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Protect your most valued assets

Life Insurance

There are many options for purchasing life insurance. It must meet your needs, your family’s needs, and also your budget. Dealing with a Senior Wealth Advisor will help you determine the type and duration of insurance that’s right for you because we take into account your family, personal and professional situation, as well as your life goals.

There are three types of life insurance: term, permanent and universal. Here are their main features:

Term life insurance

Term life provides flexible, affordable coverage for your temporary needs. It protects you and your family for a predetermined length of time, covering your financial obligations in the event of death. This is the perfect solution if you have dependent children and a limited budget, or if you have loans to pay off in the short and medium term, like a mortgage loan, and your budget is tight.

Permanent life insurance

This type of insurance will cover you for your whole life and will provide permanent coverage to your family and estate. It is typically taken out by those who want to leave an inheritance, ensure the continuity of their business or simply remain insured even if their health goes downhill or is diagnosed with a critical illness.

Universal life insurance

Finally, there is universal life insurance, a combination of permanent life insurance and savings. By opting for this insurance, you will be covered for your whole life and could save by enjoying some tax benefits. This solution lets you leave a more sizeable inheritance and to protect the value of your business. It’s also a good savings option if you’ve already maxed out your RRSP and TFSA contributions.

Why choose family life insurance?

Purchasing life insurance is an important step and a big consideration. In the event of a premature death, this coverage could make a difference in the lives of your loved ones, helping to cover your final expenses and your debts while still maintaining their standard of living.

You’re never too young to get this type of insurance. And if you purchase life insurance when you’re younger your premiums will cost less.

Meet with a Senior Wealth Advisor to answer any further questions you might have about purchasing life insurance.  We’re here to help you plan your finances so that you can focus on your future plans.