What are my coverage options ?

  This option is flexible and customizable. Term Life insurance covers you for a specific period (e.g., 10, 20, or 30 years). You can tailor the coverage amount to your financial goals, whether it’s replacing income, covering debts, or providing for your family’s future. Many term policies include a conversion feature, which allows you to switch to a permanent policy (e.g., whole or universal life) without undergoing a medical exam, providing flexibility if your needs or health status change. Many term policies are renewable, meaning you can extend coverage at the end of the term without reapplying, though premiums may increase. Term life can be used as a temporary solution or supplement to permanent insurance, covering short-term needs or final expenses. Its simplicity, affordability, and adaptability make term life insurance a practical and flexible choice for individuals at different stages of life.

A lifetime solution that not only provides a guaranteed death benefit but also has an option to build cash value over time. Premiums are fixed, meaning they remain level and predictable throughout the life of the policy. The policy holder is given the option of investing part of each premium toward the cash value. The cash value of a whole life insurance policy in Canada is a versatile asset. It can provide liquidity, supplement income, or fund significant expenses while keeping the policy in force. It is ideal if you’re looking for long-term security and an additional savings component.

Universal Life Insurance offers flexibility to adjust your premiums, death benefits, and investment options to suit your needs. This policy also has the option to builds cash value. You can borrow against the cash value, withdraw funds, or use it to pay premiums.

Keep in mind that withdrawals or loans reduce the death benefit. The cash value grows on a tax-deferred basis, meaning you won’t pay taxes on the gains until you withdraw them (subject to certain limits set by the Canada Revenue Agency). However, the gains from a universal life insurance policy can generally be tax-deferred when the policy is assigned to a beneficiary upon the policyholder's death. This makes it a highly effective tool for estate planning and wealth transfer. To ensure proper setup and compliance with CRA regulations, consult a knowledgeable financial or insurance advisor.