Insurance

Life insurance

The right life insurance protection can make a big difference to your life and those closest to you. It can be used to help protect the people and things you love. Life insurance can help you manage risk and it has many tax advantages. It can mean the difference between leaving your estate financially secure or leaving behind debts and an inadequate income.

If you’re unsure, we can help you determine which type of life insurance may meet your short-term and long-term needs and preferences for flexibility and risk.

Types of life insurance

Term life insurance

Term life insurance generally provides the most coverage for the lowest initial cost.

Permanent life insurance

Permanent life insurance protects you for your lifetime by providing a death benefit. It also has the added benefit of building cash value that you can draw on later. There are two types of permanent life insurance: participating life insurance and universal life insurance.

Participating life insurance

Participating life insurance (or whole life insurance) provides permanent life insurance protection with a tax-advantaged cash value component. Participating insurance doesn’t require hands-on management by the policyowner. Instead, Canada Life’s professional investment managers manage the assets of the participating account which back the cash value.

Universal life insurance

Universal life insurance provides a traditional life insurance component with a tax-advantaged investment component. You select an investment mix that is as individual as you are—taking into account your financial goals and circumstances and the amount of investment risk with which you’re comfortable. This type of policy is attractive for people who want to actively manage their life insurance policy.

Mortgage life insurance protection

Whether you’re buying a home or renewing your existing mortgage, there’s something you need to consider. What happens to your family’s dreams if you should die? Would your family be able to stay in their home?

Through a personal life insurance policy, you can plan to meet more of your family’s needs in the event of death—including staying in your dream home. Talk to us today to discuss your insurance needs.

Disability insurance

Your ability to earn an income is likely your most valuable asset. A disability insurance policy may help ensure you can meet your daily financial needs if you’re unable to work.

Did you know:

• One in three people, on average, will be disabled for 90 days or longer at least once before age 65 ¹
• The average length of a disability that lasts over 90 days is 2.9 years. ¹

We can provide disability coverage that’s designed to help address your needs and protect your ability to earn an income.

¹ CIA 86-92 Aggregate Table & 1985 Commissioner’s Disability Table A (Experience Table)

Critical illness insurance

No one plans to get sick, but when something unexpected happens, you can help yourself and your family by being financially prepared.

Critical illness insurance is designed to help financially support patients before, during and after treatment by providing a lump-sum benefit when a critical illness, as defined by the policy, is diagnosed, and you satisfy the waiting period.

Consider some of the potential uses for the funds from a critical illness insurance policy:

• Modifications to your home
• Private nursing or domestic help
• Timely treatment outside Canada
• Additional staff to run your business

Health and dental insurance

As Canadians, we’re fortunate to have one of the best healthcare systems in the world, but government healthcare coverage may not provide all you need.

You may be left to pay for expenses such as:

• Prescription drugs
• Dental visits
• Eye exams
• Paramedic services
• Ambulance transport

Enhanced healthcare plans can help protect you against these and other unexpected health and dental expenses.

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Freedom to choose: Health and dental insurance