Life Insurance
Coverage sized around the people who depend on you
Life insurance is not one product. It is a set of tools with different costs, different lifespans, and different jobs. The right choice depends on how long the need lasts and what else the money has to do.
The three main types
Start with how long the need lasts
Temporary needs usually call for temporary coverage. Permanent needs call for permanent coverage. Many families end up with a combination of both.
Term Life
Whole Life
Universal Life
How much do you need?
A rule of thumb is a starting point, not an answer
- Debts that would remain: mortgage, loans, lines of credit, and any personal guarantees on business debt.
- Income your household would lose, and for how many years it would need to be replaced.
- Costs that arrive with a death: final expenses, probate, and potential tax on non-registered or corporate assets.
- Goals you would still want funded, such as post-secondary education for children.
- What already exists: group coverage through work, existing policies, savings, and survivor benefits.
Worth knowing
Where people most often get caught
- Group coverage through an employer usually ends when the job does, and is rarely enough on its own.
- Premiums are based partly on age and health at the time you apply, so waiting is rarely free.
- A stay-at-home parent still represents a very real financial cost to replace.
- Beneficiary designations go stale after marriage, separation, or a new child, so they need reviewing.
- Term policies have renewal and conversion terms that matter a great deal later. Read them before you buy.
What to expect
From first call to policy in force
Needs review
We work out the size and duration of the actual gap, taking into account what you already have in place.
Application and underwriting
You apply, and the insurer assesses health and lifestyle. This may include a questionnaire, medical records, or a paramedical visit.
Offer and placement
The insurer issues an offer with the final rating. We review it with you before you accept, and the policy takes effect once accepted and paid.
Questions we hear often
Life insurance basics
- Is the death benefit taxable in Canada?
- A life insurance death benefit paid to a named personal beneficiary is generally received tax-free in Canada. Corporate-owned policies and estate-designated proceeds involve additional rules, so we walk through your specific structure before you decide.
- Can I be declined?
- Yes. Insurers assess health, medical history, family history, occupation, and lifestyle. Some applicants are offered coverage at a higher rating rather than declined outright, and some conditions are better placed with particular insurers. That is one advantage of working with an independent agency.
- What if my health changes after the policy is issued?
- Once a policy is in force, the insurer cannot raise your premium or cancel coverage because your health changed, provided premiums are paid and the application was completed truthfully. This is why applying while healthy matters.
- Should I replace an existing policy?
- Sometimes, but not automatically. Replacing coverage can mean new underwriting, a new contestability period, and losing features in the old contract. We compare both before recommending anything.
Let’s talk about what fits your situation
A first conversation is free, confidential, and comes with no obligation. We’ll walk through where you stand today and what your options look like.