What is Life Insurance?
Life insurance is a way to help you provide for your dependents and loved ones in case you pass away. The beneficiary you name receives the proceeds of the policy after you die.
Why do you need Life Insurance?
- Pay for funeral and related expenses.
- Cover the cost of any outstanding debts on your death.
- Replace your income if you die during your earning years.
- Pay for taxes on your estate so that your beneficiaries are not responsible for this expense.
| Male | Female | |||||||
|---|---|---|---|---|---|---|---|---|
| Age |
|
|
||||||
| 25 | $16.99 | $27.60 | $12.39 | $17.87 | ||||
| 30 | $17.11 | $27.83 | $12.46 | $19.30 | ||||
| 35 | $17.23 | $28.31 | $13.25 | $21.25 | ||||
| 40 | $20.71 | $33.83 | $17.17 | $27.12 | ||||
| 45 | $28.96 | $52.18 | $21.03 | $36.75 | ||||
| 50 | $44.15 | $78.44 | $33.11 | $52.90 | ||||
These premiums are for Term 10(Renewable & Covertable) coverage on "Standard" premium approval, Discount available for combined (couple) policy and healthy applicants.
FAQ
- I’m single. Do I need life insurance?
All adults should have life insurance. It can be used to pay for bills and expenses on your death or to give a gift to someone you care for.
- Do I have to name a family member as my beneficiary?
You can name anyone you wish as your beneficiary. It can be a family member, friend or a charity.
- Wouldn’t it be easier to leave the proceeds of the insurance to my estate?
If you make that decision, the death benefit may be subject to tax. It may take longer for the death benefit to reach those you intend to receive it.
- How much life insurance do I need?
You’ll want to look at your annual salary, plus any expense you have, to determine how much life insurance you need. If you have a young family, you will likely need more coverage than someone whose children are grown and living on their own.
- I have a pre-existing condition. Can I still get life insurance?
Non-medical insurance was developed for people living with pre-existing conditions like diabetes, cancer, and hypertension who want to buy life insurance coverage.
- Can I buy life insurance that has a savings component too?
Permanent and universal life insurance plans both have a savings component that allow you to put away funds independent of your insurance premium. You can draw on these accumulated funds, if need be, during your lifetime.
- When is the best time to buy life insurance?
The best time to buy coverage is when you are young and in good health. The longer you wait, the more expensive it will be for you to find the protection you need.
Coverage Options
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Term 10
- Coverage Up to age 80
- Policy Amount $50,000-$5 million
- Renewal Period 10 years
- Premiums Guaranteed? Rates will not change from policy purchase date.
- Convert to Permanent Coverage Up to age 69
- Additional Coverage If you become totally disabled, your premiums will be covered.
- Lump-Sum Death Benefit Yes. Tax-free.
- Eligibility 18-70 years Canadian Resident (except Quebec).
- Discounts Available Save 10% when you bundle with select life Insurance products.
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Term 20
- Coverage Up to age 80
- Policy Amount $50,000-$5 million
- Renewal Period 20 years
- Premiums Guaranteed? Rates will not change from policy purchase date.
- Convert to Permanent Coverage Up to age 69
- Additional Coverage If you become totally your premiums will be covered.
- Lump-Sum Death Benefit Yes. Tax-free
- Eligibility 18-60 years Canadian Resident (except Quebec)
- Discounts Available Save 10% when you bundle with select life insurance products
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Term to 100
- Coverage for your Life time
- Policy Amount $25,000-$5 million
- Renewal Period N/A
- Premiums Guaranteed? Rates will not change from policy purchase date.
- Convert to Permanent Coverage N/A
- Additional Coverage If you become totally your premiums will be covered.
- Lump-Sum Death Benefit Yes. Tax-free
- Eligibility 18-70 years Canadian Resident (except Quebec)
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Discounts Available
N/A
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Term life insurance
is basic coverage that is covers you for a term that you choose. If you die during the time your insurance company has agreed to extend coverage, your beneficiary will receive a death benefit equal to the value of your policy. This is an easy way for people with young families to make sure their children and surviving spouse has financial security if they die unexpectedly...more
Non-medical Insurance
Insurance companies make decisions about whether to offer to insure someone based on their level of risk. Some people are hard to insure due to pre-existing medical conditions they are living with. Non-medical insurance is offered for people who fit this profile...more
Who Needs this Coverage?
Anyone with a pre-existing medical condition standard insurance companies determine is too risky to insure.
Why Should you Consider this Plan?
If you are looking for affordable, quality coverage and you have a pre-existing medical concern that makes it challenging to find life insurance, look at our non-medical insurance options.
Permanent Life Insurance
If you are looking for a life insurance solution that will not vary over subsequent years, consider permanent life insurance coverage. As the name implies, this type of policy will protect you for life with stable premium rates.
The advantage of this type of insurance coverage is that you can budget for it from the outset, knowing that your premiums will not rise. It can also has a savings component that can help you accumulate some cash value over time...more
Universal Life Insurance
If you are looking for the maximum financial protection for yourself and your family, consider a universal life insurance policy. It includes life insurance and a flexible savings component.
The advantage of this type of life insurance plan is that you can decide how you want to structure the savings part of your plan in the way that makes the most sense for you...more
Protect your family’s financial security
