Many individuals and their financial planners consider life insurance as the cornerstone of their financial plan. While the main purpose of life insurance is to help take care of your family in the event of your death, policies can also serve other purposes including:

* Providing funds to pay final expenses

* Creating an inheritance for your heirs

* Making charitable contributions in the event of your death

* Creating a source of tax-deferred saving

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Term and Permanent

Term life insurance provides coverage for a fixed period of time and typically may be renewed after the initial contract term expires. Term insurance is typically the least expensive and simplest type of coverage, but does not provide savings. The premiums are lowest when you are young and increase upon renewal as you age. American General Life Companies insurers sell Term Insurance for one, five, 10, 15, 20 or 30 years and AG Select-a-Term which gives you a choice of 10-, 12-, or 15- through 30-year terms of life insurance coverage.

Permanent life insurance provides coverage for an indefinite period of time. Whole life insurance premiums remain at a fixed level for the duration of the policy while universal life offers flexible premiums. Over time, the policy generally builds up cash value on a tax-deferred basis. American General insurance companies sell four different types of permanent insurance:

                Universal Life

                Index Universal Life

                Variable Universal Life

                Whole Life

If you have further query please contact Canada Insurance Plan.