What type of Life Insurance works best for you...

Choosing the best Life Insurance for your needs can sometimes be a daunting task, and that is why it is only sold through Licensed Life Insurance Professionals here in Canada. But, to best prepare you for our conversation, we will highlight the Top 3 Life Insurance Policies and how they work

Life Insurance in Ontario

The three most common types of Life Insurance are

Term Life Insurance

Whole Life Insurance

Universal Life Insurance

The differences between each type are many; for the sake of simplicity and to provide purely an inkling into which is the best life insurance coverage for you, we’ll simply highlight the main points here.

Should you need any further information, one call to our office to explain the type of policy most suitable for your needs will give you an even better understanding than the simplified overviews outlined, here.

Term Life Insurance

Of the three, term life insurance is perhaps the most common, its ease of understanding playing no small part in this type of policy’s popularity. You take out term life insurance with an agreed premium over a set period; and as long as you maintain the payments, if anything happens between the start and end date, the policy will pay out upon your demise.

As your children start High School, for example, you may feel comfortable taking out a policy for as few as ten years. If anything should happen to you whilst the policy is in-force, the funds, payable as a lump sum to a named beneficiary Tax Free, will be there to allow your children to finish their education.

Should you survive the policy, there’s no residual cash account as is the case with both the Whole and Universal Insurance types we’re looking at next. The policy expires after the final premium has been paid and your sole consolation is that your family didn’t need to claim on it.


Whole Life Insurance

Whole life insurance, as the name suggests, covers you for your entire lifetime and is for an indefinite period of time.

The premiums, on the other hand, are fixed for the life of the policy and you can even increase your monthly contributions into the future to be able to purchase more insurance, if need be, or invest more heavily in the dividend account.

The dividends as well give you a great degree of flexibility, stability, and constantly positive rates of return. You can either accept dividends in cash when they’re issued, you can leave them on deposit for future use or you can offset the price of future premiums against the value of the dividends, which can be left in your account for that purpose.

Universal Life Insurance

The last of the three comes with the greatest degree of flexibility. The payoff is, however, that there’s a greater risk involved due to the nature of funds your premiums are invested in.

The cash account that accompanies Universal Life Insurance can benefit from interest earned at market rates for a greater payout upon maturity.

There are other options, too, depending upon specific details within your policy. You can amend your premiums to suit current affordability, miss payments altogether or even pay in lump sums should the opportunity present itself.

Life Insurance Riders

With each Insurance Policy, the purpose is to provide a tax-free lump sum of cash to your beneficiaries if anything should happen to you, straightforward stuff. But like anything else you could purchase, there are always some options you can add, and these are called Riders in the Life Insurance world, here are a few Riders that are available for Term Insurance Policies.

Accidental Death Rider

Accidental Death Rider

This rider pays out an additional sum of money if the death happens by accident, in most cases, the Accidental Rider will pay out double the face amount of the Life Insurance policy.

Waiver of Premium Rider

This is one of the most popular riders for an insurance policy, and its purpose is to pay the policy premiums if you were to become disabled. This way you would never need to worry about the policy lapsing if you were to become disabled and could not afford to pay the premiums.

Hospital Cash Benefit Rider

This is one of the most popular riders for an insurance policy, and its purpose is to pay the policy premiums if you were to become disabled. This way you would never need to worry about the policy lapsing if you were to become disabled and could not afford to pay the premiums.

How we make it Simple for you…

We know how valuable your time is, and we won’t waste a minute of it. Discover our 3-step process to get Life Insurance the Simple way.

Get your Quote

Just fill out the Quick Quote and we will let you know just how affordable Life Insurance is for you.

Apply Online

Enjoy the comfort of your own home over a Zoom and meet with a Licensed Insurance Professional to answer any questions you may have and do an Online Application.

Get your Policy

We have the Fastest Application and Approval process around, and most policies are couriered out to your home within a few days.

Let’s have a Coffee together!

Sometimes just having a chat with someone who has gone through it before is all it takes to make sense of it all. If I told you how our family was saved because of Life Insurance, would you like to hear that story? If I could show you the easiest way to put this in place and have the peace of mind and pride your family deserves, would it be worth half an hour out of your day? Click the button below to book a coffee together, and let’s have a conversation that will leave you Uplifted and in Control.