Life insurance helps to create security for you and your family. When you die, it can be used to pay final expenses and debts, and provide an income for your family.
The advantages of life insurance include:
- Death benefits to named beneficiaries are almost always non-taxable.
- An instant estate when funds are needed the most
- Probate costs can be avoided if you name a beneficiary other than your estate
- Life insurance may offer the potential for creditor protection1
- Permanent life insurance allows you to build tax-advantaged cash value for retirement purposes or to provide liquid savings2
We have access to a wide variety of life insurance options to help meet the needs identified in your financial security plan. We can help you select coverage that's right for you.
Contact today to find out more about how life insurance can play a vital role in your financial security plan.
1 Creditor protection depends on court decisions, which can be subject to change and can vary from each province; it can never be guaranteed. Talk to your lawyer to find out more about the potential for creditor protection.
2 If the accumulation stays within prescribed limits, the cash value is only subject to income tax when it's withdrawn.
Optional benefits
Optional benefits let you tailor a policy by layering additional features and benefits onto your base term policy. Let’s take a look at some of the various optional benefits you can add to your term policy.
Term Riders:
These offer an affordable way to add additional, temporary insurance protection for 10-, 20- or 30-year terms.
These can be added to an existing universal life policy or a 30-year term policy.
Children’s Insurance Rider:
- A low-cost way to provide your child with valuable insurance coverage today along with the ability to guarantee their insurability, should they want to purchase their own coverage when they become adults.
AD&D – Accidental Death and Dismemberment Rider:
Provides an additional benefit in the case of dismemberment or death resulting from an accident.
In the case of accidental dismemberment, an AD&D Rider can help you cope with loss of income and/or extra expenses not covered by provincial health care programs.
Waiver of Premium:
In the case of a disability before the age of 65, this rider maintains your coverage at no cost to you.
By letting you leave your retirement savings untouched, this type of optional benefit is important to ensure your coverage remains in place should you suffer a loss of income or experience high health care costs if a disability is incurred before the age of 65.
Multiple coverages:
Allows you to cover up to 17 lives on one policy and pay only one administrative fee, which can save you a significant amount of money.
A multiple coverage can be split into separate, individual life insurance policies if your needs should change while the term coverage is in effect.
Your financial advisor can help you decide which optional benefits are right for you.