If you have loved ones or business colleagues depending on you for financial support, life insurance can help take care of their future financial security. Should you pass away, your beneficiaries receive a lump sum, tax-free payment to help them replace lost income, maintain their living standards, pay for your children's education, pay off debts and cover your final expenses.
Our wide range of life insurance products are supported by value-added service and support while backed by the strength of Canada's leading life insurance companies.
There are key differences to be aware of when comparing “Mortgage Protection” offered by financial institutions and mortgage brokers and “Mortgage Insurance” offered by licensed insurance professionals (click link below to see differences). Understanding the fine print ahead of time on your insurance contract(s) will lighten your stress load in the event of a claim.
Term Life Insurance
Guaranteed premiums and coverage for the length of the term chosen– generally Term 10, Term 20 or Term 30. Term Life Insurance is commonly used to protect mortgages and young families. Coverage that is renewable and convertible to ensure you will have the flexibility of choice in future years is important when choosing to select your coverage.
Permanent Life Insurance
Often referred to as Whole Life or Universal Life, permanent insurance provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Permanent insurance costs are usually guaranteed not to increase from inception and some permanent insurance plans give you the ability to pay off the policy over a specific period of time.
Business Needs and Considerations:
Would your business suffer a loss of income or productivity if one of your key employees was lost? Insuring the life of a key person ensures your business has immediate cash to find a suitable replacement and supplement a loss in earnings due to the loss of your key employee.
Shareholder Life Insurance
The most cost-effective way to fund the buyout requirements of shareholder agreement is to insure the lives of each shareholder. The company owns and is the beneficiary of the policy – and pays premiums with pre-income tax dollars. If and when a shareholder dies, the company receives a tax-free death benefit and has liquidity to buy out the estate of the deceased shareholder.