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 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 financial burden for those you love.
Contact: The Standard Financial Advantage For a Life Insurance Quote Today
If you are interested in learning more about life insurance or looking for a life insurance quote, The Standard Financial Advantage can help. Our team of experienced advisors strive to provide clients with the best policies at the best possible rates. We invite you to contact The Standard at 1-844-969-8199 and speak to one of our Advisors today.
FAQs about Life Insurance
At The Standard Financial Advantage, we receive many questions about term and permanent insurance and a variety of other life insurance products. To help our clients better understand the ins and outs of these products, we have compiled some of our most frequently asked questions here.
At The Standard Insurance, we pride ourselves for our long-lasting commitment to act as an advocate for every single one of our clients. Our success is measured by their experience and satisfaction:
I had a wonderful experience with Nicolle, I had some issues with my Insurance policy and Nicolle straightened them up immediately. THANKS AGAIN NICOLLE !”
“Callie stepped up and provided a very professional service and responded to all our questions in a timely manner. We highly recommend Standard Insurance Brokers.”
“The agent, Celeste, was very prompt with her responses. She was able to source a favorable and economical premium compared to what I had. Very good service so far.”
“The ladies that work here are great! So sweet and kind! Thank you for the A+ customer service”