Services

Term Life & Whole Life Insurance

Our life insurance brokers can help you get an affordable life insurance plan that protects you and your loved ones. Term life & whole life insurance quotes from only the best Canadian insurance companies!

Life insurance is a financial pillar for you and your family. In today’s ever uncertain financial world, it’s important to have peace of mind knowing that there are some things you need not worry about.

Should you be faced with the unthinkable – Life insurance can help in many ways.

Pay final expenses:  One of the first things life insurance proceeds can provide for is taking care of immediate costs like medical bills and funeral expenses.

Mortgage protection:  Protect the family home. Use tax free proceeds from life insurance to pay off the mortgage so the survivors can stay in the family home.

Income replacement:  Losing some or all of the family income can be devastating to surviving family members. Life insurance proceeds can be used to help maintain a standard of living.

Estate planning:  Life insurance can be used to settle estate taxes or help with succession planning to pass assets to future generations. Our experts cam provide guidance and help find professional advice.

Charitable giving:  Life insurance can be used to provide a legacy to your dearest cause and also provide tax benefits when properly structured.

Term Life Insurance

Provides coverage for a certain period of time—usually 10, 20 or 30 years. Term insurance pays out a death benefit only if the insured dies during the specific term insured. Term insurance does not accumulate cash value but it is inexpensive and is a great fit for a temporary need such as mortgage or family insurance.

Whole Life Insurance

This is protection for the entire life of the insured and typically offers an accumulating cash value component. Whole life insurance can be participating, where policyholders may receive dividends, or non-participating, where policyholders do not receive dividends. Whole life insurance is typically used to provide for final expenses and estate planning.

Critical Illness

Coverage in the event of a serious illness such as a heart attack, stroke, paralysis or life-threatening cancer. This allows you to protect your family’s finances and lifestyle, even if you are unable to earn an income or are faced with expensive medical bills. Critical Illness insurance can be either a term or permanent plan.

FAQs

What are the benefits of term life insurance?

Term insurance is a powerful and effective financial tool to protect families and business against the unexpected loss of a key person. It is remarkably easy to purchase and very inexpensive.

What is the difference between accidental death insurance and life insurance?

The difference between accidental death insurance and life insurance is when it pays. Accidental death insurance only pays if death occurs by accident. Life insurance pays upon the death of the insured no matter the cause.

Should I replace or renew my term life Insurance policy?

When your term life insurance policy is up for renewal it is a good time to explore what other options you have or how your needs may have changed. It may be a smart financial move to replace your old policy with a new one and if this is the case, be sure to have any new insurance plan approved and in force before cancelling existing policies. Give us a call and we will help you determine the best solution for your situation.

Why use term life insurance instead of bank mortgage insurance?

There are many advantages to using term life insurance instead of a bank’s typical mortgage insurance plan to protect your home investment. Here are just some of these advantages:

  • You own the term life plan. With typical mortgage insurance the lending institution owns the policy.
  • If you pass away a term life plan pays out the entire face amount, while a bank’s mortgage insurance only pays out the remaining balance of the mortgage.
  • If you switch lenders then you have to re-apply for coverage if you have mortgage insurance. A term life policy, however, remains in effect even when you switch lenders.
  • With a term life plan you get to choose the beneficiary. With a typical bank mortgage insurance plan the bank names itself the beneficiary.
  • Term life plans have guaranteed interest rates. Oftentimes mortgage insurance rates are not guaranteed.