Life
Insurance
PROTECT THE PEOPLE YOU LOVE
Life Insurance in Canada
Life insurance is a contract between you and an insurance company that can provide a tax-free death benefit to your chosen beneficiary when you die, in exchange for the premiums you pay.
Key Terms
- Death Benefit: A tax-free lump sum payment made to your beneficiary.
- Premium: The amount you pay periodically (monthly or annually) for the policy.
The specifics of the death benefit amount, premiums, and the duration of the policy are agreed upon by both parties. Optional add-ons, known as riders, can be included to tailor the coverage to your needs.
Why Consider Life Insurance?
Life insurance provides financial security for your dependents, ensuring they can manage living expenses, pay off debts, or take the necessary time to grieve without financial stress.
Life insurance is designed to help protect the people who depend on you financially. Canadian insurers offer a range of policy types and coverage amounts that can be tailored to different family, mortgage, estate and business needs.
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Find the Right Life Insurance for Your Needs
Life insurance can help protect your family, replace lost income, cover a mortgage, pay final expenses and support long-term financial goals. SSJ Financial helps clients compare life insurance options from leading Canadian insurers.
How Much Life Insurance Do I Need?
The right amount of coverage depends on your income, debts, mortgage balance, dependants, education costs and future financial obligations. A licensed advisor can help you estimate a coverage amount that fits your needs and budget.
How Much Does Life Insurance Cost in Canada?
Life insurance premiums vary by age, health, smoking status, coverage amount, policy type and term length. Comparing several insurers can help you find appropriate coverage at a competitive rate.
Term Life vs Whole Life Insurance
Term life insurance provides coverage for a selected period and is often used for income replacement, mortgages and family protection. Whole life insurance is permanent coverage and may include cash value features, depending on the policy.
No-Medical Life Insurance
If you prefer a simpler application process, no-medical or simplified-issue life insurance may be available. Eligibility, coverage limits and premiums vary by insurer and applicant profile.
Life Insurance FAQs
Different Life Insurance Options
Life insurance is a powerful tool for many different financial situations. Here are a few reasons why you might buy a life insurance policy:
Why Should You Buy Life Insurance?
Life insurance isn’t a popular topic of conversation. After all, buying a policy is like gambling against your own life. But it’s not something that should be ignored. There’s no law that says you need to have life insurance. But if you have children or other dependents, life insurance is definitely a smart idea. Life insurance is designed to help the people who depend on you for financial support. When you get right down to it, taking out a life insurance policy is the best way to guarantee that your loved ones will be financially secure should you die.
When you decide to take out life insurance, choose a policy that meets your life insurance needs with a premium that you can afford. A premium is an amount you agree to pay every month/year to the life insurance company. If you should die, the people named in your policy (the beneficiaries) receive payment for whatever the value of your insurance policy was issued.
Life insurance will protect your family and/or specified dependents in the event of the policyholder’s death. In nutshell, it is an essential component in planning for the future. There are many options available depending on your situation. There are three main types of life insurance, Term Life, Universal Life, and Whole life insurance.
Types Of Life Insurance
Term Life Insurance
Simplest and least expensive type of policy. It’s pure insurance with no cash value account. A term life policy has only one function, to pay a specific lump sum to whoever you’ve designated, upon a specific event, your death, on the specific time chosen (eg. Term 10, Term 20, Term 40, etc.). It’s important to look at the future when picking term life insurance. Term life insurance is often used to cover a mortgage or a loan.
Whole Life Insurance
Provides permanent protection for your dependents while building a cash value account. With this type of insurance, the insurance company manages the policies various accounts. It’s an excellent choice if you want lifelong coverage and equity in the form of a cash value over time. Costs are usually guaranteed when you first purchase the policy. Some plans allow you to pay for a limited number of years, then never again. Imagine you could buy insurance when you’re 40, finish paying the premiums when you’re 50 and be fully covered for the rest of your life.
Universal Life Insurance
Provides Permanent insurance protection for lifelong peace of mind, plus Investment account options that can grow your savings, tax-deferred. You choose a guaranteed death benefit amount that will be paid to your beneficiaries when you die. Your payments are deposited to a “policy fund”. Any money you deposit over and above what is required for the cost of the insurance can either be placed into investment accounts to grow-deferred or used to increase the value of your death benefit.
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