get the information you need and make the right decision about life insurance in Kitchener for you and your family or other beneficiaries? 

If you are someone looking to buy Life insurance in Kitchener, you are at the right place. We’ll provide an overview of these two popular types of life insurance so you can get an idea of what might be a good fit for you and contact us for more help. 

Differences Between Whole Life and Term Life 

Deciding whether to purchase whole life or term life insurance in Kitchener ? It is a personal decision that should be based on the financial needs of your beneficiaries as well as your financial goals. Life insurance can be a very flexible and powerful financial vehicle that can meet multiple financial objectives, from providing financial security to building financial assets and leaving a legacy in Kitchener. 

Here are some of the main features of term and whole life insurance. 

Features of term life insurance 

Provides death benefits only 

Pays benefits only if you die while the term of the policy is in effect Easiest and most affordable life insurance to buy 

Purchased for a specific time period, such as 5, 10, 15, or 30 years, known as a “term” 

Becomes more expensive as you age, especially after age 50 The term must be renewed if you want coverage to be extended beyond the term length 

Can be used as temporary additional coverage with a permanent life insurance policy 

Can be converted to whole life insurance

Features of whole life insurance: 

Covers you for life 

Provides death benefits as well as a cash value accumulation that builds during the life of the policy 

You typically must qualify with a health examination 

Can be purchased without a medical exam, but at a higher cost Takes 12 to 15 years to build up a decent cash value 

Can be a good choice for estate planning 

Cash value is based on how much the return on investment is worth A portion of the cash value can be withdrawn or borrowed during the life of the policy 

Initially has more expensive premiums than term life insurance, but can potentially save you money over the life of the policy if in force for a considerable number of years 

Whole Life or Term Life Insurance Variables and Considerations 

When choosing between whole life or term life insurance in 

Kitchener, there are a number of variables to take into account. A knowledgeable life insurance in Kitchener can help you evaluate each of the following aspects of your circumstances and determine whether term life or whole life is a better option for you. 


The factors to consider include: 

Your current age 

Current health condition 

Financial needs of your family 

Planning Funeral and death expenses 

The age of your children 

Long term health expenses in the event of a serious illness 

Your mortgage and current debts 

Retirement plan you have in place 

Future needs of your family, such as your children’s college tuition Your need for an additional retirement savings plan

Your plans and concerns regarding setting up an estate and ramifications for estate taxes 

Your intention to set up a trust as part of your will 

In case of Donating life insurance proceeds to a charity 

Your feelings on potentially paying into a term policy and never receiving any of that value back 

In conclusion,as you compare the cost of whole life insurance vs term, do so with the idea that you can only afford what fits your budget. 

It’s important to purchase a high quality and comprehensive life insurance in Kitchener, but make sure you’re comfortable with your ability to make the premium payment every month, quarter, or year. 

Taking this approach will help you make an informed and confident decision.

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