LIFE INSURANCE
Life insurance is one of the best ways to protect your family’s future. Because life comes with no guarantees, life insurance gives your family and dependants the financial security they need in the case of an unfortunate event.
Whether you’re the primary earner or you provide a secondary income that helps with expenses, it’s crucial to have life insurance. Should you pass away, your life insurance policy provides your beneficiaries with a tax-free sum that allows them to maintain their living standards and pay for expenses.
LIFE INSURANCE – WHICH PLAN IS RIGHT FOR YOU?
At Life100, we work with the best life insurance companies in Canada to get you the customized insurance you and your family need for continuous peace of mind, in Ontario, whether that is Toronto, Brampton, Ajax or anywhere in the Greater Toronto Area. Based out of Markham, we offer a full range of whole life insurance, term life insurance and universal life insurance solutions to meet your needs:
01
Term Life Insurance
Term life insurance is a temporary life insurance solution that gives you and your family life insurance protection over a specified period of time, or up to certain age. The period of time is called the term. Terms are typically available for 1, 5, 10,15, or 20, years or as a Term-to-65 policy. Term insurance is generally not available for purchase after 70 years of age. It is often used to supplement mortgage protection, children’s education, or as income protection business insurance to fund buy-sell agreements for fixed amounts of insurance over a specific period. Term life insurance is a great way to protect your family at a lower premium vs. whole life, enabling you to save more money for other important financial commitments.
Renewable and convertible term life insurance options
Renewable polices automatically renew at the end of the term; convertible policies allow you to convert a term life policy to a whole life policy. Ask us which solution is right for you.
10-year to 40-year term life insurance options
We offer a variety of term life insurance policies. Consult with your Life100 insurance advisor on the term best suited to your horizon.
02
Permanent Insurance
Permanent insurance is in force, for the lifetime of the life insured. The beneficiary of the policy receives the amount of the death benefit when the life insured dies. Premiums for permanent insurance are considerably, more expensive than for an equivalent face amount of term insurance, because, unlike term, the insurer knows with absolute certainty that the death benefit will have to be paid at some point. Permanent insurance is available as, Whole life Insurance, Term- to- 100 Life Insurance, and Universal Life Insurance.
1 Whole Life Insurance
Whole life insurance provides you with life insurance coverage for your entire life, in which the premiums are paid until the life insured dies, and limited payment life, which requires premiums to be paid over a specified period of time or to a specified age. For instance, a 20-pay life policy requires premiums to be paid for 20 years. The coverage, however, is lifelong. A payments-to-age-65 policy requires premiums to be paid until the life insured is 65. Again, the coverage is permanent. This turnkey life insurance solution guarantees your family is protected indefinitely, allowing term-free continuity and ongoing peace of mind. At Life100, we offer a variety of whole life insurance options to accommodate you and your family’s unique needs. Talk to a Life100 insurance advisor today to consult on the best whole life insurance option for your family anywhere in Ontario, whether that is Toronto, Brampton, Ajax, Markham or the Greater Toronto Area.
Participating life insurance with cash value
Provides whole-life protection plus the ability to grow tax-advantaged cash value to support your financial goals.
Participating whole life insurance is a type of permanent life insurance. It provides you with guaranteed lifetime coverage as long as you pay the required policy premiums. Premiums paid are deposited into the participating account and invested by the insurance company.
Non-participating policies
Provides whole-life protection without the ability to receive dividends, but with lower premiums vs. participating life. Non-participating whole life insurance is a fully guaranteed non-participating plan offering level coverage at guaranteed premiums payable to age 100, after which the policy becomes fully paid up. Both cash values and reduced paid-up values are fully guaranteed and will vary.
Estate Planning
If it is necessary for the policy owner to have life insurance in force at the time of death in order to provide for beneficiaries or to pay capital gains tax on property willed to beneficiaries, or to cover final expenses, then whole life insurance provides the security of knowing the death benefit will be available for these uses.
2 Term-to-100 Insurance
Term-to-100 (also called T-100) insurance is a hybrid of term insurance and permanent insurance. It is in force for a term (to age 100) and premiums are paid over the same period.
When the life insured reaches 100 years of age, this policy either pays out the face amount or is considered paid-up, which means that future premiums are not required to keep the policy in force. Like term insurance, T-100 generally has no cash value or dividends. Because the T-100 policy always pays if death occurs before age 100, or, if, the person lives beyond age 100, pays out a death benefit whenever the person does dies, T-100 policies are in fact permanent policies.
3 Universal Life Insurance
Universal life insurance is a unique combination of insurance and investment that offers flexibility that is not available with any other type of life insurance. The universal life policy is often referred to as an account; this reflects the investment nature of the policy. Universal life is an effective tool for tax planning and estate planning, because it is a permanent policy. You get to choose a guaranteed death benefit for your beneficiaries, while any payments you make above the cost of insurance can grow in a tax-preferred savings account. Universal life insurance is the perfect option if you’re looking to grow your savings alongside your RRSP contributions and TFSA savings, or leave money for your children or grandchildren.
You or the universal life policy owner must make the decisions about how to invest the account value. The policy owner takes on the investment risk that is borne by the insurer when the policy is whole life. The agent will provide valuable information and guidance to assist with investment decisions, but, ultimately, the responsibility for those decisions rests with the policy owner. Universal life insurance is also a tax-efficient way to protect the value of your business
Guaranteed level premium
Enjoy all the benefits of universal life insurance with guaranteed insurance costs and guaranteed cash values.
Paid-Up Options 10, 15, 20 Years Or Age To 65
Allows you to stop making payments while enjoying full coverage over a specified term or anytime after age 65.
Yearly Renewable Term (YRT)
A universal life insurance policy with premiums that rise annually based on the age of the insured.
Lower premiums and higher investments values in the early years.
The value of an Advisor
An advisor will help you make the best choices for your situation, your investments and insurance needs.