Life insurance products

Life insurance is an important part of your financial security plan. There are three types of policies to choose from, depending on what you need and what stage of life you’re at.

A term policy provides coverages for a limited period of time, usually 10, 20 or 30 years. It is generally a more affordable option.

The right choice for you if:

  • You’re looking for an affordable policy
  • You want to maintain your family’s lifestyle
  • You want to leave behind cash to repay any outstanding debts
  • You want to cover all your financial needs

A permanent policy will provide coverage for the rest of your life. Compared to term insurance, this type of policy is more cost-effective in the long term.

The right choice for you if:

  • You’re looking for a tax-free death benefit to:
    • Leave something behind for your loved ones
    • Cover your final expenses (funeral costs, income taxes)
  • You want lifetime coverage no matter what happens to your health

A universal policy will provide coverage for the rest of your life and also includes a tax-sheltered investment component.

The right choice for you if:

  • You want to leave behind a large, tax-free inheritance
  • You’re debt-free and have maxed out your RRSP and TFSA contribution room
  • You own a business and want to protect its value