Life Insurance and Living Benefits

No one can foresee the unexpected, like a fatal accident or a sudden terminal illness. But you can always put plans in place to deal with them. By planning the life insurance policies that you own, you can add peace of mind into your future, and not have to worry about the “unexpected” – like dealing with the consequences of a sudden loss of a job, or worrying about how your kids will afford an education if you pass prematurely. 

Why life insurance planning is important

If you have dependents, young or old, that rely on you to support them financially, then life insurance can be a great tool to ensure their needs are taken care of, especially in the event of your passing. If the unexpected or eventual does happen, and you pass away, your beneficiaries will receive a tax-free lump sum payment that can help alleviate some or all of their financial hardships.  

Depending upon the type of life insurance plans you have in place, you could even use your insurance policy to pay for future expenses, like a mortgage or a child’s education; or it could be used as a means of retirement income or paying off your final (funereal/interment) expenditures.      

What we can do for you

Our Life Insurance Planning service reviews your financial situation, as well as your life’s goals, and puts an insurance plan in place that best helps you meet those objectives. Our insurance specialists have a range of insurance plans that they might recommend, including:

• Term Life Insurance: When proposing a life insurance plan for individuals and families, our team of insurance specialists will review your personal goals and financial circumstances, and make appropriate insurance protection recommendations. In the case of young families, for instance, a Term Life Insurance policy might be a fitting choice.

  A Term Life Insurance policy has a fixed term, and comes with lower premium rates than permanent life products. Because these products pay out a death benefit if a policy holder dies during the currency of the term, it is ideal for parents with young children looking for financial protection until the kids turn a certain age, say 20 or 25.

• Permanent Life Insurance: After taking your personal financial situation into consideration, our advisers may recommend a Permanent Life Insurance policy. These products provide insurance coverage for the duration that you are alive – that’s why they are sometimes referred to as Whole Life insurance. Though they cost more (in terms of higher premiums), your beneficiaries are guaranteed to receive a payout upon your passing. 

  Depending on the type of policy selected, you may be able to cancel your policy prematurely, and receive partial premium refunds. If it makes financial sense, our advisors may even recommend opting for a Permanent Life Insurance policy that allows policy holders to pay premiums, albeit larger ones than normally applicable, for a defined period (15 years, 25 years), instead of making life-long payments.

• Participating Life Insurance: These are products similar to Whole Life insurance, but policyholders may also be entitled – though not always guaranteed - to receive dividends. Holders may use those dividends to enhance coverage, apply them against premiums or receive them in cash.    

• Universal Life Insurance: Universal Life Insurance is a more “flexible” version of permanent life policies. They allow protection while facilitating savings. Policyholders choose a guaranteed amount of death payout they would like beneficiaries to receive. Premiums paid in excess of insurance cost are entitled to earn interest and dividends through a variety of tax-preferred vehicles.