+Life Insurance is designed to handle the “What ifs” in life. Once a policy is approved, you pay a monthly premium to the insurance company and they in turn take on the risk by agreeing to pay an agreed upon, tax free, lump sum in the event the insured dies. Life insurance is an intregal part of financial planning and those who still have young children and debt should take a serious look at getting some coverage in place whether you live in a big city like Toronto or a small town. 

What kind of insurance is best for you and your family? 
There are basically two types of life insurance policies: term life insurance and permanent life insurance. Term policies are the more economical option compared to its more expensive counterpart: