Life Insurance

Life insurance is financial peace of mind.

  • As uncomfortable as it is to think about, Life insurance helps secure the future of loved ones and potentially provide them with enough money to fulfill their obligations and pursue their dreams, even if you are no longer with them.
  • All life insurance policies operate under the same general structure. You make payments, also known as “premiums,” to a life insurance company. In return, the company agrees to pay a specified amount to whomever you designate to receive the money from your policy when you pass away.

There are many types of plans available and at different price points, which can sometime prove to be confusing. Variety aside, life insurance can be narrowed down to two types – term and permanent.

The “Rental” Plan

  • We refer to Term insurance as the “rental” plan. You don’t own it, and the price will always go up. You can rent it for 1, 5, 10, 20 or 30 years. Term is usually bought to satisfy short-term needs like covering a mortgage or protecting against a temporary loan.

The “Ownership” Plan

  • Permanent insurance is known as the “ownership” plan.  It costs more then term, but the price remains fixed for life and you have the coverage until you die (as long as you pay your premium).  It is usually bought for lifelong income needs of loved ones, estate planning, tax planning and final expenses at death.
  • Types of “Ownership” Plans include:
  • Term 100 – pure insurance
  • Universal Life – a combination of insurance and tax-sheltered investing which builds savings, &
  • Whole Life – insurance plus the opportunity to share in the profits of the insurance company, known as dividends

Tax Free, Probate Free, Creditor Protection …

  • Life insurance proceeds are paid tax-free to your beneficiaries, avoid probate costs, in some cases are creditor protected, and most importantly, pay within weeks of a loved one passing away (proceeds will not be tied up in estate issues)

For Your Children or Grandchildren . . .
First Steps Towards Financial Security

Help provide a sound financial footing to help them get started in life.


  • Access to Cash – use funds for things like education, purchase a first home, or starting a business
  • Young and healthy means affordable permanent insurance rates and insurability
  • Dividends provide continuing growth of cash values and death benefits
  • Transfer of Ownership to Child/Grandchild is tax-free
  • Cash Withdrawals (if any) taxed in hands of Child (either no or little tax)
  • Inter-generational wealth transfer strategy

Do any of these scenarios apply to YOU?

If any of these scenarios apply to you, you may want to consider purchasing life insurance:

  • You have dependent children
  • You have a spouse or older family member who depends on your income
  • You are a working couple with debt
  • You are planning to start a family
  • You own a home
  • You have assets in the family that you want to remain in the family after you die (i.e. family cottage)
  • You want to leave a legacy to loved ones

At any stage in life, it’s important to have a life insurance review to ensure that your needs are provided for.  It could prove to be one of the most valuable financial decisions you ever make.