Life Insurance


Life Insurance



Term Life Insurance
Term Insurance is a temporary basic form of life insurance covering you for a specific number of years. It can be used as coverage for: your mortgage, family, personal or business loans, or after death income for your family. Premiums are affected by age, gender, health and smoking status.

Term Length
Example lengths are 10 year, 20 year or to age 100. Though aging increases the likelihood of death each year, usually premiums are adjusted to remain consistent throughout the term, as a result the longer the term, the higher the premium rate.

Convertibility
This type of policy can be converted to permanent insurance without requiring medical underwriting. Conversions usually may take place to age 65

Renewability
For a higher premium coverage can be renewed for the same term. Renewal premium rates are usually guaranteed at time of original purchase and are also guaranteed renewable to a specific age. The major drawback of Term Insurance is that it has no savings component. You do not gain equity and you are not able to take advantage of the special tax advantages applied to life insurance.

Permanent Life Insurance
Permanent Life is compared to owning property since the premiums are fixed and it builds cash value that accumulates on a tax-deferred basis. Owning permanent life insurance is one way to look after your long term needs.

Universal Life Insurance

Policy Control
This plan enables the policy owner to select and change premium amounts, payment periods and investment options thus making this type of plan the most flexible.

Tax-Free Payout of Death Benefits to Beneficiaries
The death benefit proceeds and cash value of your policy may be exempt from creditors' claims by naming an appropriate beneficiary.

Wealth Management
You can significantly further estate and investment planning objectives through proper financial planning and a universal life policy. In your own portfolio you can control your investments through your policy.

Lower Probate Fees
Your policy may provide you the opportunity to reduce or eliminate probate fees.

Deferred Income Tax
Besides conventional R.R.S.P's universal life is one of the few investments that allow you to maintain access to equity markets, maximize returns while allowing you to defer your income tax savings. Though insurance premiums are not deductible, income earned is tax-deferred until the maturity of the policy.

During your lifetime amounts withdrawn from your policy may be taxable but upon death the entire amount of the policy is tax-free as a death benefit.


Canada Life

Desjardins Financial

Equitable Life

Empire Financial Group

Great West Life

Industrial Alliance

Manulife Financial

RBC Insurance

SSQ

Sun Life

Transamerica / Ivari

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