We help Canadians to understand their life insurance needs, and
also helps people to purchase the policy that exactly meets
their requirements as quickly and easily as possible, at the
best possible rate. There are 3 main types of life insurance.
Term Life, Whole Life, and Universal Life. Each policy has is
own distinct advantages. We will help you to determine the best
type and amount for you.
A Life Insurance Policy
Provides security for your
family in case of loss
Helps with estate planning and
Assists with your retirement
Can Be used for home mortgage
Corporate Buy-Sell Coverage
Peace of Mind
Term Life Insurance
To be covered under a life insurance policy
you make payments that are called premiums, and in the case of
the death of the insured person the life insurance company will
pay a benefit to the person you choose, called a beneficiary.
The policy must be in effect at the time of death, and the death
benefit payment is tax-free under current Canadian law when paid
to a named beneficiary that is a resident in Canada. Life
insurance is usually used to insure that funeral expenses,
mortgage payments, and living expenses can be met even though
the insured person has passed away. However, life insurance can
also be used for estate management and investment (permanent
life insurance, not term life insurance).
Term life insurance is temporary insurance, which covers a
person against death for a limited amount of time (the amount of
time covered is called the "term"). A term might be until
children are grown, or until a couple retires. Most policies
have a set term in years (e.g. 10 or 20) and may be renewable
for a second or third term, up to a certain age. Premiums are
paid until the term ends, at which time the policy may be
renewable. No benefits are received at the end of the term,
regardless of whether or not any claims were made. Life
insurance is primarily intended for people who have others who
depend on them, and protects those dependents from financial
An important question to ask oneself is: do I have people who
depend on me, and what would happen if I where gone? If you do
not have a spouse, children, etc., or if you do not have a
mortgage or any other debt then you may not need life insurance.
However, this situation is rare, and most people need to know
that if they pass away that their loved ones will be taken care
of financially. The most common length for terms is 10 years.
However, it is also possible to get a 5-year, 15-year or 20-year
term, depending on the insurance carrier.
Whole and Universal Life Insurance
Permanent life insurance is unlike term life
insurance in that it is permanent, for as long as premiums are
paid. There are several types of permanent insurance, however,
they all include the following:
a cash value
a death benefit
life time coverage, for as long as premiums are paid
can be used for wealth management and estate planning, etc.
a death benefit that may be variable
many more options than term insurance
Click here to send us your questions.