Life Insurance

Life insurance provides a tax-free death benefit to the named beneficiary or beneficiaries when the insured person dies, provided the policy is in force and the claim is payable under the policy terms. The benefit can help replace income, pay debts, fund family goals or support estate planning.

Term life insurance provides coverage for a selected period and is often used for temporary needs such as income replacement, a mortgage or family obligations. Permanent life insurance is designed for lifelong protection when premiums and policy requirements are maintained and may include cash-value features depending on the product.

There is no universal amount. A useful review can include income your household would need to replace, mortgages and other debts, education goals, final expenses, existing savings and insurance, and any estate or business obligations. A broker can help you compare scenarios rather than relying on a single rule of thumb.

Subject to applicable law and insurer rules, a beneficiary can often be a spouse or partner, child, other individual, trust, estate or organization. Beneficiary designations can have important legal and estate consequences, so consider professional advice for complex situations.

Not always. Some products may use simplified underwriting or other eligibility processes, while others can require a medical questionnaire, telephone interview, records or an exam. Requirements depend on factors such as age, coverage amount, health history and insurer underwriting.

Possibly. A health condition does not automatically mean coverage is unavailable. Insurers assess risk differently and may offer standard, rated, modified or other coverage depending on the medical history and product. Complete and accurate disclosure is important.

Review your coverage after major life or financial changes such as marriage, a new child, buying a home, taking on significant debt, changing income, starting or selling a business, separation, retirement planning or a change in beneficiaries.

Employer coverage can be valuable, but the amount may be limited and it may change or end when your employment changes. Personal life insurance can help provide portable coverage that is not tied to one employer, subject to its own policy terms.

Life insurance can form part of business continuity, key-person, buy-sell or estate-planning strategies. Business arrangements can involve tax and legal considerations, so coordination with qualified legal, tax and financial professionals may be appropriate.

You may be asked for age, province, smoking status, desired coverage amount and term, occupation, lifestyle details, medical history and basic financial information. The exact information and underwriting process vary by insurer and product.

Start the guided quote and a licensed broker can review your needs.

Yes. Final availability and pricing depend on insurer eligibility and underwriting.