Life Insurance: Protect What Matters Most, Even After You’re Gone
Life insurance isn’t just about preparing for the inevitable—it’s about creating a financial safety net for the people you love. Whether it’s your family, a business, or a cause close to your heart, life insurance ensures that your legacy lives on by providing crucial support when it’s needed most.
💡 How Does Life Insurance Work in Canada?
Life insurance is a contract between you and an insurance company. You agree to pay regular premiums—either monthly or annually—and in return, the insurance company guarantees to pay a tax-free lump sum (called the death benefit) to your chosen beneficiaries when you pass away.
This payout can help cover:
Mortgage payments
Children’s education
Outstanding debts
Living expenses for your family
Business continuity
Charitable donations
👥 Who Does Life Insurance Protect?
Your life insurance policy is designed to financially protect your beneficiaries, which can include:
- Your Spouse or Partner – To maintain their lifestyle and cover daily expenses
- Your Children – For education, healthcare, and future needs
- Family Members or Friends – Anyone who relies on you financially
- Organizations – Such as a business, corporation, or charitable cause
Pro Tip: Not sure who to name as your beneficiary? Talk to an advisor to learn what you need to know about naming beneficiaries strategically.
💰 How Does Life Insurance Pay Out?
When you pass away, your life insurance policy pays out a tax-free lump sum directly to your beneficiaries. They can use this money however they choose—whether it’s for immediate expenses or long-term financial security.
🔢 How Much Life Insurance Do You Need?
There’s no one-size-fits-all answer. The right amount of life insurance depends on factors like:
- Your annual income
- Debts and financial obligations
- Savings and investments
- Future goals for your family or business
Not sure where to start?
Try our free Life Insurance Calculator—answer a few quick questions to get a personalized estimate of how much coverage you may need to protect your loved ones.
🌱 Can You Use Life Insurance While You’re Still Alive?
Yes! While life insurance is designed to provide financial protection after your death, some permanent life insurance policies include a cash value component that you can access while you’re alive.
You can (in most cases):
- Borrow Against It: Take out a loan using your policy’s cash value
- Withdraw Funds: Use it for emergencies, education, or major expenses
- Cover Premium Costs: Apply the cash value to pay your insurance premiums as you age
Important: Borrowing or withdrawing from your cash value may have tax implications and can reduce the death benefit paid to your beneficiaries.
Secure Your Legacy Today
Life insurance isn’t just about planning for the future—it’s about protecting the people and causes you care about most.
Ready to find the right life insurance for your needs?
Connect with an advisor today for personalized guidance and peace of mind for tomorrow.
Ready to Take the First Step?
Starting something new can feel overwhelming, but you don’t have to do it alone. We’re here to guide you every step of the way.
Need help getting started? Let’s make it simple, clear, and stress-free—so you can move forward with confidence.