Life insurance

A term life insurance policy can be ideal for Canadians:

• have a spouse or common-law partner, 
• have a family and/or a mortgage,
• are looking for the most affordable option, or
• are a business owner who needs protection for a limited time.

There are three types of permanent life insurance: whole life insurance, universal life insurance and participating life insurance. A permanent life insurance policy can be ideal for Canadians or people residing in Canada who: 

• want lifetime coverage with a guaranteed death benefit, 
• like the idea of guaranteed cash value and 
• want premiums that won’t increase.

Whole life insurance is a type of permanent life insurance. It can be ideal for Canadians or people residing in Canada who: 

• want lifelong financial protection, 
• want their premiums to stay the same throughout their life, and
• want a cash value component to their life insurance policy. 

Participating life insurance is a type of permanent life insurance. It can be ideal for Canadians or people residing in Canada who: 

• want a guaranteed amount of coverage along with a guaranteed cost,
• want the opportunity to increase the death benefit over time to keep up with inflation,
• have maximized their RRSP and TFSA contributions and are looking for a tax-efficient strategy to grow non-registered investments, or
• are business owners searching for tax-efficient ways to help protect their business value.

Universal life insurance is a type of permanent life insurance. It can be ideal for Canadians or people residing in Canada who: 

• want flexible lifetime insurance coverage with the opportunity for tax- preferred savings,
• want a guaranteed amount of coverage along with a guaranteed cost, 
• have maximized their RRSP and TFSA contributions and are looking for a tax-efficient strategy to grow non-registered investments, or
• are business owners searching for tax-efficient ways to help protect their business value.