Life Insurance

What is it?

Life insurance coverage provides your spouse and family with peace of mind, by giving them the financial options to help make important and often difficult decisions during a very stressful time.

Types of life insurance

Life insurance comes in two basic options:  Term and Permanent. Both are great choices for protecting you and your family, but each one has different features:                              

• Term life insurance Lower-cost insurance that provides coverage for a set time period, and provides a tax-free payout to the beneficiary. The cost of the insurance goes up each time you renew, but you can convert the policy to permanent life insurance at any time.
• Permanent life insurance Variable cost insurance with payment options that differ depending on your preferences. Coverage is guaranteed for life¹, and you can also access the cash value of your life insurance policy by taking out a loan or  withdrawing cash.                                         

Things to keep in mind                  

There’s always a financial impact whenever someone passes away, and the payable benefits from a life insurance policy can help your loved ones cover unexpected expenses such as:               

• Funeral costs
• Travel expenses to bring the family together
• Replacing lost income and health benefits
• Childcare and education costs
• House expenses
• Estate and legal fees
• Final income taxes
• Outstanding debts and bill payments