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Canadians Need Affordable Life Insurance

Life insurance protects the financial security of the people you love by paying a tax-free cash benefit to your beneficiaries. The amount of coverage you choose and type of insurance you buy should be based on your circumstances and needs.

While you may have basic life insurance through work, the coverage may not meet your needs and typically ends when you leave your employer. The cost of individually purchased life insurance depends on your age, gender, health, medical history and lifestyle.

Life insurance may be divided into two basic categories
  1. Temporary life insurance - Otherwise known as “Term" Insurance
  2. Permanent life insurance - Otherwise known as “Whole Life and Universal Life” Insurance.
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Term Life Insurance
Term life insurance is designed to provide financial protection for a specific period of time, such as 10 or 20 years. With traditional term insurance, the premium payment amount stays the same for the coverage period you select or usually will increase every 10 years. Term life insurance is generally less expensive than permanent life insurance. Premiums with increase significantly as you your age increases. This type of life insurance coverage provides a nice safety net for your beneficiaries and will ensure the family is financially protected.

Whole Life Insurance
Whole life insurance is a type of permanent life insurance designed to provide lifetime coverage. Because of the lifetime coverage period, whole life usually has higher premium payments than term life. Policy premium payments are typically fixed, and, unlike term, whole life has a cash value, which functions as a savings component and may accumulate tax-deferred over time. Whole life can be used as an estate planning tool to help preserve the wealth you plan to transfer to your beneficiaries.

Universal Life Insurance
Universal life insurance is a type of permanent life insurance designed to provide lifetime coverage. Unlike whole life insurance, universal life insurance policies are flexible and may allow you to raise or lower your premium payment or coverage amounts throughout your lifetime. Additionally, due to its lifetime coverage, universal life typically has higher premium payments than term. Universal life insurance is most often used as part of a flexible estate planning strategy to help preserve wealth to be transferred to beneficiaries.

How Are Life Insurance Premiums Determined
Insurers use rate classes, or risk-related categories, to determine your premium payments. Your rate class is determined by a number of factors, including overall health, family medical history and your lifestyle choices.

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When determining the amount of life insurance to purchase, one must first decide what the life insurance policy needs to accomplish. Are you a parent and wish to have a security blanket if your partner passes unexpectedly, How long do you want to be able to spend with your children free of financial pressure? For example, a young couple with children may need enough insurance to pay off the mortgage, pay for child care or take time off work till the child is self sufficient and to cover college expenses. Maybe you are a senior with no dependents and only want enough coverage to pay funeral costs.

How much is this peace of mind worth to you? These are the factors to consider when deciding whether to acquire life insurance. We are here to help you understand your options, and make an informed decision.

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