Life Insurance

Term life insurance provides affordable coverage for a specified period, typically ranging from 10 to 30 years. It's ideal for temporary needs, such as mortgage protection or raising children. If you pass away during the term, your beneficiaries receive a tax-free death benefit. Coverage can usually be renewed or converted when the term ends.

Whole life insurance provides lifelong coverage with fixed premiums and a guaranteed death benefit. It also builds cash value over time, which you can borrow against. It's a strong option for those wanting long-term financial security or to leave a legacy.

Universal life insurance offers flexible coverage with adjustable premiums and death benefits. A portion of your premiums grows tax-deferred, allowing you to build cash value. It's a good fit for those seeking customizable, long-term protection with investment potential.

Final expense insurance is designed to cover funeral and end-of-life costs, providing your loved ones with financial relief during a difficult time. With no medical exam required and easy qualification, it's an ideal option for seniors or those looking for affordable, straightforward coverage.

No, life insurance death benefits are generally not taxable in Canada. When a beneficiary receives a payout from a life insurance policy, it is considered a tax-free lump sum. However, if the policy has an investment component (like whole or universal life insurance), any investment gains withdrawn before death may be subject to tax.

It depends on the type and amount of coverage you apply for. Some life insurance policies, especially simplified or no-medical exam policies, do not require a physical exam. However, for larger policies or traditional term and whole-life coverage, insurers may request a medical exam to assess your health and determine premiums.

Yes, you can name anyone as a beneficiary—such as a spouse, child, friend, or even a charity. If the beneficiary is a minor, the insurance company may require you to name a trustee or guardian to manage the funds until the child reaches the age of majority in Alberta (18 years old).

Term life insurance provides coverage for a specified period, while whole life insurance generally provides lifelong coverage as long as you meet the policy conditions. Whole life policies may also build cash value, depending on their terms. The right option depends on your financial goals, budget, and how long you want coverage.

The amount of life insurance you need depends on factors such as your mortgage, outstanding debts, household expenses, income, dependants, and future financial goals. Considering these responsibilities can help you estimate how much financial support your loved ones may need. A licensed insurance advisor can help you explore coverage options based on your situation.