A financial safety net.
Help reassure your loved ones that they will be taken care of now and in the future.
What is life insurance?
Life insurance provides whomever you choose with a one-time, tax-free payment when you pass on.
There are different types of life insurance, and different ways to make it work for you. It’s not only to protect your family. It can also be part of your financial plan, so you may be able to access money in your policy during retirement.
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Starting a family
Help make sure the people you love are protected.
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Buying a home
Term insurance can cover debts like a mortgage.
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Getting married
Protect your spouse and the plans you’ve made for the future.
What kind of life insurance is available?
There are 2 common types of life insurance coverage: term and permanent. Each has unique features designed to meet different needs. Each type of life insurance can be custom tailored to fit your situation.
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Temporary coverage
Lower cost
Fixed payments
Option to convert to permanent
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Lifetime coverage
Higher cost
Flexible payments
Opportunity to build cash value
Term life insurance
Affordable coverage when you need it
Life insurance doesn’t have to be a lifelong commitment. Term life is affordable coverage for your big expenses, so your loved ones are protected when it matters most.
It’s temporary coverage that provides the people or charities you name as beneficiary with a tax-free payout if you die within the term you choose. The money can be used to pay bills, the mortgage, kids’ education or to keep your business running.
Permanent life insurance
Your life may change but your coverage won’t. Help provide lifetime financial security for your loved ones, while building your wealth.
It’s guaranteed lifelong coverage that protects the people you care about. But it’s more than just insurance. Over time your policy can build value you can access for cash during your life, with certain tax implications.
You can access money in your policy through a loan or a withdrawal. And when you die, the people you’ve chosen receive a tax-free payment, similar to term life insurance.
Protection for life
What type of insurance do you need?
How much insurance coverage do you need?
Ideally, you want to make sure your debts are covered, so you don’t leave major expenses behind for your loved ones.
Here are a few things to consider:
Your income
Net worth
Family needs
Debt
Other insurance you have
How much does life insurance cost?
It depends on the type of coverage you choose. Every situation is unique, and advice on what coverage may fit you best is something that an advisor can help you understand. There are a lot of factors that determine the cost of your policy, including:
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Age
Generally, insurance is less expensive when you’re younger.
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Health
Family history, chronic diseases and lifestyle can increase costs.
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Gender
Women live longer than men on average, so insurance may cost less.
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Occupation
If you have a dangerous job, your insurance costs can be higher.
