Life & Living Benefits

Life Insurance

What is life insurance?

Life insurance is an insurance policy that protects partners and dependants against financial hardship. A life insurance policy pays out a lump sum of money to the beneficiary in the case of death.

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How much life insurance coverage do I need?

The Canada Life and Health Insurance Association recommends between five-seven times your current net income. Out Financial Planning Representatives can perform a time efficient and effective financial needs assessment to help you determine the proper value of your life insurance policy.

Benefits of Life Insurance:

  • Guarantee payment of the face value of the policy upon death
  • Tax-free benefits
  • Peace of mind that your family will be financially protected in the case of your death
  • A lump sum of money is paid out to the beneficiary

Types of Life Insurance Coverages:

  • Permanent Life – Provides protection for your entire lifetime
  • Term Life – Provides coverage for a specific period of time (for a fixed number of years or a specific age)
  • Term to 100 – Provides coverage to age 100

For more information view the Canada Life and Health Insurance Association brochure, or speak with a Financial Planning Representative today or book an appointment.