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Ontario, Alberta & British Columbia
LIFE INSURANCE
Life Insurance
Understanding life insurance
Life insurance helps your loved ones deal with the financial impact of your death. It provides them with a one-time, tax-free payment, called a death benefit. They may use the amount to:
- Replace your income to allow your family to maintain their standard of living
- Provide for your children or dependents
- Pay for your funeral expenses
- Pay off your debts
- Make a donation to charity
You may also choose to leave the money to your estate or to a trust.
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Term life insurance
Term life insurance pays a death benefit if you die within a specific period. The length of your coverage is for A fixed period, such as a term of 10, 20, 30 years, or pick your term – it varies from 5 to 40 years. Majority companies expiry are around age 85 years old. If you die within the duration of your policy, your insurer will pay the death benefit to your beneficiaries. Once the term ends, the coverage ends, and your beneficiaries don’t receive any payment. Term insurance policies don’t include cash value. This means you can’t borrow against your policy. You also won’t get any cash value back if you cancel your policy. You might be able to renew certain term policies. Generally, your insurance company will establish your premiums according to the length of the term. Your premiums may increase when you renew the policy. For example, premiums would increase every 5 years on a 5-year renewable policy. Term life insurance premiums are generally less expensive than permanent life insurance premiums when you first buy the policy. If you don’t pay your premiums, your insurance company may cancel your policy.
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Permanent life insurance
Permanent life insurance gives you lifetime coverage. Your beneficiaries will get a death benefit once you die while your insurance policy is in effect. Certain Permanent life insurance policies usually build up a cash value. This means you get a cash value back if you cancel your policy. The amount would be less than what you paid in premiums for the insurance costs. You may be able to take out a policy loan or use your life insurance policy as collateral for a loan. If you borrow using the cash value of your policy, you must repay the loan. If you don’t, it may reduce the amount of money your beneficiary will receive. It may also reduce the amount you get back if you cancel your policy.
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They frequently asked
questions
? What is health insurance
Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It can also cover preventive care, prescription drugs, and other health-related costs.
? Why do I need health insurance
Health insurance provides financial protection against high medical costs. It ensures that you can afford necessary treatments and medical procedures without facing financial hardship.
? What does health insurance typically cover
Health insurance typically covers hospitalization, surgeries, doctor's visits, prescription medications, preventive care, and sometimes dental and vision care, depending on the policy.
? What is life insurance
Life insurance is a contract between an individual and an insurance company, where the insurer agrees to pay a designated beneficiary a sum of money upon the death of the insured person.
? Why should I get life insurance
Life insurance provides financial security to your loved ones in the event of your death. It helps cover expenses such as mortgages, education costs, and daily living expenses, ensuring that your family can maintain their standard of living.
? What types of life insurance are available?
There are several types of life insurance, including term life insurance, which provides coverage for a specific period. Participating (Par) life insurance pays dividends to policyholders, while non-participating (Non-Par) life insurance offers guaranteed cash value without dividends. Universal life insurance combines death benefit protection with a savings element, allowing for flexible premiums and death benefits. Each type has unique features to suit different needs and financial goals.
