Life Insurance & LTC

Term Life Insurance

Term Life Insurance is a type of life insurance policy that provides coverage for a specific period of time, known as the "term."..

Indexed Universal Life Insurance

Indexed Universal Life Insurance (IUL) is a type of permanent life insurance that offers both a death benefit and a cash ..

Mortgage Protection Insurance (MPI)

Mortgage Protection Insurance (MPI) is a type of life insurance designed specifically to pay off or cover a homeowner's..

Final Expense Insurance

Final Expense Insurance, also known as burial insurance, is a type of life insurance designed to cover the expenses

Term Life Insurance

Term Life Insurance is a type of life insurance policy that provides coverage for a specific period of time, known as the "term." If the insured person passes away during this term, the beneficiary receives a death benefit. However, if the policyholder outlives the term, the coverage expires with no payout.

Term life insurance is often chosen because it offers affordable premiums compared to permanent life insurance policies. It's designed to provide financial protection for your loved ones during critical periods of your life, such as while raising children, paying off a mortgage, or covering other long-term financial responsibilities.

Guaranteed Payout

Once the policy is in place, it guarantees a death benefit that can be used to cover funeral and burial costs. The payout is typically made quickly, ensuring your family has the funds they need when the time comes.

Smaller Death Benefit

Unlike traditional life insurance, final expense policies usually provide a smaller death benefit (often between $5,000 and $25,000), which is specifically designed to cover funeral-related costs, medical bills, and other end-of-life expenses.

Common Term Lengths for Term Life Insurance

10-Year Term Life Insurance

Coverage lasts for 10 years. It’s ideal for those who want short-term protection or who anticipate that their financial needs will decrease in the near future.

15-Year Term Life Insurance

Provides coverage for 15 years, commonly chosen by those in their 30s or 40s who are looking for coverage during their peak earning years or while paying off a home mortgage.

20-Year Term Life Insurance

Coverage for 20 years, suitable for families seeking long-term financial protection while raising children or ensuring their dependents are covered.

25-Year Term Life Insurance

A longer-term option, offering 25 years of coverage, often selected for long-term family protection or if significant financial obligations (such as a mortgage or college savings) are planned.

30-Year Term Life Insurance

Coverage for 30 years, commonly chosen by those in their 30s or early 40s for long-term, family-focused protection, allowing for financial security over an extended period.

Indexed Universal Life Insurance

What is an IUL (Indexed Universal Life Insurance)?

Indexed Universal Life Insurance (IUL) is a type of permanent life insurance that offers both a death benefit and a cash value component. It combines the flexibility of universal life insurance with the potential for growth linked to the performance of a specific market index, such as the S&P 500.

Unlike traditional universal life insurance, which typically earns interest at a fixed rate, an IUL's cash value growth is tied to the performance of a market index, but the policyholder’s money is not directly invested in the market. This means you can benefit from market gains while protecting your principal from market losses due to a built-in floor (usually 0% or 1%).

Key Benefits of an IUL

Potential for Market-Linked Growth

The cash value of an IUL is tied to the performance of a stock market index, allowing you to potentially earn more interest than a traditional whole life or universal life insurance policy.

Downside Protection

While you benefit from market gains, your cash value is protected from market losses. Even if the index performs poorly, your cash value typically will not decrease, thanks to the floor feature (usually 0% to 1%).

Flexible Premium Payments

IUL policies offer flexibility in premium payments. You can adjust your premiums and death benefit as your needs change over time, offering you greater control of your policy.

Lifetime Coverage

Like other permanent life insurance products, IUL provides coverage for your entire lifetime (as long as the policy is maintained), unlike term life insurance, which expires after a specific period.

Tax-Deferred Growth

The cash value grows tax-deferred, meaning you do not pay taxes on the gains while they accumulate, allowing the policy's cash value to grow faster over time.

Access to Cash Value

You can borrow or withdraw from the accumulated cash value of the policy (though this may reduce the death benefit and could have tax implications). This can be useful for funding retirement or other major expenses like education or healthcare.

Death Benefit for Your Beneficiaries

The policy pays out a death benefit to your beneficiaries, which can provide financial protection for your loved ones after you’re gone, often with minimal tax implications.

Potential for Dividend Participation

Some IULs offer the option to participate in dividends, which can boost the cash value over time, though this depends on the insurance provider and policy structure.

Mortgage Protection Insurance (MPI)

Mortgage Protection Insurance (MPI) is a type of life insurance designed specifically to pay off or cover a homeowner's mortgage in the event of their death or disability. This ensures that your family or beneficiaries won’t be burdened with the mortgage payments in the event something happens to you.

MPI typically offers coverage for a specific period, often coinciding with the length of your mortgage. The primary goal is to protect your home and keep your family in it, even if you're no longer able to contribute financially due to death or illness.

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Maria Marlin Retired Govt Officer, ON, Canada

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Maria Marlin Retired Govt Officer, ON, Canada

Very helpful fully explaining the different plans. Cash value is accessed via policy loans, which accrue interest and reduce cash value our valuable items.

Final Expense Insurance

Final Expense Insurance, also known as burial insurance, is a type of life insurance designed to cover the expenses associated with a person’s death, such as funeral costs, burial or cremation expenses, and other end-of-life costs. Unlike traditional life insurance policies, which often offer a larger death benefit, final expense insurance is typically a smaller, more affordable policy with a simplified application process.

This type of insurance is often designed for older adults, typically between the ages of 50 and 85, and can be a valuable financial tool to help ensure that your family is not burdened with the costs of your funeral and other final expenses.

Key Features of Final Expense Insurance

Affordable Premiums

Final expense insurance generally offers lower premiums compared to other types of life insurance. This makes it an affordable option for seniors who want to ensure their final expenses are covered without straining their finances.

Simplified Application Process

The application process for final expense insurance is often simplified, with fewer health questions and no medical exam required. This makes it more accessible for older adults or those with pre-existing health conditions.

Fixed Premiums

Premiums typically stay fixed throughout the life of the policy, so the cost won’t increase as you age. This can provide peace of mind knowing your payments will not rise unexpectedly.