Life insurance is a contract between the policy owner and the insurer, where the insurer agrees to pay a designated beneficiary a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. In return, the policy owner agrees to pay a stipulated amount (at regular intervals or in lump sums). There may be designs in some countries where bills and death expenses plus catering for after funeral expenses should be included in Policy Premium.
Canada Insurance plan can mean the difference between leaving your loved ones well-positioned financially and leaving them to cope with debts and an inadequate income.
Life insurance can help create financial security for you and your family. If you should die prematurely, it can be used to:
- Pay final expenses and any debts
- Provide an income for your family
- Ensure your family has the resources to maintain a comfortable standard of living
- Leave a legacy to your favourite charity
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion
At Canada Insurance Plan, we offer Term Life Insurance
Term life insurance is well-suited to meet high, short-term protection needs for the lowest initial cost.
Permanent Life Insurance
Permanent life insurance can protect you for your lifetime. There are two types of permanent life insurance—participating life insurance and universal life insurance.
While you’re still living, some life insurance policies can:
- Build tax-advantaged savings you can draw upon as needed for personal or business opportunities
- Supplement your retirement income or provide for long-term care or home care for yourself or a family member
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