How to Choose the Right Insurance Product for You?

In Canada, there are many types of insurance products: term life, whole life, critical

illness, travel insurance, and more. Choosing the right one depends on several key

factors:

1. Age and Life Stage

Young families: Term life insurance is affordable and protects against major risks.

Middle-aged: Consider whole life and critical illness coverage for longer-term planning.

High-net-worth clients: Combine permanent insurance with investment (e.g.,

participating whole life or IFA strategy).

2. Financial Budget

Term life is cost-effective for temporary needs; whole life offers lifelong protection and

cash value if your budget allows.

3. Protection Goals

Need income protection? Critical illness and disability insurance may help.

Traveling often? Get travel insurance with global medical coverage.

Planning legacy? Use whole life insurance with trust planning.

4. Tax and Estate Planning

Insurance is not just for risk protection—it can be a strategic tool for tax efficiency and

intergenerational wealth transfer.

Tip: Work with a licensed insurance advisor to evaluate your needs and design a

tailored plan.