Would your loved ones be financially impacted if something happened to you?
If the answer is yes, then you should consider how life insurance can give you and your family peace of mind.
What is Life Insurance?
Life insurance protects the financial future of the ones you love by paying a tax-free cash benefit to your beneficiaries. This money can help them:
- Pay off loans, debts, mortgages
- Maintain their lifestyle and pay day to day expenses
- Pay for your children’s education
- Cover funeral expenses
What about my work plan?
While you may have basic life insurance through work, the coverage may not meet your needs and typically ends when you leave your employer. With your own plan, you’re covered, regardless of what happens with your job.
Mortgage vs Term Life Insurance: Which is best?
There are many reasons why a term life policy is a better choice:
- Premiums – with mortgage insurance, there are no discounts for being a non-smoker or for being healthy, everyone pays the same premium’s.
- Underwriting – mortgage companies use “post-claim” underwriting, which means they’ll only decide if you qualify after a claim is made, at which point they may decide that you never qualified.
- Declining Benefit – Mortgage insurance declines as you pay off your mortgage but the premiums remain the same.
- Beneficiary – With mortgage insurance, the beneficiary is the bank, with personal term insurance you assign the beneficiary.
- Portability – Mortgage insurance is tied to your home. A simple term policy is portable and covers you regardless of who your mortgage is with.
- Consolidation of coverage – Mortgage insurance only covers your mortgage, a personal term policy can cover all your insurance needs (mortgage, income replacement, education, childcare etc)
Types of life insurance:
Term life insurance
- Term life insurance provides simple and affordable protection for a defined period of time when insurance needs are high but available funds are limited.
- In the event of your death, the policy pays a cash benefit, tax free, to your beneficiaries.
- The costs will never increase for the entire term.
- Ideal for people who want to ensure debts, like mortgages or loans are paid off, childrens education needs are met or to replace a loved ones income if they were no longer able to support their family.
Participating life insurance
- Participating life insurance provides lifelong protection, with an opportunity for tax-advantaged cash value growth
- Amount of coverage and annual costs are guaranteed for life and you may be eligible to receive dividends which can buy more coverage, reduce your premium payments, earn interest inside the policy or be taken out as cash.
- Ideal for people who want to supplement their retirement income, help pay for children’s education or increase their death benefit over time to keep pace with inflation
Universal life insurance
- Flexible lifelong protection combined with an investment component that you choose and manage based on your risk profile and objectives.
- You choose a guaranteed death benefit that will be paid to your beneficiaries
- The money you pay goes into a policy fund that’s used to pay for the cost of your insurance. The remaining balance is invested on a tax advantaged basis from a variety of investment options.
- Ideal for people who have maximized their RRSP contributions, want to enhance their estate for their children and grandchildren or are business owners looking for a tax-efficient way to protect the value of their business.
- Designed to replace a portion of your income if you become disabled and are unable to work.
- A disability can result from a number of causes including an injury, a serious illness or a mental health issue. Disabilities can be either short or long term.
Critical illness insurance
- A lump sum payment to help cover the costs associated with recovering from a life-altering illness.
- If you experience a covered illness and meet the survival period, you’ll receive a tax-free lump sum cash payment to use on whatever you wish.
- Return of premium option allows you to get up to 100 per cent of your premiums back if you don’t experience a critical illness.
Apply on the Phone
To apply for your Life insurance policy over the phone please use the contact information below:
Phone - (800) 679-2640 Ext 416
E-mail – email@example.com
Apply Online Now by clicking 'Start Life Quote' below
Start Life Quote