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
20 Pay Whole Life - This plan provides a guaranteed base amount of insurance protection for life. You pay premiums on the base policy for only 20 years, and these premiums are guaranteed never to go up. After 20 years, your policy is considered paid up, and your permanent insurance protection will never decrease. The 20 Pay Whole Life plan is 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 the 20 Pay Whole Life product 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. View Brochure
Instant Issue Life Insurance - This plan is designed for individuals age 45 to 75. It is a guaranteed issue permanent plan with just 5 qualifying questions. Premiums are guaranteed, level and payable for 20 years only. If death results from non-accidental causes, the death benefit equals: the Return of Premium (ROP) plus 10% interest if death occurs within the first 2 years; the Face Amount if death occurs after 2 years. If death results from accidental causes, the death benefit equals: two times the Face Amount if death occurs prior to age 75; the Face Amount if death occurs at age 75 or older. The death benefit amount is paid to the policy owner if living after the later of 20 years, or age 85*. View Brochure
Temporary Life Insurance
LifeStyle Term 10, 15, 20, 25, 30, & Term to Age 80 - These plans consist of 10, 15, 20, 25, or 30-year Renewable & Convertible Term Insurance and Term to Age 80 Convertible Insurance. The sum insured is level and all premiums are guaranteed. LifeStyle Term 10, 15, 20, 25, or 30 can be renewed until age 80 of the life insured, at which time the insurance terminates. Where as, LifeStyle Term to Age 80 has premiums that remain level until age 80, at which time the insurance terminates. These plans are available on a single or joint first-to-die basis. LifeStyle Term plans can also be layered by allowing a base plan and up to four Term Riders and four Second Life Term Riders (or a Joint First-to-Die base plan and up to four Joint Term Riders) of various initial term lengths within a single policy.
Preferred Underwriting of LifeStyle Term - Today's emphasis on healthy lifestyles allows applicants to be grouped into a greater variety of lifestyle categories. This results in a more appropriate premium being charged. In the past, healthier applicants subsidized the insurance costs of those who were less healthy. LifeStyle Term rewards better risks with lower premiums. Preferred Underwriting classes available for LifeStyle Term include three nonsmoker classes and two smoker classes.
Quick Issue Critical Illness - Quick Issue Critical Illness is designed to provide funds to help you financially care for yourself and your family and maintain the same quality of life after surviving a critical illness. The plan provides a tax-free lump sum living benefit to the owner of the plan on the occurrence of the first of the covered illnesses of the insured, provided the insured survives the waiting period following the onset of the critical illness. The waiting period is 30 days from diagnosis, except for Loss of Speech (6 months) and Paralysis (90 days). No living benefit is payable if cancer is diagnosed within 90 days of issue. Three types of Quick Issue Critical Illness plans are available: 10 Year Renewable to Age 75, Level to Age 75 and Level to Age 75 with Flexible Return of Premium. Quick Issue Critical illness is issued upon answering "No" to just 8 qualifying questions, provided there are no unfavorable reports from the Medical Insurance Bureau. View Brochure
* Note: Potential taxable policy gain upon maturity or surrender.