Would your loved ones be financially impacted if something happened to you?

If you answer yes, then you should think about how you can help protect them with life insurance.

What is life insurance?

Life insurance can protect the financial security of the people you love by giving them a tax-free payment after you die. The amount and type of coverage you choose will depend on your circumstances and needs.

While you may have basic life insurance through work, it may not be enough to meet your needs, and your coverage typically ends when you leave your job. The cost of life insurance you buy as an individual depends on your age, gender, health, medical history and lifestyle.

You can purchase some types of life insurance online or you can speak to an advisor for help finding the right coverage and to get a quote.


 

Types of life insurance:

Term life insurance

  • Term life insurance is simple and affordable , providing a fixed amount of insurance for a specific period of time
  • In the event of your death, the policy pays a tax-free benefit, to your beneficiaries
  • Term life provides temporary protection you can customize to meet your changing needs

Permanent life insurance

  • Permanent life insurance is often called whole life insurance because it covers you for your whole life – and some types can build cash value over time.
  • Permanent insurance costs are usually guaranteed not to increase from the time you first buy the policy.
  • Some permanent insurance plans let you pay for a limited time and you don't have to pay any more.

Participating life insurance

  • Participating life insurance is a type of permanent whole life insurance coverage that can be eligible to receive dividends.
  • The amount of coverage you choose and your premiums are guaranteed for life.
  • You can use the dividends to buy more coverage, reduce your annual premium cost, earn interest inside the plan - or take them in cash. Dividends are not guaranteed.

Universal life insurance

  • Universal life insurance is a flexible type of permanent life insurance that combines protection and savings.
  • You choose a guaranteed death benefit that will be paid to your beneficiaries.
  • The payments you make above the cost of insurance earn interest on a tax-preferred.

Life insurance comparison:
Product features Term life insurance Permanent (whole) life insurance Participating whole life insurance Universal life insurance
Issue ages

0-75 years old

0-85 years old

0-85 years old

0-85 years old

Coverage amounts

$50,000 and up

$5,000 and up

$25,000 and up

$25,000 and up

Payment options
Payment options
  • 10-year renewable term
  • 15-year renewable term
  • 20-year renewable term
  • 30-year renewable term
Payment options
  • 10-pay
  • 15-pay
  • 20-pay
  • Life-pay
Payment options
  • 10-pay
  • 20-pay
  • Life-pay
Payment options
  • 10-pay
  • 15-pay
  • 20-pay
  • Yearly renewable to age 70, 85 or 100
  • Level to age 100
Guaranteed premiums/costs
Yes
Yes
Yes
Yes
Payment flexibility
Payment flexibility
No
Payment flexibility
No
Payment flexibility
Yes
Payment flexibility
Yes
Coverage options
Coverage options
  • Single life
  • Joint first-to-die
Coverage options
  • Single life
  • Joint first-to-die
  • Joint last-to-die
Coverage options
  • Single life
  • Joint first-to-die
  • Joint last-to-die
Coverage options
  • Single life
  • Joint first-to-die
  • Joint last-to-die
Cash values
Cash values
No
Cash values
Yes
Cash values
Yes
Cash values
Yes
Cash value accessibility
Cash value accessibility
N/A
Cash value accessibility
Yes
Cash value accessibility
Yes
Cash value accessibility
Yes
Lifetime coverage
Lifetime coverage

No, expires at age 85

Lifetime coverage
Yes
Lifetime coverage
Yes
Lifetime coverage
Yes
Full details

More about term life insurance

More about permanent (whole) life insurance

More about participating whole life insurance

More about universal life insurance