I retired from the army to become a financial adviser and insurance agent. I am a licensed broker within Alberta, and my company has agents licensed in every province, as well as two of the territories. I would gladly help anyone in getting in touch with someone who can answer their questions, as well as answer any here anyone might have.
T-75 insurance is like renting. You pay for it, but don't own it. Permanent insurance is like owning it. You pay into it, and you get to keep it. You can take out policy loans, and even cash it in when you want.
There are several types of insurance available, and unless you cannot afford permanent insurance, there really isn't much reason to go with term as a form of wage replacement. Term is a great option for things like a mortgage, or any major purchase that you only need to cover for a set period of time, and don't want to pay higher rates. You can also do a Renewable and Convertable rider on term insurance, so that you can convert it to permanent insurance without having to prove insurability. This makes term insurance a great option for younger people who need the coverage, but cannot afford the premiums for permanent. This way, they confirm that they will not get denied insurability in the future due to any diagnosis. Alternatively, you can also add a term rider to permanent insurance to add coverage for a mortgage, etc. if you want permanent, but need additional coverage for major purchases.
Anyways, there are many more options available, and surprisingly, many with extremely great rates. I suggest anyone wanting to know what they need sit down with a broker, not just an agent, some time. A broker has access to multiple companies, instead of just one. This means they can compare insurance from multiple companies and find the best rates and coverage for you.
