Life Insurance
Life insurance is a financial agreement between an individual and an insurance provider. The agreement states that the insurance provider will pay a designated amount of money, known as the death benefit, to the beneficiaries designated by the insured person. In exchange for that death benefit, the insured person agrees to pay a premium or fee (usually monthly) to be covered.
At its most basic level, the function of life insurance is to provide financial protection and assurance to people who rely on the insured individual's income. Specifically, that death benefit can be used for many purposes including:
- Funeral and end-of-life expenses
- Paying off outstanding debts, including a mortgage
- Providing for ongoing living expenses of family members/beneficiaries
- Providing for future obligations, such as a child's education
- Replacing lost income, so that the beneficiaries can provide for ongoing expenses in the household
Including life insurance as part of your financial strategy is a proactive way to protect your loved ones' future. Life insurance provides the financial support your loved ones will need to continue their lifestyle and goals even when you're not around.
When considering life insurance, there are a range of coverage options to choose from, including term life, whole life, and universal life and they all serve a different purpose for your own life and finances, depending on your age, health, income, and future plans.
Properly selecting the most appropriate coverage isn't just about protecting your own finances, it is about making a lasting commitment to the people who matter most.
Type of Life Insurance :
There are six main types of life insurance available to people living in Canada:
Term Life Insurance
Term life insurance provides flexible and cost-effective coverage, paying a tax-free benefit to your beneficiaries if you die within the policy term.
Learn more about term life insurance
Permanent life insurance
We offer three types of permanent life insurance: whole life, universal life, and participating life insurance, all designed to provide lifetime financial protection with guaranteed level premiums on select policies.
Learn more about Permanent life insurance
Whole Life Insurance
Whole life insurance offers guaranteed lifetime coverage with fixed premiums that never increase. It also builds tax-deferred cash value over time, helping support long-term financial and estate planning goals.
Learn more about Whole Life Insurance
Group Insurance
Business insurance and group benefits in Canada protect your company, employees, and family with tailored life, health, and supplementary coverage.
Learn more about Group Insurance
