Life Insurance Overview
What is Life Insurance?
Life insurance is a straightforward agreement between you and a provider. In exchange for a regular premium, the insurer guarantees a tax-free cash payment (the death benefit) to your beneficiaries if you pass away while the policy is active.
Whether it's for 10 years or your entire life, it's designed to replace your income and cover your debts, ensuring your loved ones are financially protected.
Why Canadians Choose Life Insurance
- Tax-free payout to beneficiaries
- Income replacement for your family
- Coverage for mortgages and debts
- Fixed premiums you can budget for
How Life Insurance Works
Choose Coverage Amount
Apply Online
Pay Premiums
Tax-Free Payout
Term Life Insurance
The Basics
Term life insurance provides temporary coverage for a set period, typically 10, 20, or 30 years. It's the most affordable way to get high coverage amounts.
Perfect for protecting your family during your working years when income replacement and mortgage coverage are most critical.
Key Benefits
- Lower initial premiums
- High coverage amounts available
- Option to convert to permanent
- Simple and straightforward
Term Lengths Available
10 Years
Short-term protection for immediate needs
20 Years
Mid-term coverage during peak earning years
30 Years
Long-term protection until retirement
Permanent Life Insurance
Lifetime Coverage
Permanent life insurance provides coverage that never expires, as long as premiums are paid. This includes Whole Life, Universal Life, and Term-to-100 policies.
Many permanent policies build cash value over time, creating a tax-advantaged savings component you can access during your lifetime.
Key Benefits
- Coverage for your entire life
- Cash value accumulation
- Estate planning benefits
- Tax-advantaged savings
Types of Permanent Life Insurance
Whole Life
Traditional permanent coverage with guaranteed cash value
Universal Life
Flexible premiums with investment options
Term-to-100
Converts term policy to permanent coverage
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What's Your Primary Goal?
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Income Replacement
Replace lost income if you pass away, typically 10-15x annual income
Mortgage Protection
Pay off your mortgage so your family can stay in their home
Debt Coverage
Cover car loans, student debt, credit cards, and lines of credit
Children's Education
Fund your children's post-secondary education and future
Final Expenses
Cover funeral costs, probate fees, and end-of-life expenses
Estate Planning
Cover capital gains taxes, equalize inheritance, preserve wealth
Business Succession
Fund buy-sell agreements, key person coverage, business loans
Charitable Legacy
Leave a meaningful gift to causes you care about
Tax-Free Wealth Transfer
Maximize legacy with tax-advantaged death benefit
Based on Your Goals
Enhance Your Coverage
Optional riders provide additional protection at a small extra cost
Critical Illness Rider
+$8-25/month typical
Receive a lump-sum payout if diagnosed with cancer, heart attack, stroke, or other covered conditions.
Disability Waiver
+$3-8/month typical
Your premiums are waived if you become totally disabled and unable to work.
Children's Term Rider
+$5-10/month typical
Cover all your children under one rider, convertible to their own policy at age 25.
Conversion Privilege
Often included free
Convert term to permanent coverage anytime without new medical underwriting.
Accidental Death Benefit
+$2-5/month typical
Additional payout if death results from an accident (often doubles coverage).
Guaranteed Insurability
+$3-6/month typical
Buy more coverage at key life events without medical exams, regardless of health.
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