Life insurance

Term life insurance is a way to protect your loved ones financially for a specific time. Here’s an example:

Choose how long you want the policy to last, like ten, 20 or 30 years (that’s the “term”), and how much money your family will receive if you die (the “death benefit”). Those determine how much you pay each month (the “premium”).

If you pass away during that time, the insurance company pays that death benefit to your family. But if the term ends and you're still alive (which is the best outcome, of course!), the insurance doesn't pay anything. It's like a rental agreement ending when you move out of a house.

Term life insurance is the most affordable type of life insurance, which makes it a popular choice.

A death benefit is a tax-free lump sum payment made to someone you choose (called your beneficiary) after your death.

A life insurance premium is the amount of money you (the insurance policyholder) pay for the policy. Premiums are typically paid monthly. As you get older, insurance premiums typically increase.

Everyone can benefit from a financial safety net.

Whether you’re single or married, have dependents or not, your life insurance can make sure the people closest to you have the financial means to cover your final bills, funeral costs, medical fees and more. The payout can also be a financial gift that your friends and family can put towards what they want or need most.

If you want help choosing, don’t hesitate to reach out. Our advisors are just a live chat, video or phone call away to help.

The cost of life insurance in Canada depends on a few factors:

1. How much coverage you want. The more coverage you want, the more it might cost.

2. Your age, health and sex. Usually, younger and healthier people pay less because they're seen as having a lower risk of needing the insurance payout soon.

3. Type of life insurance. Term insurance is cheaper because it's for a set time, while permanent insurance lasts your whole life.

It's a good idea to talk to an insurance expert to figure out what works best for you and your budget.

Generally, it is recommended to have between $700,000 and $1 million in retirement savings to retire comfortably in BC. This is just an estimate, and the amount you need ultimately depends on your individual circumstances, goals and even where you live in British Columbia.

To map out your personal retirement journey, contact our advisors.