Although there may appear to be a vast array of life insurance policy types available, they all consist of one of two basic forms: Permanent insurance and Term insurance. As the names imply, permanent insurance is permanent (for life) and term insurance is temporary. Most people require a combination of the two types to fit their needs. Examples of permanent needs are funeral expenses, survivors' income, taxes at death on capital gains, taxation of RRSPs and RRIFs and charitable bequests. Examples of temporary needs are mortgages, children's education and business loans.
Permanent Life Insurance
Whole Life - These plans provide a guaranteed base amount of insurance protection for life. Whole Life is available as either Whole Life – Pay to Age 100 or 20 Pay Whole Life. With Whole Life – Pay to Age 100, you pay premiums until age 100. With 20 Pay Whole Life you pay premiums on the base policy for only 20 years. Premiums on Whole Life plans are level, which means they are guaranteed never to go up. After the premium paying period, your policy is considered paid up, and your permanent insurance protection will never decrease. Whole Life plans are available to individuals anywhere between the ages of 15 days to 80 years. This makes it a great option if you are looking for permanent protection options for yourself, your children or your grandchildren. Policy owners of Whole Life plans are eligible to receive annual dividend amounts that will vary based on the performance of the participating account. These dividend values will be used to purchase additional life insurance coverage (Paid-up Additions). Any Paid-up Additions are permanent and will never expire or require additional premiums. Underwriting classes available for Whole Life plans include: Non-tobacco user and Tobacco User. The age calculation is based on current age. View Whole Life Brochure
Temporary Life Insurance
Lifetime Term 10, 15, 20, 25, 30, Term to Age 80 & Term to Age 100 - These plans consist of 10, 15, 20, 25, or 30-year Renewable & Convertible Term Insurance, Term to Age 80 Renewable & Convertible Insurance, and Term to Age 100. The sum insured is level and all premiums are guaranteed. The age calculation is based on current age.
Lifetime Term 10, 15, 20, 25, or 30 can be renewed every 10 years after the initial term until age 85 with the final renewal to age 100 of the life insured, after which the insurance coverage continues for life with no additional premiums.
Lifetime Term to Age 80 has premiums that remain level until age 80 Insurance can then be renewed until age 100 of the life insured, after which the insurance coverage continues for life with no additional premiums.
Lifetime Term to Age 100 has premiums that remain level to age 100. After age 100, insurance coverage continues for life with no additional premiums.
Underwriting classes available for Lifetime Term include: Non-Tobacco User and Tobacco User. View Lifetime Term Brochure
Critical Illness - Critical Illness coverage provides a lump sum living benefit to the policy owner of the plan on of one of the covered conditions provided the insured meets the definition of the covered condition. No waiting period is applicable unless specified under the specific covered condition. The critical illness benefit is only payable once and the policy then terminates, regardless of the number of critical illnesses that may be Diagnosed. View Critical Illness Brochure
Critical Illness Comprehensive is our fully underwritten CI product with 26 covered conditions.
Critical Illness Core is our simplified underwritten CI product with 4 covered conditions. CI Core offers a quick and easy application process with only 8 Qualifying Questions.
Each Critical Illness product offers three different plan types:
- Term 10 is renewable and exchangeable. The plan renews every 10 years until the policy anniversary following age 75 at which time the plan matures. The sum insured is level, and all premiums are guaranteed. Premiums increase at each renewal.
- Term to Age 75 provides a level amount of critical illness insurance until the policy anniversary following age 75 of the insured at which time the insurance terminates. Premiums are guaranteed at issue.
- Term to Age 75 with Return of Premium on Expiry provides a level amount of critical illness insurance until the policy anniversary following age 75 of the insured at which time the insurance terminates. Premiums are guaranteed at issue. Upon maturity of the policy on the anniversary following age 75, a Return of Premium on Expiry is payable.