Renting for the Win. Term Insurance vs. Permanent Insurance.

Understanding the differences between term vs permanent life insurance is key to making an informed decision about long-term financial security.

Recorded on April 24th, 2025

In this episode of InFocus, Mike Gassewitz, CEO of TriCert Financial Group, is joined by Oliver Lee, BMath, Head of TriCert Insurance Agency, for a candid conversation about life insurance. What it is, what it isn’t, and how Canadians can avoid common mistakes when choosing between term and permanent insurance.

Oliver unpacks the widely used “renting vs. owning” analogy and explains why this sales tactic often leads people toward permanent life insurance they may not need. Together, Mike and Oliver explore how life insurance needs change over time, why financial planning should come before policy selection, and how to align your insurance strategy with real financial priorities.

The episode closes with practical, conflict-free advice: match the product to your real needs, avoid sales-driven pitches, and don’t hesitate to seek a second opinion, especially from your accountant or wealth advisor.

Key Takeaways

• Life insurance needs often decline with age; permanent coverage isn’t always required.
• Term life insurance can be more suitable for most Canadians, especially early in life.
• Permanent insurance is frequently oversold using misleading analogies.
• A financial plan can help prioritize goals and identify better uses for excess funds.
• Always seek independent insurance advice, especially from your accountant or wealth advisor.