If you need low cost life insurance for a particular reason, mortgage, young family, etc. Then, short term, TERM is a temporary answer. Consider the low cost alternative with whole life insurance.

We become so obsessed with getting the lowest cost today, that we miss the big picture of the much lower cost of whole life insurance in the long term. [Editor's note: Examples are for Canadian life insurance]


Male , Age 32, $200,000 Life Insurance Coverage.

Low Cost of 10 year Term Life Insurance to Age 85... $ 195,368.00

Monthly premium: year 1-10 $17.64..year 11-20 $58.59..Year 21-30 $86.04

Year 31-40 $ 252.72 Year 41-50 $ 750.82 Year 51-53 $1,546.00.

And the life insurance policy expires at age 85. ( If you die after that, no one gets any money and you would have paid out $195,368.00.)


Monthly Premium $91.84

Pay to Age 65. ( Whole life insurance policy is then paid for life).

Total Premiums for Life $36,368.64

-- Also..it has Cash Value

Age 62 $ 27,200.00

Age 82 $ 93,600.00

Age 92 $ 128,800.00

Net low cost of life insurance at age 65? 000 ( as the cash value exceeds the premiums. )

After 33 years, wouldn't it be nice to have life insurance which doesn't increase in cost?

But, most importantly, it will last a life time... and no future premiums. (Enjoy your retirement!)