Most people only need Term Insurance!Aug 08, 2021
Here's the skinny, most people do not need expensive permanent life insurance, cheap term insurance will do just fine.
If you are buying life insurance to cover your debts or replace your income, you only need term. Term insurance is ten times (or more) cheaper than a permanent life insurance policy.
What's the downside of term? Term goes away; you pay an expense for 20+ years and - hopefully - it is the worst investment you ever make. If your life insurance is a 'good investment', you are not around to enjoy it.
The upside? It's cheap. The younger and healthier you are, the cheaper it is. For someone that is contributing a few hundred dollars a month to their RRSP or TFSA account, carving a small portion of that out is a no-brainer. Permanent life insurance is an awesome tool, it's just not for most people. Buy term and invest what you would spend on buying a whole life policy - you will take care of your risk and build your wealth at the same time, without having to worry about an expensive monthly payment that you don't want or need.
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