Permanent Life Insurance, also called "whole life," is one of the two common types of life insurance.
It is the most comprehensive and lasts for the duration of your life.  

With life insurance, you can ensure that your children or family members aren’t left struggling financially after your passing. For example, they will have to continue paying a mortgage, taxes, or other bills. Life insurance is one way to help prepare for the future.

Even if you don’t have children or relatives to be your beneficiaries, you are free to specify how you want the insurance money to be used in your will. For example, you can bestow your life insurance on a charity of your choosing, or set up a scholarship.

Permanent Life Insurance has both an insurance component and an investment component. To help grow your fund, a portion of your premiums are invested and managed by the insurance company. This is set up so you can pay your premium at a certain time and then forget about it.

This type of policy suits those who want minimum fuss, yet maximum financial growth - you will get the most out of this policy if you set it up while you’re young and in good health, as insurance premiums don’t change over time. King Insurance can help.

While a whole life policy may be best if you want to leave something behind for your kids or grandkids, it is more costly. Meanwhile, Term Life Insurance is more appropriate if you want to insure short-term financial responsibilities. You may choose a set period of 5, 10, 15 or 20 years. 

For example, Term Life Insurance can be used for mortgages, or as a short-term policy while your kids are young, until they grow up and no longer depend on your earnings. This period may be 10 years to pay off a business loan, or if in the example of a mortgage that will take 20 years, then you would take out a 20-year term policy for the limit of your mortgage. Or, if you have young children who would become independent after 20 years, then your 2-year term life policy is ideal.  

With Term Life Insurance, the longer the term, the higher the monthly premium. When the policy expires, you would have options to renew, but at rates that may have increased from what they previously were. 

If you do plan to leave something behind for your adult kids or for your grandkids, then you should get a Permanent Life Insurance policy, or a mix of both. 

The diagnosis of a critical illness can turn your life upside down. The last thing you want to worry about is how your family will cope if you can’t work, or how you’ll pay your medical bills. 

Critical Illness Insurance will allow you to focus on getting well. No added stresses to hinder your recovery. It provides financial security as well as access to any support services you need to get back on your feet.

Best of all, it doesn’t leave you and your family with an overwhelming financial debt to pay off afterwards.

If the illness you’re diagnosed with is covered by your plan, then Critical Illness Insurance is paid out in a tax-free, lump sum. Most Critical Illness policies provide coverage for over 22 illnesses. In Canada the most common ones are heart attack, stroke, and cancer. 

Critical Illness Insurance can be used in a variety of ways to help support you and your family during a challenging time. 
Some typical uses include: 

• paying off your mortgage or other debt 
• keeping your business running 
• modifying your home to improve mobility 
• hiring home care to help you recover 
• Paying for specialized treatments

Suppose you were unable to work due to an injury or accident causing disability. How are you going to pay your mortgage, your bills, and take care of your family? What if you need much longer to recover after already having used up your months of paid sick leave?

Disability Insurance provides peace of mind that, in the event of disability, you can depend on a monthly stipend to replace a portion of your salary. This applies whether it’s a short-term disability, or a long-term disability. 

You might find that government plans, such as workers’ compensation or Employment Insurance benefits, have quite a limited scope in terms of coverage and payout amounts. They may not cover you for all your needs.

A Personal Disability Insurance policy will provide you and your family with living expenses if your disability prohibits you from working. This type of insurance is especially good if you’re self-employed, or you aren’t part of a group disability plan with your employer. 

Your Disability Insurance premium is directly affected by your age, gender, lifestyle (i.e. whether you smoke, drink, or exercise), and your type of occupation.