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What is Income Provider?

Income Provider is a less expensive life insurance option that is based on your take home pay. In the event of your death, your loved ones will receive a tax-free, guaranteed monthly income until you would have reached age 65. There is a minimum five-year payout if you die after age 60.

Premiums can be up to 40 per cent less expensive than regular term life insurance because you only pay for what your family needs.

Benefits of Income Provider

  • Guaranteed income – Ensures a guaranteed monthly revenue stream for your family
  • Savings of up to 40% - Saves you money. because you only pay for what you need, and rates are guaranteed to never increase.
  • Tailored coverage – Offers choice of benefit amounts to represent current monthly income with an option to add debt protection
  • Easy to apply – Get a quote online in as little as 15 minutes and there’s no medical exam for most applicants.

Optional debt coverage

Income Provider offers optional debt protection. You indicate the personal debt you would like covered in the event of your death – things such as mortgages, loans, credit cards and lines of credit. A lump sum is provided to your beneficiary to clear these expenses along with the guaranteed monthly income.

How does Income Provider work if I’m older?

If you are older than 50 you can buy Income Provider. The coverage is for 15 years and there is a minimum five-year monthly payout if you die close to the end of that period.

Income Provider vs Term Life

When you purchase traditional term insurance, you are buying a single lump sum death benefit but it’s hard to know if that money will be enough to last. Your family must also manage those funds to cover the lost income for many years.

Income Provider is decreasing term life insurance, so you only pay for what your family needs. Your beneficiary will receive guaranteed tax-free monthly payments to help cover ongoing expenses like mortgage payments, car loans, food, clothing, medical bills and schooling.

When it comes time to renew a typical 10- or 20-year term life insurance policy your rates can increase by 500% or more. With Income Provider, your rates are guaranteed to never increase during the entire term of the policy up to age 65.

Income Provider vs mortgage life insurance

Income Provider is usually less expensive than mortgage life insurance because rates are customized to you, not your mortgage. Unlike mortgage insurance, you do not pay more to cover the costs of those who have a less healthy lifestyle.

Also, mortgage insurance pays the financial institution the balance of your mortgage in the event of your death. Income Provider pays monthly benefits directly to your beneficiary, so your loved ones can continue to pay all the everyday expenses and monthly bills – not just the mortgage.

In addition, with Income Provider you do not have to re-qualify for life insurance at higher rates when you buy a new house, refinance your mortgage, or change your mortgage provider.