Learn how life insurance can help protect you and your family
Whole Life Insurance
Life insurance can help ensure your family is well-positioned financially and that your wishes are carried out when you die. Some life insurance policies can build tax-advantaged savings while you're still living.
A proper financial plan 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 can help create financial security for you and your family. If you should die prematurely, it can be used to:
- Pay final expenses and any debts
- Provide an income for your family
- Ensure your family has the resources to maintain a comfortable standard of living
- Leave a legacy to your favourite charity
While you’re still living, some life insurance policies can:
- Build tax-advantaged savings you can draw upon as needed for personal or business opportunities
- Supplement your retirement income or provide for long-term care or home care for yourself or a family member
WHO IS LOOKING AFTER YOUR CHILD'S FUTURE?
20 Pay Whole Life Insurance Provides:
- Guaranteed cash
- Guaranteed death benefit
- Annual dividends
- Tax deferred growth
- Paid up in 20 years
Cash values can be used for education, down payment on a home, or perhaps to start a business.
THE POSSIBILITIES ARE ENDLESS
The cash values are owned by you until you gift the policy to your child.
Universal Life Insurance
Universal life insurance provides permanent life insurance protection with a tax-advantaged investment component. As cash values accumulate, they can be used to pay part or all of the cost of your insurance.
In addition to providing security and protection through its life insurance component, universal life insurance can provide an additional source of income for emergencies, retirement or for estate planning needs.
You select an investment mix that’s best for you, taking into account the amount of risk you’re comfortable with and your financial goals and circumstances.
With Canada Life’s universal life insurance you can customize solutions that change over time to fit your evolving lifestyle, budget and savings objectives.
Term Life Insurance
Term life insurance is well-suited to meet high, short-term protection needs for the lowest initial cost.
For example: a couple with young children and a mortgage might select term life insurance as an affordable way to get the full coverage they need today.
Term life insurance coverage will meet your immediate needs and may provide the opportunity to move or convert to permanent life insurance later in life without having to provide proof of your health.
Term plans may also be renewable after 5, 10 or 20 years without having to provide proof of your health. At renewal the price increases as reflected by your age. You can convert a term 10 plan to a term 20 plan between the first and fifth policy anniversary or the insured’s 65th birthday, which ever is earliest.
You can purchase term life insurance as an initial step before purchasing permanent life insurance.
Simply Preferred Term Life Insurance
Whether your life insurance needs are long or short-term, we offer the term life insurance solution for you—Simply Preferred™ term life insurance offers:
- Affordable life insurance coverage
- Premiums guaranteed to remain the same for 10 or 20 years depending on your needs
- Guaranteed premiums for each renewal period (at the time of issue)
- No medical evidence required at renewal period (medical evidence may be required if coverage amount increases)
- Ability to convert to a permanent life insurance policy
- Your personal health and lifestyle determines the premium for your insurance coverage—we reward you for a healthy lifestyle
You control your coverage
As long as you pay the premiums, your coverage, once validly obtained, can’t be cancelled or altered by Canada Life.
A Simply Preferred term life insurance policy can be used to provide funds at your death to:
- Create an estate for your heirs
- Pay off your mortgage
- Pay taxes owing on your estate
- Pay off business loans and lines of credit
- Pay off personal loans
- Fund buy-sell agreements