Life Insurance

Enables you to protect the financial security of the people who matter most, should you pass away.

Call to speak with an advisor:
1-800-661-3300
A young father and his young son doing some painting together.

What is life insurance?

A life insurance policy provides a one-time, tax-free, cash benefit to your chosen beneficiaries when you die.

The appropriate type and amount of life insurance for you will depend on your unique needs and circumstances.

Choosing an appropriate life insurance policy can mean the difference between leaving your loved ones well-positioned financially and leaving them to cope with debts and an inadequate income.

Life insurance products can also be part of your financial plan, and may be an option for providing access to cash within your policy while you are alive.

An icon depicting a baby carriage.

Starting a family?

Ensure the people you love are financially protected.

An icon depicting a home.

Buying a home?

Life insurance can cover debts like a mortgages or loans.

An icon depicting a wedding cake.

Getting married?

Protect your spouse and the plans you’ve made for the future.

An illustration depicting a man with a question.

What kind of life insurance are available?

There are 2 basic types of life insurance coverage: term and permanent. Each has unique features designed to meet different needs.

Permanent Life Insurance

  • Lifetime coverage
  • Higher cost
  • Flexible payments
  • Opportunity to build cash value
Learn more about Permanent Life

Term Life Insurance

  • Temporary coverage
  • Lower cost
  • Fixed payments
  • Option to convert to permanent
Learn more about Term Life

How do the types of life insurance compare?

An advisor can assist you in determining which is the most appropriate tool given your unique personal circumstances.

Term life insurance
Permanent life insurance
What does it provide?
Temporary protection
Lifetime protection
How can it help?
  • Safeguard family's quality of life
  • Cover debts and funeral expenses
  • Safeguard family's quality of life
  • Cover debt and funeral expenses
  • Build wealth
  • Estate planning
What's the cost?
Usually the most affordable type of life insurance
Usually more expensive than term life insurance
Investment options?
No
Yes
Benefits
  • You choose who receives a tax-free one-time payment when you die
  • You choose who receives a tax-free one-time payment when you die
  • Build wealth inside your policy, tax-deferred, within limits, that you can access during your lifetime

Get help with your life insurance planning.

Speak with a professional advisor who can help.

Cost

How much does life insurance cost?

Cost will depend on the type of coverage you choose. Generally, term insurance is more affordable than permanent insurance. But there are many factors that determine the cost of your policy, including:

An icon depicting a birthday cake. Connoting age.

Age

Generally, insurance cost less for younger age groups, and more for older age groups

An icon depicting a male and female couple.

Gender

Women live longer than men on average, so insurance may cost less than for males.

An icon depicting an outline of a human face with a health care symbol within. Connoting health.

Health

Your unique health history, family history, chronic diseases and lifestyle can impact costs.

An icon depicting a worker and their suitcase. Connoting career.

Occupation

High-risk occupations can increase cost. Conversely, low-risk occupations can reduce cost.

Tailoring Your Coverage

How much insurance coverage do you need?

This will depend on your unique personal circumstances. Best practices are to ensure your debts are covered, as well as the financial security of your dependents. Here are a few things to consider:

  • Your income

  • Your assets & net worth

  • Your expenses and family needs

  • Your debt

  • Other insurance you may have

A professional advisor can assist you with calculating your insurance needs.

An illustration depicting a woman with a question.

Get in touch

Talk to an advisor who can understand your situation, answer your questions and help you build an insurance plan appropriate for you and your family.

Frequently asked questions

Answers to key questions about Life Insurance

What types of life insurance are available in Canada?

In Canada, the main types of life insurance are Term Life Insurance, which provides coverage for a specific period, and Permanent Life Insurance, which includes Whole Life and Universal Life, offering lifelong coverage and potential cash value accumulation.

How much life insurance coverage do I need?

The amount of life insurance you need depends on your personal and financial circumstances. A general guideline is to have coverage that's 5-10 times your annual income, but consider debts, dependents, and future financial obligations for a more accurate estimate. A professional advisor can assist you in calculating appropriate amounts based on your unique personal circumstances.

Are life insurance premiums tax-deductible in Canada?

Generally, life insurance premiums are not tax-deductible for individuals in Canada. However, if you are a business owner or use life insurance for certain business purposes, premiums may be deductible under specific conditions.

Can I get life insurance with a pre-existing medical condition?

Yes, you can get life insurance with a pre-existing condition, but it may affect your premiums and coverage options. Insurers may offer standard, rated, or guaranteed issue policies based on your health status, with varying premium rates and coverage limits.

How does age affect life insurance premiums in Canada?

Age is a significant factor in determining life insurance premiums. Generally, premiums increase as you age, since the risk of death is higher. It's often more cost-effective to purchase life insurance at a younger age.

Still have questions?

Please contact our office and we'll be happy to address any questions you may have.