LIFE INSURANCE IN ONTARIO

I offer our clients comprehensive life insurance plans designed to suit a wide variety of needs because I know how important planning for the future is, especially where your family and assets are concerned.

The perfect plan for you will depend upon your life insurance expectations, as well as what stage you’re at in your life. But don’t worry, my expertise can help assess your needs and come up with the best life insurance quote for you.

There are four premium types of life insurance in Ontario, all of which have different benefits. They include:

Term Life Insurance

Generally considered to be the most affordable life insurance type we offer, term life insurance provides life insurance coverage for a set period, often 10, 20, or 30 years. Individual plans we offer under this umbrella include:

  • Term 10: This type of life insurance is designed to meet the varying needs of individuals, as well as families and businesses. This option provides the lowest possible cost for each applicant by employing a preferred method of underwriting with multiple premium categories, in addition to taking factors like health and lifestyle into account. It also includes competitive renewal rates and additional coverage options for those interested.

  • Term 20: Similar to above except for coverage duration.
  • Term 30: Similar to above except for coverage duration.
  • Term to 65: This term life insurance package differs from the ones mentioned above in that it’s designed for those interested in replacing their income in the event of a death, as well as the mortgage borrower market. Often, young professionals and families are the target market for this solution because it provides access to premiums better adapted to their personal circumstances.

Permanent Life Insurance

Rather than providing you with life insurance for a set duration, like term life insurance, permanent life insurance is designed to provide coverage for the rest of your life. When compared with other policies, this type is more cost-effective over the long term. The permanent life insurance options we offer include:

  • Whole Life Guaranteed 10 Pay: This plan provides permanent life insurance with a guaranteed cash surrender value that’s payable for 10 years. It also offers other benefits like reduced paid-up insurance as of the 8th year, and more.
  • Whole Life Guaranteed 15 Pay: This plan is ideal for those who want more for their money and offers a generous surrender value scale and can be presented as a refund for premiums. It’s payable for up to 15 years.
  • Whole Life Guaranteed 20 Pay: For those looking for a great value for their investment, this plan provides fully guaranteed permanent life insurance at a fixed rate, as well as benefits like eligibility for term insurance conversions without proof of insurance. 
  • Whole Life Guaranteed to 65: This plan is ideal for those looking for a sound investment and offers paid-up premiums and additional benefits at the age of 65, as well as generous guaranteed cash returns after the 5th year.
  • Whole Life Guaranteed to 100: This plan provides paid-up additional benefits from the age of 65 (excluding dismemberment or loss of use, accidental dismemberment or loss of use, and accidental death), as well as reduced paid-up insurance available as of the 8th year.
  • Term to 100: This option is considered the most economical permanent insurance and available as a joint or individual protection. Often used to cover taxes payable at death, it also provides no cash surrender value and the amount and cost of the insurance are guaranteed for life.

Life Insurance that Includes Investment Options

In addition to the life insurance plans above, there are also several that include investment options, enabling our clients to grow their estate while still remaining protected and secure. These life insurance solutions include:

  • Participating Life Insurance: This option provides lifetime insurance coverage, as well as opportunities to access cash or grow your estate through the use of flexible, tax-efficient dividend solutions. You’ll also be able to increase your death benefit to deal with inflation and adapt coverage options should your needs change over time. With the participating life insurance plans available from DFSIN, you can decide how long you want to pay your premiums (for 20 years or to age 100) and use dividends to purchase additional life insurance or reduce your annual premium.
  • Universal Life Insurance: This is an attractive option for those who want to grow their assets tax-free in a savings fund and also have flexible life insurance coverage. You’ll be able to leave behind a large, tax-free inheritance, as well as reduce the tax burden on your estate. Additionally, those who’ve already maxed out their RRSP and TFSA contributions will be able to invest money into their universal life insurance plan tax-free. You can also use your savings fund to cover premiums in the coming years or increase your insurance amount.

Secure your assets with Participating Life

When it comes to safeguarding your estate and securing your assets, there’s no better option than investing in a participating life insurance plan. The Desjardins Financial Security Independent Network, offers an array of comprehensive participating life insurance plans tailored to meet your needs right here in Ontario. If you’re new to the world of life insurance or simply seeking a deeper understanding of our premium offerings, allow me to guide you through the process.

Long-Term Growth to Maximize Value

Many individuals opt for a participating life insurance plan from DFSIN Toronto West due to the exceptional long-term financial growth opportunities it provides. Here are some of the key advantages of our participating life insurance plans:

  • Adaptable Coverage Options:
    Adjust your coverage to align with your evolving needs and financial goals.

  • Accumulation of Tax-Preferred Cash Values:
    Access funds when you need them, thanks to the tax-preferred cash values that accumulate within your policy.
  • Inflation-Resistant Death Benefit:
  • Keep pace with inflation by increasing your death benefit as needed.
  • Maximizing Your Estate’s Value:
  • Ensure your estate retains its value over time, protecting your loved ones’ financial future.

Life Insurance with Critical Illness In Ontario

Being diagnosed with a critical illness is never anticipated. Unfortunately, life can often be unpredictable, which is why it’s important to prepare for the unexpected to protect yourself and your family. Such a scenario can cause serious financial hardship, preventing you or your partner from working, which is why investing in life insurance with critical illness coverage in Ontario is key.

I can offer life insurance plans with critical illness coverage designed to protect you and your family should the need ever arise.

What is Critical Illness Life Insurance?

Critical illness life insurance is, in the simplest of terms, an insurance plan that combines both life insurance and critical illness coverage. A “critical illness” can be loosely defined as any life-threatening illness and can include a range of different things, such as heart attack, stroke, cancer, dementia, multiple sclerosis, and more.

In the event you are diagnosed with such a disease, you’ll receive a one-time, lump-sum payment as part of your critical illness life insurance plan.

Life and health insurance

When people think of insurance, they tend to think of insuring their home against fire or their car against accidental damage.

I am primarily concerned with:

  • Protecting you financially in the event of disability, a critical illness, and the loss of independence due to the natural effects of aging
  • Protecting your family’s standard of living in the event of your death

I can help you determine the life insurance with critical illness coverage most appropriate for your needs and your budget.

What Are Some Reasons Why You May Need Life Insurance with Critical Illness?

If you’re concerned about your financial well-being and that of your family, you may want to consider investing in critical illness life insurance in Ontario. Should anything ever happen to you or them, you’ll be able to rest assured that any medical expenses or other financial obligations will be paid for.

 

However, some of the more concrete things people need help with when they’re diagnosed with a critical illness include:

  • Financial assistance for future expenses, like your child’s college tuition
  • Supplemental family income should you or your spouse be unable to work
  • Funds to cover mortgage payments or rent
  • Coverage for earnings you’ve lost due to your illness
  • Money for medications and medical treatment not covered under your current insurance plan
  • Funds to help you remain in business should you own your own company

How Do I Qualify for Critical Illness Life Insurance?

Although there are different limitations to critical illness life insurance depending on what company and plan you choose, there are some important things to note, such as:

 

  • You’ll likely need to provide detailed medical information and undergo a health examination before your plan’s application is approved.
  • If you’ve already been diagnosed with a critical illness like cancer, stroke, or heart attack, you may not be able to purchase critical illness coverage. In most cases, the best time to purchase such insurance is when you’re healthy.
  • It often takes anywhere from 40-60 days to process your coverage.

In addition to life insurance with critical illness in Ontario, I can also help assist you with:

Savings and investments

Whether you’re saving for retirement or saving for a rainy day, I have a full range of saving, investment, and annuity products to meet your needs.

I offer:

  • Guaranteed investment funds – also known as segregated funds– offering growth and security
  • Guaranteed investment certificates
  • Annuities that provide a regular income

Mutual funds

Our partner, Desjardins Financial Security Investments Inc., which is a mutual fund dealer, gives you access to a wide variety of mutual funds from many of the top mutual fund management companies in Canada.

Mutual funds can be held in open or registered plans such as a Registered Retirement Savings Plan (RRSP) or Tax-free Savings Account (TFSA).

Advantages:

  • Mutual funds are professionally managed, so you do not have to be an expert
  • There are mutual funds available that range in risk and volatility from capital preservation to aggressive growth
  • Average your purchase price by automatically buying units over time, ex., $50 a month
  • Small initial investment of $500

If you would like to learn more about how mutual funds can play a beneficial role in your savings or investments, please bring that to my attention when you book a meeting and I will set you up with one of our mutual fund advisors.

If you would like to read more, please visit our Desjardins Financial Security Independent Network national website for more detailed information about many of our products and services.