Canada Life Assurance Company
Canada Protection Plan
Desjardins Financial Security
Equitable life of Canada
Great-West Life Assurance Company
TIC Travel Insurance
Transamerica Life Canada
Term Life Insurance
Term life insurance is a plan put in place for a specific period of time: 10, 15, or 20 years. This plan ensures that funds are available to cover existing debt, and enables you to get coverage that can increase or decrease as your needs change. You are able to cover all the members of your family in one easy-to-manage plan.
Universal Life Insurance
Universal life insurance gives you the dual advantage of permanent insurance protection and tax-advantaged investing. Because this policy builds cash value, you can use it as collateral for a loan, as a savings plan, or leave a tax-free legacy to your loved ones or favourite charity.
Whole Life Insurance
Whole life insurance gives you permanent insurance protection and tax-advantaged investing with guaranteed cash values. This policy can be used as an alternative to investing in tax-exposed investments like GICs, and you are also able to insure up to 20 people within one policy.
Critical Illness insurance was developed by Dr. Marius Barnard in South Africa in 1983. Dr. Barnard saw a need for insurance that paid a “living benefit” to those who survived a major illness in order to offset lost income and pay additional expenses. Critical illness is often linked with mortgage insurance, as 46% of foreclosures in Canada are due to major illnesses.
Disability insurance provides financial protection when an accident or illness causes you to be disabled and unable to work or earn an income.
Disability insurance replaces up to 2/3 of your income if you are unable to work as a result of injury or illness. Benefits are paid monthly and are tax-free, if set up properly. Policies differ on how soon you would collect benefits and for how long. Policies also vary in definitions of disability, whether disability benefits are received if you can't perform the duties of your own occupation, a job in your field, or any job at all.
Unlike Critical Illness Insurance and Life Insurance (where the benefit is usually payable in a lump sum and such payment ends the contract), Disability Insurance benefits are always payable on a monthly basis while disability continues until age 65. Upon recovery from a disability, the policy continues. Benefits could potentially be payable again for subsequent disabilities or for the recurrence of a prior disability.
Get Paid to Stay Healthy
There is a disability policy that pays you to stay healthy. You may receive a refund of up to 50% of what you have paid if you never make a claim and you keep your policy in force for at least 7 years.