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Life Insurance
Enables you to protect the financial security of the people who matter most, should you pass away.
What is life insurance?
A life insurance policy provides a one-time, tax-free, cash benefit to your chosen beneficiaries when you die.
The appropriate type and amount of life insurance for you will depend on your unique needs and circumstances.
Choosing an appropriate life insurance policy can mean the difference between leaving your loved ones well-positioned financially and leaving them to cope with debts and an inadequate income.
Life insurance products can also be part of your financial plan, and may be an option for providing access to cash within your policy while you are alive.
Starting a family?
Ensure the people you love are financially protected.
Buying a home?
Life insurance can cover debts like a mortgages or loans.
Getting married?
Protect your spouse and the plans you’ve made for the future.
What kind of life insurance are available?
There are 2 basic types of life insurance coverage: term and permanent. Each has unique features designed to meet different needs.
Permanent Life Insurance
- Lifetime coverage
- Higher cost
- Flexible payments
- Opportunity to build cash value
Term Life Insurance
- Temporary coverage
- Lower cost
- Fixed payments
- Option to convert to permanent
How do the types of life insurance compare?
An advisor can assist you in determining which is the most appropriate tool given your unique personal circumstances.
- Safeguard family's quality of life
- Cover debts and funeral expenses
- Safeguard family's quality of life
- Cover debt and funeral expenses
- Build wealth
- Estate planning
- You choose who receives a tax-free one-time payment when you die
- You choose who receives a tax-free one-time payment when you die
- Build wealth inside your policy, tax-deferred, within limits, that you can access during your lifetime
Get help with your life insurance planning.
Speak with a professional advisor who can help.
How much does life insurance cost?
Cost will depend on the type of coverage you choose. Generally, term insurance is more affordable than permanent insurance. But there are many factors that determine the cost of your policy, including:
Age
Generally, insurance cost less for younger age groups, and more for older age groups
Gender
Women live longer than men on average, so insurance may cost less than for males.
Health
Your unique health history, family history, chronic diseases and lifestyle can impact costs.
Occupation
High-risk occupations can increase cost. Conversely, low-risk occupations can reduce cost.
How much insurance coverage do you need?
This will depend on your unique personal circumstances. Best practices are to ensure your debts are covered, as well as the financial security of your dependents. Here are a few things to consider:
Your income
Your assets & net worth
Your expenses and family needs
Your debt
Other insurance you may have
A professional advisor can assist you with calculating your insurance needs.
Get in touch
Talk to an advisor who can understand your situation, answer your questions and help you build an insurance plan appropriate for you and your family.
Frequently asked questions
Answers to key questions about Life Insurance
Absolutely. Adding a secondary beneficiary to your life insurance policy is possible and can be approached in several ways, tailored to your specific goals.
The structure of beneficiaries in life insurance policies typically includes Primary Beneficiaries and Contingent Beneficiaries.
Primary Beneficiaries are the initial recipients of the insurance proceeds upon the insured individual's demise. You have the flexibility to appoint either a single primary beneficiary—who would inherit 100% of the proceeds—or multiple primary beneficiaries, allowing you to distribute the proceeds among them in any proportion you decide (for example, dividing equally among two beneficiaries would allocate 50% of the proceeds to each).
Contingent Beneficiaries, often referred to as secondary beneficiaries, are the alternative recipients of the proceeds if the primary beneficiaries are deceased at the time of the insured's passing. This scenario is particularly considered in cases of simultaneous or closely timed deaths, such as in a common disaster. Similar to primary beneficiaries, you can determine the exact share of the proceeds each contingent beneficiary receives.
This layered beneficiary designation ensures that your life insurance proceeds are distributed according to your wishes, providing you with peace of mind and offering clear guidance on the allocation of your assets.
In Canada, the main types of life insurance are Term Life Insurance, which provides coverage for a specific period, and Permanent Life Insurance, which includes Whole Life and Universal Life, offering lifelong coverage and potential cash value accumulation.
The amount of life insurance you need depends on your personal and financial circumstances. A general guideline is to have coverage that's 5-10 times your annual income, but consider debts, dependents, and future financial obligations for a more accurate estimate. A professional advisor can assist you in calculating appropriate amounts based on your unique personal circumstances.
Generally, life insurance premiums are not tax-deductible for individuals in Canada. However, if you are a business owner or use life insurance for certain business purposes, premiums may be deductible under specific conditions.
Yes, you can get life insurance with a pre-existing condition, but it may affect your premiums and coverage options. Insurers may offer standard, rated, or guaranteed issue policies based on your health status, with varying premium rates and coverage limits.
Still have questions?
Please contact our office and we'll be happy to address any questions you may have.
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