Life Insurance

Life insurance photoLife Insurance Information

Making sense of the different types of life insurance is the first step in getting the coverage you and your family need. Choose only licensed and independent advice.

A recent survey from the Financial Services Regulatory Authority of Ontario (FSRA) found that only 47% of 25- to 34-year-olds in Ontario have life insurance, and almost half of those (48.6%) say they don’t fully understand their policy.

If your loved ones depend on you financially, you need life insurance. It can give them the financial security they need by providing them with a tax-free payment in the event of your death that they can use for things like:

  • Covering your funeral expenses
  • Helping them stay in the family home
  • Taking care of child care expenses or household bills
  • Paying Estate Taxes

Which Type Of Coverage Is Right For Me?

Life insurance coverage falls into two broad categories: term and permanent.

Term life insurance provides coverage for a specific period and is renewable after the term is up.

Permanent life insurance is designed to provide lifelong coverage. It can be either whole life or universal life insurance.

This may sound confusing, but understanding life insurance doesn’t have to be. Regardless of the different types, all forms of life insurance protection against financial loss resulting from the death.

There are different options available to you. A combination of Term and Permanent policies are also available.

When determining the right amount and type of insurance you should own, consider the following:

  • liquid and income-producing assets already available
  • the amount of continuing income required by your survivors
  • the age difference between spouses, if any
  • life expectancy of spouses
  • government and private pensions available
  • income available for the purchase of insurance
Please contact us for more a Free Financial Needs Analysis

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