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How often have you thought to yourself, “Where does the time go?” Planning for tomorrow is always on the top of our “to-do list,” but somehow life gets in the way and we don’t get around to things like life insurance. We understand that thinking about life insurance isn’t fun. But it is necessary.

Some people find life insurance confusing. What type of policy to buy, when to buy it and how much to buy are all important questions you should consider when it comes to protecting your family’s future.

While this website will provide you with some basic information about life insurance it is strongly recommended that you contact a licensed life insurance professional who can help you find a solution that’s right for you.

Types of life insurance
When it comes to purchasing life insurance, you have choices. There are two basic types of life insurance: term and permanent.

 

Term insurance

Term Insurance

Term insurance, also known as temporary insurance, provides coverage for a specific length of time, usually 10 years, 20 years or 30 years. It is the most cost- effective coverage if coverage is only required for that particular term.

10-, 20- & 30-Year Term Insurance
This type of insurance can provide low-cost protection on a temporary basis for a fixed amount of time, usually 10, 20 or 30 years. And term products from Transamerica Life Canada offer many ways to customize your policy so you can get exactly what you need, for as long as you need it.
 
 
Permanent insurance

Permanent Insurance

​This type of insurance is often referred to as whole life or universal life, depending on the specifics of the product being offered. Whole life often has guaranteed premiums for life, but offers no ability to control the investments and limited flexibility in how much you pay and when you pay your premiums. Universal life, however, will provide you with premium flexibility along with full insurance coverage and a self-directed savings component built right in.
Universal Life
You’ve decided that you need life insurance. But not just any life insurance will do. You want a financial solution that will protect you during your lifetime and provide for your loved ones or beneficiaries. You may want to consider a universal life (UL) plan.
 
Permanent insurance

Critical Illness Insurance 

​Critical Illness Protection is a form of insurance that provides you with a one-time, tax-free payment if you are diagnosed with one of the critical illnesses covered in your policy. The money you receive, the Critical Illness
Benefit, can be used however you choose with no restrictions. It’s as simple as that.
It could happen… but will it?
How often are Canadians diagnosed with a critical illness like cancer or stroke? The numbers are huge…and we’ve all seen them. But what does that mean for you? Will you get a critical illness? Who knows? But what we do know is that if you are diagnosed with a critical illness, and you are a healthy person, your chances of surviving that illness are very good. But survival comes with its own set of consequences and stresses. That’s why planning for living with a critical illness makes good sense.
 
Layered insurance

Layered Insurance

A layered insurance solution is different from other types of insurance because it looks at your life as the evolving journey it is. Your financial advisor can put together a layered insurance solution so you get the protection you need for today and the security you want for tomorrow.

What, exactly, is layered insurance?

Layered insurance is exactly what it sounds like – it’s several different types, or durations, of insurance protection, such as term insurance and permanent insurance, layered on top of each other to create a customized solution that evolves as your need for protection and savings evolve.

What’s your story?

Everyone is different, and everyone has different needs and priorities when it comes to purchasing insurance and saving for the future. Some people choose to focus on paying down their debt, while others prefer to split their focus between debt repayment and savings.

Your advisor is the right person to help you decide which layered insurance solution is right for you.

Pay now, save later
For some people, saving money isn’t a priority at the moment – that will come later once the mortgage is paid off and the kids have finished their post-secondary education. If this sounds like you, then a layered approach to insurance may be exactly what you need.

As your financial responsibilities decrease, your need for insurance protection will decrease, too.  Your financial advisor can show you how applying a layered approach to your insurance coverage will allow you to shift some of the dollars you were previously allocating to insurance into long-term savings, when the time is right.
Pay now, save now

For some people, saving money is always a priority, even with other expenses like a mortgage or post-secondary education for the kids.  If this sounds like you, then a layered approach to insurance may be exactly what you need.

As your life story unfolds, your need for insurance coverage may decrease and, along with it, your monthly cost of insurance may decrease, too.  Your financial advisor can show you how you can use a layered approach to increase your savings if your need for insurance protection, and the cost of that protection, decreases.

 
 
 

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