{"id":7183,"date":"2019-06-19T15:36:50","date_gmt":"2019-06-19T15:36:50","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/2019\/06\/19\/term-permanent-whole-and-universal-life-insurance-what-are-the-differences\/"},"modified":"2023-02-10T20:25:10","modified_gmt":"2023-02-10T20:25:10","slug":"term-permanent-whole-and-universal-life-insurance-what-are-the-differences","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/term-permanent-whole-and-universal-life-insurance-what-are-the-differences","title":{"rendered":"Term, Permanent, Whole and Universal Life Insurance \u2014 What Are The Differences?"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">Term, Permanent, Whole and Universal Life Insurance \u2014 What Are The Differences?<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2019-06-19T15:36:50-04:00\">June 19, 2019<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">4 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"RBC Insurance\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">RBC Insurance<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"614\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/banner-small-533227465O_402x-1-2.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Woman looking at a computer.\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/banner-small-533227465O_402x-1-2.jpg 1200w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/banner-small-533227465O_402x-1-2.jpg?resize=300,180 300w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/banner-small-533227465O_402x-1-2.jpg?resize=768,461 768w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/banner-small-533227465O_402x-1-2.jpg?resize=1024,614 1024w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/banner-small-533227465O_402x-1-2.jpg?resize=412,247 412w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Term, Permanent, Whole and Universal Life Insurance \u2014 What Are The Differences? &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/term-permanent-whole-and-universal-life-insurance-what-are-the-differences\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/term-permanent-whole-and-universal-life-insurance-what-are-the-differences\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h4\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Which type of coverage is right for me?<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-which-type-of-coverage-is-right-for-me\">Which type of coverage is right for me?<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>Do you have life insurance? If not, you&#8217;re not alone. Many people are confused about the different types of life insurance, which can often stop them from buying a policy. A recent survey from the Financial Services Commission of Ontario (FSCO) found that only 47% of 25- to 34-year-olds in Ontario have life insurance, and almost half of those (48.6%) say they don&#8217;t fully understand their policy.<sup>1<\/sup><\/p>\n<p>If your loved ones depend on you financially, you need life insurance. It can give them the financial security they need by providing them with a tax-free payment in the event of your death that they can use for things like:<\/p>\n<ul class=\"disc-list\">\n<li>Covering your funeral expenses<\/li>\n<li>Helping them stay in the family home<\/li>\n<li>Taking care of childcare expenses or household bills<\/li>\n<\/ul>\n<h4 id=\"h-which-type-of-coverage-is-right-for-me\">Which type of coverage is right for me?<\/h4>\n<p>Life insurance coverage falls into two broad categories: term and permanent.<\/p>\n<p>Term life insurance provides coverage for a specific period of time and is renewable after the term is up.<\/p>\n<p>Permanent life insurance is designed to provide lifelong coverage. It can be either whole life or universal life insurance.<\/p>\n<p>This may sound confusing, but understanding life insurance doesn&#8217;t have to be. Regardless of the different types, all forms of life insurance provide protection against financial loss resulting from death. The chart below explains the different types of life insurance to help you make an educated purchasing decision.<\/p>\n<table class=\"table-stack-column table-striped w-full stacktable large-only\">\n<tbody>\n<tr>\n<th>\u00a0<\/th>\n<th class=\"w-33\">Term Life<\/th>\n<th class=\"w-33\">Permanent<br \/>Whole Life<\/th>\n<th class=\"w-33\">Permanent<br \/>Universal Life<\/th>\n<\/tr>\n<tr>\n<td class=\"subtitle\" valign=\"top\">What\u2019s the age of eligibility?<\/td>\n<td valign=\"top\">18-70<sup>2<\/sup><\/td>\n<td valign=\"top\">0-85<sup>3<\/sup><\/td>\n<td valign=\"top\">0-85<sup>3<\/sup><\/td>\n<\/tr>\n<tr>\n<td class=\"subtitle\" valign=\"top\">What\u2019s this coverage ideal for?<\/td>\n<td valign=\"top\">Offers an easy and convenient way to help protect your family\u2019s financial future for the short term<\/td>\n<td valign=\"top\">Great if you want lifetime coverage to help protect your family\u2019s financial future for the long term<\/td>\n<td valign=\"top\">Ideal if you have an interest in investments and want the security of lifetime coverage with the opportunity to save money in a tax-advantaged policy<\/td>\n<\/tr>\n<tr>\n<td class=\"subtitle\" valign=\"top\">How long will I be covered for?<\/td>\n<td valign=\"top\">A set number of years (referred to as a term) \u2013 usually 10 to 40 years \u2013 with the option to renew at the end of the term<\/td>\n<td valign=\"top\">Your entire life<\/td>\n<td valign=\"top\">You\u2019ll have a unique combination of life insurance and investment options to choose from for your entire life<\/td>\n<\/tr>\n<tr>\n<td class=\"subtitle\" valign=\"top\">Will the payment to my beneficiary(ies) be tax-free?<\/td>\n<td valign=\"top\">Yes<sup>4<\/sup><\/td>\n<td valign=\"top\">Yes<sup>4<\/sup><\/td>\n<td valign=\"top\">Yes<sup>4<\/sup><\/td>\n<\/tr>\n<tr>\n<td class=\"subtitle\" valign=\"top\">Will I need a medical exam?<\/td>\n<td valign=\"top\">May not be required<\/td>\n<td valign=\"top\">Typically required<\/td>\n<td valign=\"top\">Typically required<\/td>\n<\/tr>\n<tr>\n<td class=\"subtitle\" valign=\"top\">Will my payments increase?<\/td>\n<td valign=\"top\">Your payments are <strong>guaranteed not to change for the entire term<\/strong>; payments will increase at renewal but will then be guaranteed for the entire renewal period<\/td>\n<td valign=\"top\">No, your payments are guaranteed not to change for life<\/td>\n<td valign=\"top\">You can choose from various terms and payment options<\/td>\n<\/tr>\n<tr>\n<td class=\"subtitle\" valign=\"top\">Is the policy cancellable at any time?<\/td>\n<td valign=\"top\">Yes<\/td>\n<td valign=\"top\">Yes (you may receive the savings component of your policy if you cancel it before it\u2019s matured)<\/td>\n<td valign=\"top\">Yes (you may receive the savings component of your policy if you cancel it before it\u2019s matured)<\/td>\n<\/tr>\n<tr>\n<td class=\"subtitle\" valign=\"top\">Is there a money-back cancellation period?<\/td>\n<td valign=\"top\">No; however if you cancel, you will only pay for the time when you were covered<\/td>\n<td valign=\"top\">No; however if you cancel, you will only pay for the time when you were covered<\/td>\n<td valign=\"top\">No<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>It\u2019s always important to <a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/?dlref=Discover-Learn-Insurance&amp;dlarticle=148979&amp;dltarget=\">compare life insurance<\/a> before you buy it. The more you know about the different types of life insurance, the easier it will be to find the policy that best fits your needs.<\/p>\n<p>Still have questions? Talk to an <a href=\"https:\/\/services.rbcinsurance.com\/StoreAdvisorLocator\/?dlref=Discover-Learn-Insurance&amp;dlarticle=148979&amp;dltarget=\">RBC Insurance advisor<\/a> today.<\/p>\n<h6>1) <a href=\"https:\/\/www.investmentexecutive.com\/news\/products\/millennials-struggling-to-grasp-insurance\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.investmentexecutive.com\/news\/products\/millennials-struggling-to-grasp-insurance\/<\/a><br \/>2) You may apply for term life insurance if you are age 18 to age 70 for terms from 10 to 15 years. For terms over 15 years, the maximum issue age is 85 less the selected term. For example, for a Term 25 policy, the maximum issue age is 60 (85 \u2013 25). <br \/>3) There are different options available to you. Please contact us for more information. <br \/>4) Note that probate fees are applicable if you have not designated a beneficiary and the proceeds of your policy become part of your estate.<\/h6>\n<p>\u00a0<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-life-insurance\">RBC Life Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect Your Loved Ones With Dependable Life Insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn is-style-primary primary\"><a class=\"wp-block-button__link has-text-lg-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-283-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center mar-t-hlf mob-mar-t-hlf pad-b mob-pad-b has-text-reg-font-size\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-273-18de2c2e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format\">Learn More<\/a><\/p>\n<\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-8b5ae3cf-ecc1-4d7a-a8c6-b8a997774686 {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-8b5ae3cf-ecc1-4d7a-a8c6-b8a997774686 {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-8b5ae3cf-ecc1-4d7a-a8c6-b8a997774686\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-HomeInsurance-14506-2de7ba0a\" data-dig-category=\"LP-HomeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Buying life insurance? Here are some facts about the different types of life insurance, plus common features and definitions.<\/p>\n","protected":false},"author":98,"featured_media":7196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[54],"tags":[63],"article-type":[80],"ppma_author":[],"class_list":["post-7183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-life","article-type-advice-learning"],"pp_force_visibility":null,"pp_subpost_visibility":null,"pp_inherited_force_visibility":null,"pp_inherited_subpost_visibility":null,"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Term, Permanent, Whole and Universal Life Insurance \u2014 What Are The Differences? | RBC Insurance<\/title>\n<meta name=\"description\" content=\"Buying life insurance? 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