Life insurance can be a simple, affordable way to round out your financial plan. Term insurance offers protection that is easy to understand and budget-friendly.
Consider your financial obligations if you weren't around anymore. In addition to day-to-day expenses, you want to be able to pay for your child's education and provide for your family's income in the event of your death. Term life insurance could help your loved ones by providing them with cash benefits.
Another factor to keep in mind is the potential tax implications in the event of your death. Your heirs could face significant inheritance taxes. The Canada Customs and Revenue Agency (CCRA) could tax everything you have worked so hard for (property, investments, RSPs, etc.) as though you had sold them at today's value.
Naming a beneficiary for your life insurance policy can ensure that your loved ones will receive the funds they need.
If you have insurance through a group plan or other policy, the amount may still not be enough to cover all financial obligations. With fixed premiums for the length of the term and a tax-free lump sum benefit at death, term life insurance is an easy, inexpensive way to help your family with the financial burden when you're gone.
There are no premiums to pay after your death. If you pass away before the end of the term, your beneficiary will receive the full benefits.
Find out why term life insurance should be part of your financial plan. Learn more about our Term Insurance products.