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Life insurance – that thing you know you need, but don’t know much about.

Let’s start with the basics. What is life insurance.

Life Insurance is a policy purchased from a life insurer which guarantees the payment of a tax-free sum of money, also known as a death benefit, paid to beneficiaries after the death of the insured. The cost of life insurance will largely depend on your age, lifestyle, medical history, and health.

Term insurance policy is designed to provide coverage which is in force for a specific period of time. Term insurance coverage is usually purchased for a temporary need such as a mortgage, or a spouse's income. The term insurance length is flexible, depending on the need of the coverage. Term insurance is generally more affordable than permanent insurance and premiums will be unchanged for the length of the term. That being said renewing term insurance can be expensive for consumers due to the life insured being older on renewal.
  1. Survivor's Income: Leave a lump sum of money to your loved ones after you die
  2. Rent and Mortgage Payments: Dedicate some income to your spouse so they can continue to pay rent or mortgage payments
  3. Mortgage Life Insurance: Leave a lump sum of money to pay off a mortgage debt
  4. ​Child Care Fun: Daycare? University education? Ensure your children's future is taken care of with term insurance
  5. Debt: The last thing we want to do if we die unexpectedly is leave our debt for our loved ones to pay off. Term insurance will eliminate this risk and leave them protected
Permanent insurance is exactly as it sounds. Coverage is in force for life, and depending on the policy purchased, your premiums are usually unchanged as you age. Permanent insurance is generally more expensive than term insurance, as coverage will be in force for life. Permanent insurance is largely designed to provide coverage for an unchanging need, such as funeral and final expenses, or perhaps the desire to leave a lump sum of money to family. Unlike term life insurance, permanent insurance carries with it an element called cash value.iption
  1. Funeral and Final Expenses: Death is inevitable, and so is the cost of death. From caskets, to funerals, to estate and probate fees, or your final tax return, everyone pays a price when they die. Permanent insurance is meant to cover these costs
  2. Family Inheritance: Leave a loved one some money when you die. The tax free benefit is paid in full to your beneficiary guaranteeing an inheritance
  3. Charitable Donation: To some legacy is everything. Name a charity as the benefactor of your life insurance

Employee benefits life insurance may not be enough.

Protect yourself.

Employer Life Insurance

Most working Canadians who have employee benefits have some form of life insurance coverage. Generally speaking employee benefits life insurance is inadequate in terms of what most Canadians require. Coverage is a set amount and stops when your employment ends. This is particularly important to consider because life insurance purchased at a younger age is significantly more affordable than when you retire.