Life Insurance

Insurance Advantage – Your Best Source for Life Insurance in Toronto

If you are looking for life insurance in Toronto, Insurance Advantage can help you find the very best policies from one of the many licensed insurance companies that we represent. These include major Toronto life insurance companies such as:

  • Assumption Life Insurance
  • BMO Life Insurance
  • Canada Life Insurance
  • Empire Life Insurance
  • Equitable Life Insurance
  • Foresters
  • Manulife Insurance
  • Sun Life Insurance
  • Transamerica Life Insurance
  • Wawanesa Life and Western Life
  • And many others

Life insurance is a cornerstone of sound financial planning and is the simplest and most effective way to ensure and protect your loved ones financial future. Life insurance works by providing your beneficiaries with a tax-free, creditor protected benefit upon your death. This money can help:

  • Pay off mortgages, loans and debts
  • Maintain your family’s lifestyle and pay expenses
  • Pay for children’s education
  • Cover final expenses like funeral costs, probate fees and estate taxes
  • Leave money for your favourite charity

Types Of Life Insurance

Life insurance comes in different variations of the two basic types: Permanent plans (Whole Life, UL, etc.) and Temporary (term) Insurance.

Permanent Insurance –insurance products that remain in force for the insured’s ‘whole life.’

Whole Life Insurance:

  • The insurance contract has premiums (payments) that stay the same for the duration.
  • The policy pays a contracted amount upon the death of the insured person.
  • The insurance Policy has a guaranteed cash value component. The policy may or may not include dividends depending on whether it is participating or not. The policy is passive – Investments are made by the insurance company.
  • As a policyholder, you can opt to borrow or withdraw the guaranteed cash and use it as collateral for a loan.

Universal Life Insurance: is a type of permanent life insurance. It can combine life insurance coverage with the growth potential of tax-advantaged investing under one plan.

A Permanent Life Insurance policy that can include a tax deferred investment component.

  • It allows more flexibility than whole life insurance to build cash value.
  • Cash value of investments will vary according to risk profile and the type of investments chosen.
  • Policy holder can use money in the side account to help pay premiums.
  • Universal life insurance can include the variable low-cost protection of term life insurance with a savings component.
  • It can be reviewed and adjusted as the policyholder’s circumstances change.

Term Life Insurance – Life coverage for a set period (term) of time.

  • Typically it is a pure death benefit and has no investment component (although variations exist).
  • Life coverage lasts for a limited period of time, provided that you pay the monthly premium.
  • It is the most affordable way to purchase a significant death benefit per premium dollar over a specific period.
  • Term insurance products are usually convertible and renewable without evidence of insurability.
  • Term insurance is primarily used to provide coverage for large financial responsibilities that will diminish over time. For example, mortgages or education costs, etc.

These are just some of the types of life insurance that we offer to our clients in Toronto, Oakville and throughout Ontario. Let us help you find the very best product or combination of products tailored for your needs, lifestyle, and budget. Contact us today TOLL FREE 1-855-475-LIFE (5433)