Whole life insurance is a form of life insurance meant to protect you throughout the entirety of your life. Similar to other life insurance products, it accrues a financial cushion to protect your loved ones in the event of your passing. This includes payments toward taxes, debts, and funeral costs.
Permanent life insurance has a secondary benefit, which is the accumulation of funds to be used before your life ends. Many whole life insurance policy holders choose to utilize cash payouts as a means of padding retirement funds.
When you select your policy, you can choose between insurance protection of anywhere from $25 thousand to $20 million. Your coverage depends on your lifestyle, family size, and what you would like to use your policy for down the road. Your Ron Johnston broker can help you determine the best policy for your needs.
Why Select Whole Life Insurance with Ron Johnston?
For more than four decades, Ron Johnston Insurance has served the people of Ontario in a broad range of life insurance services.
Being a local business, our team of experienced brokers know we aren’t just serving clients, but friends and neighbours. We strive to provide the greatest level of protection on all whole life insurance policies while meeting your budget needs with every quote.
When you work with Ron Johnston Insurance for your whole life insurance policy, you work with a team who believes in:
- Above and Beyond – Our permanent life insurance brokers work around the clock to find the best deals for our clients. We aren’t satisfied until we know all your needs have been met, and you have peace of mind about your finances in the event of your passing.
- Express Claims – We offer express claims on our whole life insurance for accessibility and convenience.
- Customer Satisfaction – Your satisfaction is important to us. Our business is protecting you and your family from financial complications due to injury, illness, or death. If you aren’t satisfied, we aren’t doing our job right.
What Does Whole Life Insurance Cover?
Whole life insurance provides several types of coverage, including protection in the event of death, as well as cash value for future financial endeavors.
When you create your permanent life insurance policy you may choose to cover yourself as an individual, yourself and your spouse as a couple, or your family as a unit. You may choose between:
- Joint first to die coverage– First to die coverage pays to loved ones at the first death in a joint whole life insurance policy. It helps cushion lost wages and pay for funeral arrangements, and debts.
- Last to die coverage– Last to die coverage pays the whole life insurance benefit on the last death in a joint policy. This supplies money toward costs associated with the estate and supplies financial support to family for other financial needs.
A standard whole life insurance plan is not only an insurance policy extending the life of the insured, but an investment. Over your life, the savings benefit of your policy grows, providing a large sum to your family at the end of your life, or it can be used during your life for needs such as purchasing a home, retiring, or paying for a child’s education.
The premiums on your permanent life insurance policy cannot be changed by your insurer. They will only fluctuate if you alter the policy yourself.
As with most life insurance policies, insurance companies look at certain criteria when determining your eligibility and whole life insurance quotes. These factors include:
- Current medical conditions
- Lifestyle choices (smoking, drinking, and drugs)
- Criminal history
It is not impossible to get whole life insurance coverage if you have previous medical conditions or lead a dangerous lifestyle. However, your coverage may be less, and your premiums may be higher.
Frequently Asked Permanent Life Insurance Questions
At Ron Johnston Insurance, we want our clients to have all the answers. To help you prepare for your permanent life insurance policy, we’ve included some of our most frequently asked life insurance questions.
Do you have more questions about whole life insurance? Ron Johnston Insurance can help. We invite you to call us today at 1-705-325-6200. Speak with one of our experienced brokers and get a whole life insurance quote today.
I really enjoy dealing with my broker at Ron Johnston insurance. Neil McKendrey has helped so much, with all of my commercial insurance needs for running my business! I would highly recommend dealing with RJI for their great quality of service!
Their whole staff is great, and Chris is a lifesaver. Strongly recommend them!
Ron insurance we're really professional people and help me out greatly with my policy