Individual Insurance Products
A good financial plan can be the difference between leaving your loved ones in a good position financially and letting them face debts and insufficient income.
Life insurance can help create financial security for you and your family. If you die prematurely, this can be used for:
Pay final expenses and all debts
Provide income for your family
Make sure your family has the resources to maintain a comfortable standard of living
Leave a legacy for your favorite charity
While you are still living, some life insurance policies can:
Build tax-efficient savings that you can tap into as needed for personal or business opportunities
Supplement your retirement income or provide long-term care or home care for yourself or a family member
Term life insurance
Term life insurance is well suited to meet high short-term protection needs at the lowest initial cost. For example, a couple with young children and a mortgage may choose term life insurance as an affordable way to get the comprehensive coverage they need today.
Term life insurance coverage can do a good job of meeting immediate needs and may offer the option of later switching or converting to permanent life insurance without providing proof of health.
Term plans can also be renewable after 5, 10 or 20 years without providing proof of health. The price increases according to your age at the time of renewal. You can convert a temporary 10 plan to a temporary 20 plan between the first and fifth anniversary of the policy or the insured's 65th birthday, depending on the first anniversary.
You can purchase term life insurance as a first step before purchasing permanent life insurance.
Universal life insurance combines permanent life insurance protection with a tax-efficient investment element. As the cash value accumulates, you can use it to pay some or all of your insurance costs.
Universal life insurance provides permanent life insurance protection with a tax-advantaged investment element. As cash values accumulate, they can be used to pay for some or all of the cost of your insurance.
In addition to offering security and protection through its life insurance component, universal life insurance can be an additional source of income in the event of an emergency, retirement or estate planning.
You choose the combination of investments that suits you best, taking into account the level of risk you are comfortable with, as well as your goals and financial situation.
With universal life insurance from Canada Life, you can customize solutions that change over time as your lifestyle changes, your budget and your savings goals change.
The total account value in your policy may grow on a tax-efficient basis within certain limits. The insurance proceeds paid to your beneficiary upon your death are tax-free and may include the total value of the account that you have accumulated over the years.
Life insurance with participation
Participating life insurance can combine permanent life insurance protection with a tax-efficient savings component. It can provide insurance protection for life, provided that premiums are paid when due.
Participating life insurance is flexible permanent life insurance with:
A core of guarantees for basic coverage - premiums, death benefits and cash values
A tax-advantaged savings component
The potential to earn policyholder dividends which can be used to purchase additional life insurance or to reduce your direct premiums (policyholder dividends are not guaranteed)
A choice of rider and benefits that can be added to the base policy
How participating life insurance works
Participating life insurance policies have the potential to earn policyholder dividends. Learn more about the benefits of participating life insurance.
Dividends to policyholders
In Canada, the ability to receive policyholder dividends is unique to participating life insurance policies. Participating policyholders share the experience of the participating life insurance policy pool by paying policyholder dividends.
Disability insurance can provide you with financial security by replacing a portion of your earnings when an accident or illness renders you disabled and unable to work or earn income.
Accidents and illnesses are a part of life. They can happen to anyone at any time. Did you know that
On average, 1 in 3 people will be disabled for 90 days or more at least once before age 65.
The average duration of a disability lasting more than 90 days is 2.9 years.
Personal and work disability insurance solutions are available, offering flexibility and functionality to help bridge the gap between income and expenses during a disability.
Whether you are a professional, business owner, executive or employee, we can customize a plan to help you meet your needs.
Critical illness insurance is a form of protection that can provide you with a lump sum payment if you have a covered critical illness and the survival period is met. The physical and emotional strain of serious illness can be severe and when you combine that with the potentially damaging financial impact the result can be devastating.
This is where the Critical Illness Benefit comes in - you are free to spend the money however you want - for example to help cover loss of income, to pay for private nursing or treatment abroad. , for medical equipment or even to pay off your mortgage. It can help you where you need it most so that you can focus all of your energy on recovery.
Serious illness can happen to anyone:
It is estimated that there are over 70,000 heart attacks in Canada each year.
There are between 40,000 and 50,000 strokes in Canada every year.
It is estimated that 3,075 Canadians will be diagnosed with cancer each week.