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Life Insurance

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

Life insurance is purchased for many reasons:

  • 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

Term & Mortgage Insurance

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  • 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.

Permanent 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
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Most term and permanent insurance plans offer different “riders” or options that can be added to the contract, such as:

  • Accidental death & dismemberment
  • Disability waiver of premium
  • Guaranteed insurability

Do you have more questions, or can we help you determine your insurance needs?

Click on the Contact Us For a Consultation link and you can send us a message or give us a call to arrange an appointment.