Insurance companies determine the premium for life insurance using three factors; the particulars of a person, the cost of administration and the anticipated rate of return on their investments. There are basically three different types of life insurance,Term, Whole Life and Universal Life, with most insurance products being derived from these.
Term insurance is temporary insurance, like renting your insurance. It simply and effectively provides pure insurance protection. The coverage is usually purchased and renewed at regular intervals. Most companies will insure you to 75 or 80 years of age with some coverage being available to age 100. We have access to all of the term rates available across Canada. Mortgage Insurance is a decreasing term insurance product specifically designed to pay off your mortgage if you die.
Whole Life and Universal Life are permanent insurance plans that offer insurance and a savings component that can grow tax-free. Both programs are guaranteed to pay a benefit as the coverage is in force until you die no matter at what age.
Our other specific insurance programs, Funeral Insurance (designed to pay for your final expenses) and Childrens' Insurance (designed specifically for children) are applications of the above types of insurance.
The coverage's are explained in more detail on the following pages. By completing the required short application and forwarding it to us, we will research the market on your behalf and make recommendations to you regarding the best product to fit your needs.