Life is full of responsibilities, both emotional and financial. For many of us, that includes family, a mortgage, car loans, children's education funds, business loans, and much more. Life insurance can be a way to safeguard your family's lifestyle and financial future. It helps to ensure that financial responsibilities will not become a burden to those you love most, should the unthinkable happen.
Term life insurance is the simple, affordable solution. It offers a wide range of benefit amounts with premiums guaranteed for a set term or time frame. And because the premiums will not change for the length of the term, it's easy to budget for.
Term life insurance is also an ideal alternative to mortgage life insurance. With traditional mortgage insurance, the life benefit decreases as your mortgage balance decreases; yet with term life insurance, your life benefit remains the same. Further, with term life insurance, your beneficiary may choose how best to spend the life benefit — paying off the mortgage, other debts or funding children's education.
Perhaps you simply want to leave a financial cushion for your spouse or partner, or you would like to contribute to the education of a child or grandchild.
Term life insurance remains an economical solution. It offers a very wide selection of life benefit amounts — from the lower to more sizeable amounts of coverage, all are surprisingly affordable.
There are other types of life insurance that don't require completion of a medical questionnaire. These plans typically offer less sizeable benefit amounts, some with premiums that do not change for the duration of the policy.
Review the options available to you so that you select the type of life insurance as well as the benefit amount that best meets your individual goals and your budget.
Paying final expenses, and dealing with a mortgage balance, loans, debts, and day-to-day living expenses may become a serious challenge. Use our calculator to help you evaluate your own unique situation.
Unlike traditional mortgage life insurance whose value decreases as you pay down your mortgage balance, term life insurance plans pay the full original face value of your policy to your beneficiary. Your beneficiary can then use the money towards the mortgage, loans, debts, daily living expenses — the choice will be theirs'.
CoverMe™ Term Life insurance premiums remain the same for the first ten years. At the end of the first 10 years, and every 10 years thereafter, your policy will be renewed at your new, age-based rate up until your 80th birthday.
CoverMe™ Guaranteed Issue Life insurance premiums will never increase, and your coverage will continue as long as you pay your premiums.
The FollowMe™ Life plan is designed for those whose group life coverage is coming to an end, or has recently ended. Completion of a medical questionnaire is not required as long as you apply within 60 days of your group life coverage end date.
The CoverMe Guaranteed Issue Life plan does not require medical underwriting — completion of a medical questionnaire is not required.
The application process for both FollowMe Life and CoverMe Guaranteed Issue Life insurance is quick and easy which means accessible coverage for you, and protection for your loved ones.
The FollowMe Life plan is designed for those whose group life coverage is coming to an end, or has recently ended. Completion of a medical questionnaire is not required as long as you apply within 60 days of your group life coverage end date. This means a quick and easy application process, accessible protection and the peace-of-mind that comes with knowing that you are covered, once again.
Life insurance premiums are based on your gender, smoking status and your age at the time of application.
You'll want the peace-of-mind that comes with knowing that your loved ones will be taken care of promptly and with consideration.
Quite simply, when you buy term life insurance, you are entering into an agreement with your insurance company.
In exchange for you making regular payments (called premiums), the insurance company will pay a benefit to the person you choose (called a beneficiary) if you should die while your policy is in effect. The death benefit payment is made tax-free under Canadian law, to a named beneficiary resident in Canada. In other words, if your term life insurance coverage amount were $475,000, your named beneficiary would receive that total amount. You can still name a beneficiary not resident in Canada, but the benefit payment may be subject to the tax laws of that jurisdiction.
Most people buy life insurance to help ensure that their unexpected death will not negatively impact the financial security of those they love. By buying life insurance, they make sure that money is available for funeral expenses and mortgage and loan payments, and that their loved ones can pay for living expenses (such as groceries, utilities and their children's education) even though they are not there to help anymore.
Term life insurance simply means that the contract is for a defined period of time. Premiums remain the same for that defined period of time.
You should not cancel or replace an existing insurance policy with a new one without consulting your financial advisor. Or contact us, and we can help you determine your unique needs.
The death benefit is the main feature of any life insurance policy. The insurance company will pay the death benefit to your named beneficiary if you die while your policy is in effect.
The benefit amount paid is equal to the insurance coverage amount you have at the time of your death.
The death benefit is paid tax-free, under Canadian law, to a named beneficiary resident in Canada.
Should you be diagnosed with a terminal illness with less than 12 months to live, the Living Benefit makes available to you a percentage of the total death benefit under your life insurance plan. The percentage and maximum of this tax-free cash advance is dependent upon the plan you purchase. You can use this money however you wish.
CoverMe Term Life
With the CoverMe Term Life plan, up to 50% of your total term life coverage amount is available to you, to a maximum of $100,000, provided you are less than 83 years of age and your policy has been in effect for two years.
CoverMe Guaranteed Issue Life
With the CoverMe Guaranteed Issue Life plan, up to 50% of your policy amount is available to you, provided your policy has been in effect for two years.
With the FollowMe Life plan, you are eligible to receive up to 50% of your coverage to a maximum of $50,000, provided your policy has been in effect for two years.
At time of death, the amount paid to your beneficiary will be the death benefit amount less the amount previously advanced, with no adjustment in interest.
With term life insurance, the insurance provider pays the death benefit to your beneficiary. This gives your beneficiary the freedom to choose how best to spend the money.
Mortgage life insurance bought from a lender typically pays the death benefit to the lender.
With mortgage life insurance, the death benefit or coverage amount declines as your mortgage balance decreases, but the premium you pay remains the same. With term life insurance, your coverage amount remains the same.
Should you ever decide to switch lending institutions, you would have to reapply for mortgage life insurance whereas term life insurance is portable – you own the coverage for the duration of the term.
The FollowMe™ Life plan is specially designed to start once your group life coverage stops. FollowMe Life coverage is available from $25,000 to $200,000 (equal to or less than your group life benefit amount). And as long as you apply within 60 days of your group life insurance ending, completion of a medical questionnaire is not required!
The CoverMe™ Term Life plan offers an alternative, economical solution for those from 18 to 70 years of age. Coverage is available from $50,000 to $1,000,000 in increments of $25,000. You get to choose the level of insurance coverage that best suits you, your family and your budget. And your rates are guaranteed not to increase for the first 10 years!
The CoverMe™ Guaranteed Issue Life plan is designed for those between 40 and 75 years of age. It offers coverage levels from $5,000 to $25,000. Medical underwriting is not required. Further, your premiums will not increase, your coverage will not decrease and you can enjoy premium-free coverage after your 95th birthday.
The CoverMe Term Life plan offers affordable coverage from $50,000 to $1,000,000, with premiums that won't increase for the first 10 years. Whether you're just starting out, married, raising a family or thinking about retirement, CoverMe Term Life insurance may be the solution for you.
CoverMe Guaranteed Issue Life insurance offers coverage from $5,000 to $25,000. Completion of a medical questionnaire is not required — your acceptance is guaranteed, regardless of your health. With premiums that will never increase and coverage that will never decrease, this plan is designed for those 40 to 75 years of age.
The FollowMe Life insurance plan is unique. Designed to start when your group life insurance stops, it offers coverage from $25,000 to $200,000. Completion of a medical questionnaire is not required as long as you apply within 60 days of your group life coverage end date.