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Without your income, they could face significant financial challenges, from paying the mortgage and daily expenses to funding education and future dreams. The loss of financial stability could force them to make drastic lifestyle changes, adding to the emotional burden of losing a loved one.
Life insurance ensures they won't have to worry about covering essential expenses like mortgage payments, daily living costs, and education. By planning ahead, you can protect your loved ones from financial hardship and allow them to focus on healing and maintaining their quality of life.
We can get to know you and what you're looking to protect.
Together, we customize a plan for your exact needs.
Relax knowing your finances and debts are protected.
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The cost of life insurance in Canada varies depending on several factors including age, health, lifestyle, and the type of coverage. On average, term life insurance can range from $20 to $50 per month for a healthy non-smoker, while permanent life insurance can be significantly more expensive, often costing between $100 and $300 per month.
Life insurance provides financial security for your loved ones in the event of your death. It helps cover expenses such as funeral costs, outstanding debts, mortgage payments, and daily living expenses, ensuring that your family can maintain their standard of living and achieve future goals without financial stress.
When you make a life insurance claim, the insurance provider will require documentation, such as a death certificate, to process the claim. Once approved, the beneficiaries will receive the policy's death benefit, usually as a tax-free lump sum payment, to help cover financial obligations and support their needs.
The amount of life insurance you need depends on your individual circumstances, including your financial obligations, income, and future goals. A common rule of thumb is to aim for coverage that is 7 to 10 times your annual income, but it’s best to assess your specific needs with a life insurance broker to ensure adequate protection for your family.
Mortgage protection insurance is specifically designed to pay off your mortgage balance in full if you pass away during the term of the mortgage. It is directly tied to your mortgage loan and typically decreases in coverage as you pay down your mortgage principal. The benefit is paid directly to the lender to ensure the mortgage debt is settled.
On the other hand, term life insurance provides a lump-sum payment to your chosen beneficiaries if you die within the policy’s term, regardless of mortgage obligations. This insurance offers more flexibility as the payout can be used for various financial needs beyond just paying off the mortgage, such as living expenses, education costs, or other debts. Term life insurance policies are portable and not tied to a specific mortgage, allowing coverage to continue even if you refinance or move homes.
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