Life Insurance in Ontario, Manitoba & Saskatchewan

You play a valuable role in the lives of those who love you, and life insurance is designed to protect them in the event of an untimely death.

At The Standard Insurance, we work with the best life insurance carriers in Canada, bringing together the best rates and policies to craft customized solutions for you. Working with people across Manitoba, Ontario, and Saskatchewan, we understand better than most the importance of life insurance products in protecting your financial assets.

A standard life insurance policy comes in three main variations:

• Term: Term life insurance is available for a set term or period. This helps with more short-term life insurance goals and keeps the cost low. Generally, you can choose from terms anywhere from 10-years to 80-years, depending on your needs. Sometimes you can turn a term life insurance policy into a permanent life insurance policy.
• Permanent: Permanent life insurance is there for the entirety of your life. Rather than protecting you for a stated period of time, and the rate and premium will not fluctuate unless so stated in your policy.
• Universal: Universal life insurance policies offer the same type of protection as a permanent policy, with the added benefit of financial growth. Universal policies are often used to grow wealth and save on taxes.

Life insurance protects your loved ones from the financial impacts of your death. It offers coverage for costs such as:

• Funeral expenses
• Residual debt (including mortgage)
• Estate taxes
• Income for surviving partner
• Post-secondary education for children

Critical Illness or Disability

Along with standard life insurance plans, you may be interested in a critical illness or disability policy. These are designed to protect you in the event of an illness that prevents you from working or earning. These polices can sometimes be added to a Life Insurance policy or offered on a standalone basis.

Medical Care (Long-Term)

Medical care policies are put in place if you are worried that a future condition may require long-term hospital stays or home care. Medical care coverage pays bills above provincial coverage, up to your policy amount.

Mortgage Life Insurance

A mortgage life insurance policy is a type of protection offered by your lender when you obtain a mortgage. To protect the lender’s financial interests in the event of your death, it is put in place to pay off the remaining mortgage debt. This policy type helps ensure your mortgage debt is not passed on to living family members but does not act as traditional life insurance.

The Cost of Life Insurance

Life insurance companies base their premiums on:

• Current Age
• Known Health Conditions
• Personal Habits (smoking, drinking, etc.)
• Length of Policy
• Amount of Coverage

When comparing the cost to the value of life insurance, it is important to consider the amount of money you and/or your family would require if you passed on. Your life insurance policy is a safeguard against a financial burden for those you love.