Term insurance offers the greatest coverage for the lowest initial premium.  It’s a great solution for people with temporary needs or a limited budget. Term last for a specific, pre-set period of time (10 Year Term, 15 Year Term, 20 Year Term and more), increasing in cost at the end of each term before ultimately expiring (typically expiry is age 70 to age 85 depending on the company)

Permanent insurance will last your entire life time. It is usually more expensive than term, but it makes more sense if you are looking for lifelong protection. Permanent insurance can offer cash values, death benefit increases and many more benefits over traditional term insurance.

Whole Life: The most traditional form gives you the option to set a fixed death benefit and premium which means the prices stay the same even as you get older.

Universal Life: UL insurance provides more flexibility by being able to adjust premiums and death benefit and premiums. This may come in handy if you get a new job and you start making more money, you can then up your death benefit which in turn will up your premiums.

Term-to-100: Is a type of guaranteed term insurance. The premium costs with Term-to-100 are typically level until age 100.

The Death Benefit is what your beneficiary gets paid out if you were to pass away, if you are paying for $500,000 of “coverage” that $500,000 is your death benefit. In all most all cases in Canada, personally owned life insurance death benefits are tax free.