5 min read
At a glance
- Life insurance provides financial stability to your loved ones or beneficiaries after you pass away.
- There are two major types of life insurance.
- Term life insurance, an affordable option that covers you for a fixed period with fixed premiums.
- Permanent whole life insurance that offers predictable payments covering you for the rest of your life.
- Canada Protection Plan has competitive rates with perks and benefits, even if you’re hard to insure.
Have you been asking ‘What is life insurance?’ recently? You’re in the right place. No matter how old you are, you could benefit from life insurance. It could be the ideal solution that protects your family if something happens to you.
But life insurance is much more than that, offering peace of mind and financial security. Knowing which type of insurance is right for you can also help you choose the perfect plan to protect your family.
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What is life insurance in Canada?
Life insurance can be a safety net to help protect your family financially if you’re no longer there to provide for them. When you purchase a life insurance policy, you agree to pay regular premiums to an insurance company. It pays a sum of money to your beneficiaries, which helps them manage financially after your loss.
With Canada Protection Plan, your commitment to the future doesn’t end, even if the unexpected happens. We’ll help you answer the question, “What is life insurance?” to help you learn about solutions that align with your life goals.
Life insurance is helpful in many circumstances, including:
Supporting loved ones
If your family relies on your income, life insurance can be helpful for paying bills, covering living expenses and maintaining their standard of living. If you are the primary earner, life insurance can act as a source of income replacement and help your family in the midst of adjusting to the change in financial circumstances.
Covering debts
Life insurance can also help if you have significant debts like a mortgage, or car or personal loans. It can help prevent these financial obligations from becoming a burden to your loved ones.
Planning for education
If you’re planning for your children’s education, life insurance can help provide the necessary funds to support these goals without financial strain.
Estate planning
Life insurance can be an integral for estate planning. It can help ensure your heirs have the funds to pay estate taxes without having to liquidate other assets.
Business protection
If you own a business, life insurance may be useful to help your business operations continue smoothly in your absence.
Leaving a legacy
Some people use life insurance as a tool for charitable giving. You can contribute to a cause that’s important to you even after you’re gone.
Looking for tax benefits
Depending on where you live, life insurance payouts may be tax-free, providing your beneficiaries with the full financial benefit of the policy without deductions.
Canada Protection Plan Life Insurance
Are you curious about what life insurance Canada Protection Plan offers? Here are the basics:
Term Life Insurance
What is term life insurance? Term life insurance covers you for a specific period. It pays a death benefit if the insured dies within that term. Canada Protection Plan offers term life insurance that can help provide financial security to your loved ones, and peace of mind, regardless of your health, occupation, or preferences about medical exams.
Adaptable coverage
Whether you’re in excellent health, manage medical conditions, frequently travel, or engage in high-risk occupations, we have a plan tailored to your lifestyle and budget.
Term flexibility
Our policies cover periods such as 10, 20, 25 or 30 years, ensuring your beneficiaries receive a tax-free lump sum if you pass away during the term, helping with expenses, debts or future plans.
Affordable options
Term life insurance is ideal for those seeking cost-effective, flexible coverage that can evolve with their life changes, with options to convert to permanent insurance if needed.
Whole Life Insurance
What is whole life insurance? Whole life insurance offers lifelong coverage with fixed premiums, a guaranteed death benefit, and a cash value component that grows over time. Canada Protection Plan’s whole life insurance is designed to provide you with coverage for your entire lifetime.
Permanent coverage
Whole life insurance offers lifelong protection, ensuring you’re covered no matter how long you live.
Cash value
Whole life and other permanent insurance policies come with an investment opportunity. The longer you maintain your policy, the more cash value1 accumulates. You can use this cash value to supplement other funds, such as retirement spending.
Flexible coverage options
Choose from a variety of coverage levels, subject to eligibility, from $5,000 up to $1 million, to match your financial goals and needs.
No Medical Exams Required
Most plans do not require a medical exam or involve needles, making the application process simple and stress-free.
Competitive Pricing
We offer competitive rates with guaranteed premiums, so you know exactly what you’re paying for without any surprises.
Customizable plans
Enhance your coverage with amazing optional riders and add-ons tailored to meet specific aspects of your lifestyle and health needs.
Trusted expertise
As a leading provider of No Medical 3 and Simplified Issue Whole Life Insurance in Canada, we are renowned for our reliable and professional service.
Universal life insurance
Universal life insurance also provides permanent coverage but adds flexibility in premiums and death benefits, so you can adjust these as your financial circumstances change. Plus, universal life also has a cash value that can be invested which offers potentially higher returns but with more risk compared to the stable accumulation of whole life insurance.
Why pick Canada Protection Plan for your life insurance
Competitive pricing
We offer competitive rates with guaranteed premiums, so you know exactly what you’re paying for without any surprises.
Customer-centric perks
Competitive rates, guaranteed premiums, and trusted service come standard, along with amazing optional riders and add-ons.
Complimentary member benefits
Enjoy exclusive perks like Foresters Go™2, a wellness app that rewards you for staying active and contributing to your community, helping you save money on everyday purchases.
Life insurance from Canada Protection Plan: What’s next?
Canada Protection Plan, a Foresters Financial™ company, is a leading provider of No Medical3 and Simplified Issue life insurance but we also offer many more life insurance products. Here’s what you can do next.
- See what life insurance plans Canada Protection Plan offers.
- Fill out a form to get a no-obligation quote today.
- Speak to one of our expert advisors for help tailoring your policy to suit you.
- Join Canada Protection Plan and get peace of mind for a more secure financial future.
Sources
1 https://www.investopedia.com/terms/c/cash-value-life-insurance.asp (2024)
FOOTNOTES:
- 2 Description of member benefits that you may receive assumes you are a Foresters member. Foresters Financial member benefits are non-contractual, subject to benefit specific eligibility requirements, definitions and limitations and may be changed or cancelled without notice or are no longer available.
- TM Foresters and Canada Protection Plan (CPP), and their employees and life insurance representatives, do not provide, on Foresters behalf, financial, estate, legal or tax advice. The information given here is merely a summary of our understanding of current laws and regulations. Clients and prospective purchasers should consult their financial, estate, tax or legal advisor regarding their situation.
- 3 Insurability depends on answers to medical and other application questions and underwriting searches and review.
423574 CAN (06/24)
