Insurance
Protecting you and your family
Life insurance provides a tax-free cash payment to your beneficiaries, helping cover expenses like debts and funeral costs while maintaining their standard of living.
Protect your family
Life insurance
Life insurance is an insurance policy that can help your family maintain their standard of living if you die. It can also help cover debts or expenses such as funeral costs.
Life insurance can also be used to:
Cover estate taxes: When the death benefit is payable to your estate
Save for retirement: By using permanent insurance policies that let you build savings as well as provide insurance protection.
Donate to charity: By making a charity a beneficiary, or the owner and beneficiary, of your insurance policy.
Protect your interest in a business: By providing money to buy out a deceased business partner’s stake in the business.
Types of life insurance
It’s important to get the type of insurance that best meets your needs.
There are two main types of life insurance in Canada:
Term life insurance: Guaranteed for a specific length of time.
Permanent life insurance: Guaranteed coverage for life.
Permanent life insurance
Permanent insurance offers lifetime coverage, making it ideal for estate and retirement planning. Though more expensive than term insurance, it's suited for long-term financial needs. It's often used to generate additional retirement income or provide funds for estate planning, such as covering taxes or charitable donations.
Types of Permanent Life Insurance
Universal Life insurance
Term to 100
Whole life Insurance
Pros:
Lifetime Coverage: Provides lifelong protection if premiums are paid.
Cash Value: Accumulates tax-deferred cash value accessible anytime.
Fixed Premiums: Premiums remain consistent over time.
Cons:
Higher Cost: More expensive than term life insurance.
Complex: The policy can be difficult to understand.
Less Flexibility: Limited options to adjust premiums or benefits.
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How to get Insurance
Term insurance offers affordable coverage for a specific number of years, typically available in terms of one, five, 10, or 20 years, and is the most common type of life insurance. While premiums remain constant throughout the term, it becomes more expensive as you age, and coverage is generally unavailable after age 75 to 85. Most policies are renewable, allowing you to extend coverage without a medical exam, though renewal premiums are predetermined in the contract.
