Add low‑cost term coverage to a whole/UL base for peak needs (e.g., while kids are young), then let the term rider drop later.
From income replacement and mortgage protection to estate planning and business continuity, we'll help you choose the right coverage and keep it simple.
Every household is different. A simple starting point is the DIME approach:
Rules of thumb (e.g., 10-15× gross income) can help, but a conversation with an advisor will tailor coverage to your goals and budget.
| Type | What it is | Pros | Considerations | Best for |
|---|---|---|---|---|
| Term Life | Coverage for a set period (e.g., 10/20/30 years). Often renewable and convertible to permanent. | Lowest initial cost; simple; great for large needs (mortgage/young family). | Premiums increase at renewal; coverage ends if not renewed; no cash value. | Temporary needs, budget‑sensitive coverage. |
| Whole Life | Lifetime coverage with level premiums; may build guaranteed cash values and, for participating plans, potential dividends. | Permanent protection; disciplined savings; predictable premiums. | Higher premiums than term; surrender charges may apply; understand dividend scale risks. | Legacy/estate planning; lifelong needs; long‑term wealth strategies. |
| Universal Life | Permanent coverage with flexible premiums and investment options within a tax‑advantaged policy. | Premium flexibility; potential value growth; transparency of costs. | Policy must remain funded; investment performance impacts values; requires monitoring. | Flexibility‑seekers; business owners; long‑term planners. |
| Term‑to‑100 | Permanent coverage with level premiums to age 100; typically no cash value. | Lower cost than many whole/UL permanents; lifetime protection. | No cash accumulation; limited flexibility. | Lifelong coverage at value pricing. |
| Joint policies | Insures two lives: First‑to‑die pays on first death; Last‑to‑die pays on second death. | May reduce cost vs two singles; estate planning tool (last‑to‑die). | Claim timing differs; ownership/beneficiary structure matters. | Couples, estate equalization, tax‑planning strategies. |
Add low‑cost term coverage to a whole/UL base for peak needs (e.g., while kids are young), then let the term rider drop later.
Small amount of coverage for children, often with a future option to convert to their own policy regardless of health.
Pays an extra amount if death is due to a covered accident. Limited scope; not a substitute for adequate base coverage.
Premiums may be waived if you meet the policy's disability definition. Availability varies by age and plan.
Lets you buy more coverage at set ages/life events without new medical evidence.
Lump‑sum benefit on diagnosis of a covered condition (per definitions). Stand‑alone CI policies are also available.
May refund some premiums if no claim during a defined period or on surrender-often increases cost; assess value carefully.
This information is general in nature and is not tax or legal advice. We'll work with your professional advisors as needed.
Corporate ownership and taxation of life insurance can be complex-coordinate with legal and tax professionals.
In Canada, death benefits are generally received tax‑free by named beneficiaries. Interest earned after death or certain corporate situations can have tax implications-ask us and your tax advisor.
Maybe. Consider final expenses, debts with co‑signers, supporting parents/siblings, or locking in insurability while young and healthy.
Group life is convenient but usually limited (e.g., 1-3× salary) and not portable if you change jobs. Personal coverage follows you and can be tailored.
Many term policies are renewable/convertible; some riders allow future purchases without new medical evidence. We'll design for flexibility.
Age, sex, smoker status, health, family history, coverage amount/term, lifestyle/avocations, and policy type. Preferred rates may apply for excellent risk profiles.
Our family has been helping Ontario clients since 1982. Let us help you too.
