Replace Lost Income
If you are a primary earner, life insurance can help replace your income, allowing your family to maintain their standard of living.
Life Insurance: Protecting Your Loved Ones' Future
Ensure Financial Security for Those Who Matter Most
What is Life Insurance?
Life insurance is a contract between you and an insurance company. In exchange for regular premium payments, the insurer provides a tax-free, lump-sum payment, known as a death benefit, to your designated beneficiaries upon your passing. This financial support can be crucial for your loved ones during a difficult time.
Why is Life Insurance Important?
Life insurance provides essential financial protection and can help your beneficiaries:
Cover Debts & Final Expenses
Pay off outstanding debts such as a mortgage, car loans, credit cards, and cover funeral costs and other final expenses.
Fund Future Education
Ensure your children or other dependents have the funds needed for post-secondary education.
Leave a Legacy or Charitable Gift
Create a financial legacy for your family or support a cause you care about through a charitable donation.
Business Continuity
For business owners, life insurance can fund buy-sell agreements or cover key person losses, ensuring the business can continue.
Provide Peace of Mind
Knowing your loved ones will be financially secure can provide immense peace of mind for you and your family.
Types of Life Insurance We Offer:
We offer a range of life insurance solutions from Canada's leading insurers like Industrial Alliance (IA), Equitable Life, Canada Protection Plan (CPP), Ivari, and Manulife Insurance. We'll help you determine the best fit for your needs and budget.
Term Life Insurance
Provides coverage for a specific period (e.g., 10, 20, or 30 years). It's often the most affordable option, ideal for covering temporary needs like a mortgage or income replacement while children are young. Premiums are typically level for the term.
Best for: Income replacement, mortgage protection, affordable coverage for a specific timeframe.
Whole Life Insurance
Offers lifelong protection with guaranteed level premiums, a guaranteed death benefit, and a cash value component that grows tax-deferred over time. You may also be eligible for dividends from some insurers.
Best for: Lifelong protection, estate planning, guaranteed cash value growth, stable premiums.
Universal Life Insurance
Combines lifelong protection with a flexible investment component. You can adjust your premium payments (within limits) and choose from various investment options for the cash value, offering potential for greater growth (and also greater risk).
Best for: Flexible premiums and death benefits, tax-advantaged investment growth, estate planning.
No Medical & Simplified Issue Life Insurance
Designed for individuals who may have difficulty qualifying for traditional life insurance due to health reasons or prefer a faster application process without extensive medical exams. Coverage amounts may be more limited, and premiums can be higher.
Best for: Hard-to-insure individuals, covering final expenses, quick application process.
How Much Life Insurance Do You Need?
Determining the right amount of life insurance depends on your individual circumstances, including your income, debts, family size, and long-term financial goals. We can help you with a personalized needs analysis. Common factors to consider (D.I.M.E. method):
- Debt: Mortgages, loans, credit cards.
- Income Replacement: How many years of income would your family need?
- Mortgage: Specifically ensuring the family home is secure.
- Education: Future costs for children's education.
- Plus, consider final expenses, childcare costs, and any legacy you wish to leave.
Let's Discuss Your Life Insurance Needs
Protecting your family's future is one of the most important decisions you can make. Contact us today for a confidential, no-obligation consultation to explore your life insurance options.
Request a ConsultationCall us at 647-709-3400 or email info@oneprotection.ca.