For residents of Canada and the U.S.
When you're purchasing life insurance, you can choose from three types of plans. A financial planner with insurance expertise can help you assess your life or business situation and select the plan that will yield you the maximum benefits.
Term Life Insurance
Term life insurance provides life insurance for a specified time period. During this period, if the insured dies, the beneficiary receives a tax-free lump sum of money.
If you're a young family with a limited budget, you'll appreciate term insurance because it allows you to secure your financial well-being for the lowest possible premium.
Business partners can also use term life insurance to ensure continuation of the business in the event of one partner's death. And consider using term insurance as an effective alternative to bank mortgage insurance or to fulfill other temporary family or business needs.
If you've adopted a healthy lifestyle and are in good health, you may qualify for lower premiums. And, if you'd like, you can combine term insurance with critical illness insurance in one convenient package.
Whole Life Insurance
Whole life insurance offers permanent coverage, a guaranteed death benefit and level premiums.
If you're someone who plans for the long term and you want to be independent of investment gains and losses, you'll find whole life insurance ideal.
A whole life policy grows in cash value over time. You'll appreciate the flexible cancellation options this gives you. And, although coverage is for life, your premiums needn't be. You can choose to pay premiums for the rest of your life or opt to purchase your whole life insurance in a set number of payments or even in one single payment. The shorter your payment period, the larger a discount you'll enjoy.
Universal Life Insurance
Universal life insurance gives you permanent insurance, while building a tax-sheltered investment portion into the plan. Just at the time you're facing significant costs and tax implications, universal life pays off.
The timing and its tax-sheltered savings feature make universal life insurance a powerful ally, whether your goal is pension maximization, estate preservation, charitable giving, buy-sell agreements or leveraging. And the tax-sheltered investment component can offset the cost of the insurance.