Life & Health Insurance
Protecting Your Lifestyle for Over 50 Years
You've insured your home, cars and personal belongings, but what about insuring your most precious assets ... your life and health?
Whether you want to cover estate taxes, protect your business or maintain your family’s lifestyle after you die, life insurance products are flexible enough to meet a variety of needs.
Term Life Insurance
The Facts of Life
True or false? Fact or fiction? Understanding term life insurance and its benefits means sifting through the myths surrounding it. So we've taken a look at the most common misconceptions about term life insurance to help you make the right choice for you and your family.
Myth #1: I don't need life insurance.
Probably false. Unless you are an individual who does not have children, has money on hand to cover all debts and funeral expenses, and does not feel the need to offset the loss of their income to a spouse, leave any additional money to family, or to a charity, then it may be true, you don’t need life insurance. But few people have the funds readily available to fulfill all their wishes or meet their obligations after their death.
At the very minimum, if you have anyone who relies on your income for their day-to-day needs like a spouse or children, or if you have debts like a mortgage, credit cards, or car loans, then you likely need life insurance.
Myth #2: I don't work outside the home so I don't need life insurance.
Definitely false! Just because there's no paycheque to replace, doesn't mean life insurance is unnecessary. In fact, have you ever considered how much it would cost to pay for childcare and housekeeping in the absence of a stay-at-home parent? It's a lot of money and reason enough to have life insurance.
Myth #3: I have life insurance through my job. I don't need any more coverage.
False. The truth is your life insurance coverage through your work may not be protecting yourself and your loved ones as much as you think. Review how much your employer-paid insurance provides and calculate whether this is enough to keep your family comfortable through the difficult times if you're not around. What's more, when you leave your job for any reason, including retirement, your coverage will cease.
Myth #4: I have coverage from my mortgage lender. It’s enough.
False: Mortgage life insurance pays off your mortgage if one of the people listed on the loan dies before it’s paid—but that’s it. What about the rest? Term life insurance offers coverage that can be used for anything, including funeral expenses, paying down a mortgage, car loan and credit cards, or to offset the loss of income into the family finances.
Myth #5: I don't need life insurance once my children are self-supporting and my mortgage is paid off.
False: Everybody's insurance needs vary. But how would your spouse manage daily living expenses without your help? And what if your spouse outlived you by 10, even 20 years?
Myth #6: I won’t be able to get insurance because I’m a smoker.
Not true. What is true is that as a smoker, the premium you pay for your life insurance coverage will be slightly higher than a non-smoker’s premium. Even though as a smoker you’ll pay more for your coverage, it’s likely more affordable than you think.
Plus, many life insurers offer ‘preferred rates’ to smokers as well. After all, even though you are a smoker doesn’t mean you are unhealthy, so why not?
Myth #7: Once a smoker, always a smoker in the eyes of the life insurers.
Wrong! Good news for ex-smokers. Most life insurance companies consider you a non-smoker once you’ve been smoke-free for 1 full year. So congratulations, after one year you can get non-smoker rates.
Myth #8: I'm young so odds are I won't need life insurance.
False: Although it is unlikely you'll die during your working years, you're not insuring for what's likely to happen but instead, for the worst-case scenario. That's why term life insurance is inexpensive for young, healthy people. Buying life insurance now means you'll be providing financial security without spending a lot of money for it.
Myth #9: If term life insurance is really so cheap there must be a catch.
There's no catch. Your basic term life insurance policy will offer you coverage so long as you pay your premium. You buy term insurance for the duration of time you'll need life insurance, whether that's until the kids are out of school or until your mortgage is paid off. Plus, your premiums are fixed for the length of the term. They won't increase even if the status of your health changes.
Mortgage Insurance 
When you purchase mortgage insurance with a bank ~ it’s linked to the mortgage. Upon renewal (i.e. 20 year mortgage ~ 5-year term) if you want to change to another Financial Institution, who might offer a better mortgage rate you lose the premium monies paid, plus, you have to reapply for mortgage insurance. This potentially exposes a client to insurability issues in the event that personal health has changed.
An insurance policy taken with a Mortgage Institution, only pays out the outstanding mortgage amount and although the balance of the mortgage is declining, the premiums charged are rarely adjusted, whereas with personal term insurance, your beneficiary will receive the total amount of life insurance purchased and is not limited to using the funds to pay off a mortgage, they are able to use the funds as they see fit. Protect more than just your mortgage!
Universal Life Insurance
Universal life insurance is the most flexible permanent life insurance available today. You can customize your plan when you buy it and easily make changes later on. However, it can also be the most complicated to understand.
Universal Life makes sense if:
- You have used all available RRSP-room
- You’re in one of the higher tax brackets
- You can commit for the long term
Universal life insurance offers many options; contact one of our Professional Insurance Representatives. They will help you choose the coverage and policies that are right for you.
Critical Illness
Could your finances survive a critical illness? Critical illness insurance is a form of health insurance that provides a lump-sum payment should you become ill from a list of recognized illness.
The chances of suffering from and surviving a critical illness are greater than you may think. Living with a critical illness such as cancer, heart attack or stroke can mean major changes to your lifestyle and serious financial challenges, if you are not prepared.
Critical illness insurance protection is a valuable addition to your insurance portfolio and is separate from existing life insurance or disability insurance protection.
Disability Insurance
Accidents and Illnesses are a fact of life. If you become disabled, your ability to earn income may be compromised, and your ability to pay bills or save for retirement may decline. Our disability insurance plans are designed to help you meet your income requirements so you can concentrate on recovering from your disability and returning to an active life.
The peace of mind that income protection can provide is available for professionals, business owners, business executives, and full-time, part-time or home-based workers. Whether you need to secure your main source of income or to supplement the coverage you receive from your employer or an association, we can help by providing a comprehensive and portable plan you can rely on throughout your working years.
Buy-Sell Insurance
If you own a business with others, consider establishing a buy/sell agreement to determine how ownership of the business will be transferred if one owner dies. Funding the purchase of business ownership and share transfer with life insurance is an effective way to have your business continue upon death.