Information
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Frequently asked questions
Do I need life insurance?
If someone depends on your income or you'd like to cover debts, funeral costs, or leave a legacy - yes
What types are available?
- Term Life: Coverage for a set period (e.g., 10, 20 years).
- Permanent Life: Lifetime coverage, often with cash value (e.g., Whole Life, Universal Life).
How much coverage should I get?
Typically 7-10x your annual income, but it depends on debts, dependents, and future goals.
Is the payout taxable?
No, life insurance death benefits are generally tax-free in Canada.
What is critical illness insurance?
A policy that pays a lump sum if you're diagnosed with a covered serious illness (e.g., cancer, stroke, heart attack)
Is the payout taxable?
No, critical illness benefits are tax-free
Can I use the money however I want?
Yes - there are no restrictions on how you spend the benefit
What is PAR insurance?
A type of permanent life insurance that pays dividends based on the insurer's investment performance