INSURANCE

LIFE INSURANCE

Term life insurance is well-suited to meet high, short-term protection needs for the lowest initial cost. For example, a couple with young children and a mortgage might select term life insurance as an affordable way to get the full coverage they need today.

Term life insurance coverage can do a good job of meeting immediate needs and may provide the opportunity to later move or convert to permanent life insurance without providing proof of health.

Term plans may also be renewable after 5, 10 or 20 years without providing proof of health. The price increases as appropriate for your age at renewal. You can convert a term 10 plan to a term 20 plan between the first and fifth policy anniversary or the insured’s 65th birthday, which ever is earliest. You can purchase term life insurance as an initial step before purchasing permanent life insurance.

Simply Preferred Term Life Insurance

Whether your life insurance needs are long or short-term, we offer the term life insurance solution for you—Simply Preferred™ term life insurance offers:
Affordable life insurance coverage
Premiums guaranteed to remain the same for 10 or 20 years depending on your needs
Guaranteed premiums for each renewal period (at the time of issue)
No medical evidence required at renewal period (medical evidence may be required if coverage amount increases)
Ability to convert to a permanent life insurance policy
Your personal health and lifestyle determines the premium for your insurance coverage—we reward you for a healthy lifestyle. You control your coverage as long as you pay the premiums, your coverage, once validly obtained, can’t be cancelled.

A Simply Preferred term life insurance policy can be used to provide funds at your death to:

Create an estate for your heirs
Pay off your mortgage
Pay taxes owing on your estate
Pay off business loans and lines of credit
Pay off personal loans
Fund buy-sell agreements

man, woman and child holding hands on seashore

TERM LIFE

WHOLE LIFE

Whole life insurance is well-suited to meet long-term permanent protection needs for a fixed cost. For example, a individual wishes to leave his family with a fixed amount after his passing and wishes to keep the premium constant for entirety of the policy. Then Whole Life insurance would be his preferred policy.

Types of Whole Life Insurance Policies

Tradition Whole Life - A fixed premium and a fixed face value for the entirety of ones life or until they turn 100, with a Cash Surrender Value.
Term-100 - A fixed premium and a fixed face value for the entirety of ones life or until they turn 100, without a Cash Surrender Value.
Whole Life with Limited Pay- A fixed premium and a fixed face value for a limited number of years, with a Cash Surrender Value.

man and woman sitting on bench during daytime

UNIVERSIAL LIFE

A type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance) which is invested to provide a cash value buildup. The death benefit, savings element and premiums can be reviewed and altered as a policyholder’s circumstances change. In addition, unlike whole life insurance, universal life insurance allows the policyholder to use the interest from his or her accumulated savings to help pay premiums.

Universal life insurance provides permanent life insurance protection with a tax-advantaged investment component. As cash values accumulate, they can be used to pay part or all of the cost of your insurance.

In addition to providing security and protection through its life insurance component, universal life insurance can provide an additional source of income for emergencies, retirement or for estate planning needs.

You select an investment mix that’s best for you—taking into account the amount of risk you’re comfortable with, and your financial goals and circumstances.

With Canada Life’s universal life insurance you can customize solutions that change over time to fit your evolving lifestyle, budget and savings objectives.

Tax-Advantaged Growth

The total account value in your policy can grow on a tax-advantaged basis within limits. The insurance proceeds paid to your beneficiary upon your death are tax-free and may include the total account value you’ve been accumulating over the years.

coconut tree near shore within mountain range

CRITICAL ILLNESS INSURANCE

Critical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied. The physical and emotional strain of a critical illness can be severe and when you combine that with the potentially damaging financial impact, the result can be devastating.

That’s where the critical illness benefit comes in—you are free to spend the money as you wish—such as to help cover lost income, to pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.

A critical illness can happen to anyone:

It is estimated there are over 70,000 heart attacks in Canada each year.
There are between 40,000 and 50,000 strokes in Canada each year.
An estimated 3,075 Canadians will be diagnosed with cancer every week.

DISABILITY INSURANCE

Disability insurance can provide you with financial security by replacing a portion of your earnings when an accident or illness causes you to become disabled and unable to work or earn an income. Accidents and illnesses are a fact of life. They could happen to anyone at any time. Did you know that

1 in 3 people, on average, will be disabled for 90 days or longer at least once before age 65.
The average length of a disability that lasts over 90 days is 2.9 years.
Both personal and business disability insurance solutions are available that offer flexibility and features to help bridge the gap between income and expenses during a disability.