Life Insurance
Life Insurance Basics
A proper financial plan can mean the difference between leaving your loved ones well-positioned financially, or leaving them to cope with debts and an inadequate income. Life Insurance plays a key role in such a plan.
Life insurance can help create financial security for you and your family. If you die prematurely, it can be used to:- Pay final expenses and any debts
- Provide an income for your family
- Ensure your family has the resources to maintain a comfortable standard of living
- Leave a legacy to your favourite charity.
- Build tax-advantaged savings you can draw upon as needed for personal or business opportunities
- Supplement your retirement income or
- Provide for long-term care; or
- Provide home care for yourself or a family member.
Term Life Insurance
Term Life Insurance is well-suited to meet high, short-term protection needs for the lowest initial cost.
Permanent Life Insurance
Permanent Life Insurance can protect you for your lifetime. There are two types of Permanent Life Insurance: Participating Life Insurance; and Universal Life Insurance.
Life Insurance Needs Analysis: How Much Insurance Do You Need?
Step 1: Assets and Life Insurance
- Liquid assets (cash on hand, GICs, RRSPs and other investments)
- Other disposable assets (rental property, cottages, farm or business assets)
- Total amount of existing Life Insurance policies (Group Insurance, Personal Insurance, Mortgage Insurance).
Step 2: Liabilities and cash needs
- Total mortgage amounts owing (residential, commercial etc.)
- Total of loans and other debts (bills and credit cards)
- Final expenses (funeral expenses, legal fees, income and capital gains taxes)
- Education fund (We suggest a minimum of $10,000 per child per year of schooling.)
- Other cash needs (emergency fund, child care, aging parents, etc.).
Step 3: Income needed by your survivors in the event of your death
- Annual income to provide for your survivors (70% of current income is often selected)
- Approximate number of years income is to be provided
- Annual rate of return on investments (before taxes).
- Click the Instant Online Quote tab above
- Call us at 1.866.989.1616 and speak right away to one of our cost savings specialists; or
- Complete the form below and one of our cost savings specialists will call you personally. Please include your telephone number.
