Just like you, all insurance policies are unique. Although this information can help you navigate your insurance questions, this is not insurance advice and some details may not pertain to your specific risk. If you have a question about your insurance policy or coverage, never hesitate to give us a call.
Life Insurance
Life insurance is not just another financial product—it’s a critical tool that provides security and peace of mind for you and your loved ones. It’s important to understand why having life insurance is essential and how it can protect your family’s future.
Life insurance is a tax free, fundamental component of financial planning for Ontario residents. It provides your loved ones with financial security and stability during a challenging time. That being said, choosing the right type of life insurance can be overwhelming. That’s why choosing a knowledgeable Life Insurance Broker to help you navigate these options and find a policy that meets your needs is essential.
In Ontario, there are several types of life insurance policies to choose from, including:
Term Insurance
Term insurance helps protect your mortgage or kids, it provides income replacement, and estate planning. You have many terms to choose from based on budget and coverage needed, this is the most economical as you can buy more coverage for less. There is no cash value if you want to surrender the policy.
Participating Policy
In this type of life insurance policy, premiums are guaranteed for the life of the policy, and it has the capability to grow your wealth as it also builds in cash value. When you receive your dividend payments, you can buy additional coverage for you so your death benefit grows, or you can immediately benefit from them via a cash withdrawal. In the event you want to surrender the policy, you can redeem its cash value.
Universal Policy
Universal policies offer lifelong protection and the opportunity to grow your wealth in investments accounts with tax advantages. If you’ve maxed out your RRSP, TFSA and RESP this could be a great option for you to further diversify your investments. This is because these policies are built on two main components: lifelong insurance coverage bundled alongside a savings fund. This savings fund is another location for you to grow your money tax-free with the ability to access it during your lifetime or leave an inheritance to your family.
Whole Life
This type of insurance has the capacity to cover you for your entire life, regardless of health changes, so long as your premium is paid. This benefit is often viewed as more economical than some other options due to its flexibility as well as its cash value component.
Living Benefit Policies & Critical Illness Insurance
While many life insurance policies are set in place to help ease possible hardships faced by your family once you are gone, critical illness insurance is here to help ease hardships you may endure during your lifetime. This policy provides the freedom to focus on recovery and not the potential expenses. This plan covers you for 25 illnesses such as Cancer, Heart Attacks, Stroke, Dementia and more. This policy can be in a term or cash value policy.
Disability Insurance
Life happens and sudden curve balls can be thrown your way. As such, it’s our job to make sure you are always prepared for the unexpected. If an illness or accidents occur and prevents you from working, Disability insurance can replace a portion of your income and help ease the financial burden.
If you’re considering life insurance, a living benefit policy or have questions about your existing coverage, don’t hesitate to reach out. Together, we can ensure that you have the protection you need when it matters most.