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 - There are 2 plan types available: Critical Illness Term 10 and Critical Illness Level to Age 75. These plans offer coverage for 25 covered illnesses as well as 4 partial covered conditions under the early diagnosed benefit. These are fully underwritten plans including medical questions and age and volume underwriting requirements. The age calculation is based on current age.
Critical Illness Term 10 is available to individuals between the ages of 18 to 60. Term 10 provides critical illness insurance protection until the policy anniversary following the insured's 75th birthday. The insurance is renewable meaning every 10 years the contract is automatically renewed without medical underwriting at a higher premium amount based on your age at the time of renewal. The product is also convertible meaning that at anytime, prior to the insured turning 60, it can be converted to a Critical Illness Term to Age 75 policy (at a higher premium amount) without medical underwriting. Both initial and renewal premiums are guaranteed. The policy is non-participating meaning it is not eligible for dividends. The annual policy fee is for $50.00.
Critical Illness Level to Age 75 is available to individuals between the ages of 18 to 60. Level premium provides critical illness insurance protection at a level premium until the policy anniversary following the insured's 75th birthday. All premiums are guaranteed. The policy is non-participating meaning it is not eligible for dividends. In addition, the product is neither renewable nor convertible. The annual policy fee is for $50.00.
* Note: Potential taxable policy gain upon maturity or surrender.