Life Insurance

Life insurance is a way to protect your family should the unthinkable happen and you die unexpectedly. It can keep their hopes and dreams alive when you are no longer able to provide for them. You bring so much more to peoples’ lives than just a financial contribution. But if you can’t be there, life insurance lets you leave something behind to help those important to you. Remember Losing a family or household member often has a financial impact.

The death benefit from a life insurance policy can help your loved ones avoid having to rely on savings, cash in investments or even selling your home to cover unexpected expenses like:

• Funeral costs
• Travel expenses to bring the family together
• Replacing lost income and health benefits
• Child care and education fees
• Home maintenance
• Estate and legal fees
• Final income taxes
• Outstanding debts and bill payments

Just about everyone has a need for life insurance, no matter what age – coverage is even available for children. If you’re married or single, whether you have family members who rely on you financially or not, chances are, you may need life insurance.

As a key member of your household, you provide care and financial security. Life insurance is a way to help ensure household expenses and care needs – like your children’s education, your spouse’s or partner’s retirement or help for aging parents – continue to be taken care of. Even if you’re single, life insurance helps those responsible for your estate take care of any bills, debts and final expenses. Fact The death benefit of a life insurance policy is the amount of money paid or due to be paid when an insured person dies. The death benefit is paid, tax free, to the beneficiary designated by the policy owner. In Canada, the benefit payment from a life insurance policy is paid directly to the person(s) you name as beneficiary and is not taxed.

A life insurance death benefit may be used to make monthly mortgage payments or even pay off a mortgage entirely. Life insurance can provide added reassurance that your family will continue to have the comforts of home.

If you own a business, life insurance can help protect your estate from business creditors, so you’re able to leave your loved ones or business partners with exactly what you intended. Life insurance can also be a tax-effective way to help transfer a family business to the next generation. The life insurance death benefit may also be used to help pay off business debts and other financial obligations, helping to ensure that the business you’ve worked so hard to build will carry on.