Life Insurance in difficult economic times

Life Insurance in difficult economic times

A lot of Canadians are re-considering their investments and assets with the recent economic slowdown as we saw Toronto Index losing 9% in three sessions and other indications of a recession.

During a recessionary period, Life Insurance is a favourable choice as the internal rate of return is high compared to low or no risk investment options. It is still considered to be a recession-proof, guaranteed asset with pay out a benefit that is tax free.

Many Canadian firms offering Life Insurance have provisions of guaranteed premiums and proceeds are tax free.

The return rates on permanent policies vary between 5% to 11% and many companies are considering revision of premiums and increasing them as the rates of returns have been extremely low last few years.

Some companies have still kept their premiums level, and this offers a very favourable environment for purchasing a fully-guaranteed, non-participating whole life policy.

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