A tax free lump sum payment made to your beneficiaries upon your death to help cover your temporary and/or permanent needs. The three types available are:
Term Life Insurance:
Lowest cost and best used for temporary needs such as:
- Mortgage & loan insurance
- Spouse income replacement
- Emergency fund
- Education fund
Product Details
- 10, 20, 30 year terms & term to age 65
- automatically renews at the end of each term but premium increases.
- Convertible to Permanent Insurance or Universal life to a certain age.
- Policy has expiry date
Participating Life Insurance:
Best used for Permanent needs such as:
- Final expenses
- estate conservation
- providing tax free inheritance to loved ones.
- corporate asset transfers
Product Details
- level cost, premium does not change.
- Policy does not expire
- policy can be put in place to be guaranteed paid up after 20 years
- Builds Cash Surrender values
- cash value can be borrowed against or used as collateral
- Coverage can grow overtime depending on the dividend option selected
Universal Life Insurance
Best used for Permanent needs such as:
- Final expenses
- estate conservation
- providing tax free inheritance to loved ones.
- corporate asset transfers
Product Details
- level cost or increasing cost of insurance
- Policy does not expire
- policy can be put in place to be guaranteed paid up after 10, 15 or 20 years
- Builds Investment values if policy funded over the cost of insurance
- cash value can be borrowed against or used as collateral
- Coverage can grow overtime depending on the investment options selected.