Life, Term & Mortgage Insurance

Life Insurance

Life insurance is a contract that provides tax-free cash upon the death of an insured person.

To pay for final expenses
To pay off debts or a mortgage
To provide an ongoing income for your family and loved ones
To ensure that there is cash available to pay for children’s education
To protect your estate from taxes (income and capital gains) as well as from probate, legal and accounting fees
To “leave a legacy” for your favourite charity, church or other organization
Your business may require life insurance for a partnership agreement, key-man insurance or business continuity plans

These plans provide coverage for the specified period (10 year, 20 year, 30 year or to age 65) and at the end of that period they will automatically renew at a higher premium
Depending on the insurer, these policies usually expire at age 75 or 80 (term to 65 would expire at age 65)
These plans are usually quite inexpensive at younger ages
Usually purchased when someone has a “temporary” need. For example, when raising a family or to replace the bank's mortgage or loan insurance.

Whole life, Universal life, Term to 100

These plans are more expensive, since the death benefit will eventually get paid out
The premiums remain level and are fully guaranteed
However some may allow premiums to be increased or decreased within certain limits
Cash values may be available and may be used to pay future premiums, to increase the death benefit or to access the cash for many other reasons