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.
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.