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Life Insurance is used to help families maintain the lifestyle they are accustomed to after a loved one passes away. Kids can stay in hockey, family vacations can still happen, and children can continue their education plans. Life Insurance comes in many forms: Term, Whole Life, Universal Life, etc. However, it is probably more important to choose the right amount of insurance first, and then look at your budget. Life Insurance is also used in business to pay off debts, buy out a deceased partner’s shares, and provide cash to replace key employees when an unexpected death occurs.

Permanent Life Insurance

Permanent life insurance costs more than term initially but is more economical in the long term. Term 100, Universal Life, and Whole life are all forms of permanent insurance.

Term 100

Typically a life policy without any cash values but premiums can be guaranteed to stay the same for the insured's lifetime.

Universal Life Insurance

The cost of insurance can be guaranteed for the insured’s lifetime, and Universal Life has a tax sheltered savings component (cash values) attached to it, which is interest rate sensitive. Cash values build and usually pay out in addition to the face amount upon death. Cash values can also be used to pre-pay future premiums.

Whole Life Insurance

Whole Life usually has fixed, guaranteed premiums. Cash values in the policy are dividend sensitive. Many old participating life insurance policies are whole life and have grown significantly in both face amount and cash values because of the success in how dividends have accumulated in the last 150 years. However, dividends are projected very conservatively and can be used to pay premiums or purchase additional insurance.

Term Life Insurance

Term Life Insurance is initially the most economical insurance to purchase. However, if kept beyond the initial term (example: 10 years, 20 years), it gets very expensive. Term insurance is often meant to cover a temporary need, or to give economical coverage with the intention to have permanent insurance in place later.

Mortgage Insurance

In the life insurance industry, we suggest Term Life Insurance to cover a mortgage rather than purchasing mortgage insurance through a bank. Term Life Insurance offers better value and flexibility. Here are 4 reasons to buy Term Life insurance through us for your mortgage:

  Term Life Insurance Mortgage Insurance
1. Value Your premiums remain the same over the term and so does the amount you are insured for. The premium is fixed, but the amount you are insured for decreases as the mortgage balance decreases.
2. Underwriting Underwriting is done up front before the policy is issued. In many cases, underwriting is done after death. Don’t let your family get stuck with a denied claim because this situation.
3. Beneficiary You choose your beneficiary or beneficiaries, and the insurance company delivers a cheque, offering complete flexibility of the payout. The financial institution is your beneficiary.
4. Flexibility Beneficiaries are not obligated to pay off the mortgage immediately. Needs and priorities can be addressed any way they wish (mortgage, funeral expenses, other debts, savings for childrens' school tuition, investments, etc). Financial institution pays off the mortgage. No money remaining to help the family.
Companies We Represent
Benefits By Design BMO Insurance Canada Life Canada Protection Plan The Edge Benefits Empire Life Equitable Life GMS Ivari Manulife  RBC Insurance Wawanesa Life
And other fine insurance companies.