Our life Insurance Planning services can safeguard your loved ones and provide financial peace Our life Insurance Planning services can safeguard your loved ones and provide financial peace

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Our Life Insurance Broker in Edmonton helps you find the right permanent and term insurance policies

Life Insurance: What’s the difference between permanent and term insurance?

Life insurance is a valuable tool for protecting your loved ones financially in the event of your untimely death. There are two main life insurance types: permanent and term insurance. Both have unique benefits, and choosing the right insurance for your needs requires careful consideration.

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Coverage needs

Consider how much coverage you need and for how long. Permanent insurance provides coverage for the policyholder’s entire life, making it a better option for long-term financial goals. On the other hand, term insurance is appropriate for short-term financial obligations.

Here are some examples of situations where you might choose permanent insurance versus term insurance:

Permanent insurance covers your entire life, making it ideal for long-term financial goals


Permanent insurance policies are typically more expensive than term insurance policies. This is because permanent insurance offers coverage for the policyholder’s entire life and has a cash value component, which can be used for investment or borrowing purposes.

Term insurance policies provide coverage for a specific period and do not have a cash value component. Term insurance policies are initially more affordable than permanent insurance and will increase at the end of each term.

Choosing a policy that fits within your budget and provides the coverage you need for your financial goals is essential. We can help you evaluate the costs and benefits of each policy and help you make an informed decision.

Edmonton's Life Insurance Broker helps you select a budget-friendly policy with the coverage you need

Cash Value

One of the key benefits of permanent insurance policies is the cash value component. Over time, the policy accumulates a cash value, which grows tax-deferred and can be used for various purposes. This cash value can be borrowed against or withdrawn for financial goals such as paying for college or retirement. As a result, permanent insurance policies can also serve as an investment vehicle.

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Life licensed for 45 years in Alberta.

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JBF Financial offers Life Insurance Broker Services in Edmonton and Alberta, Canada.