Life insurance is all about peace of mind because it ensures that your beneficiaries will be able to deal with the financial impact of your passing. Life insurance payments can be made monthly, quarterly or even annually. A lump sum life insurance payout means you can manage expenses such as:

• replacement income for your family
• providing for your children or dependents 
• paying for funeral expenses 
• paying off your debts 
• making a gift to charity 
• leaving money in trust or to your estate

Term life insurance offers coverage for a certain amount of time – between 10 and 30 years – depending on your needs and budget. During this time, your monthly or annual premiums remain the same, making it easy to anticipate the costs. Term life insurance can be used for:

• Covering larger expenses, such as replacement income
• University tuition
• Mortgage payouts in the event of your death

Permanent life insurance gives you coverage for the entire length of your life, as long as premiums are paid on time. It is designed to build cash over time that you can borrow against, laying the foundation for long-term financial security. Permanent life insurance can be used for:

• Estate planning
• Retirement income
• End-of-life expenses
• Lifelong need

Sometimes, life delivers a curve ball in the form of life-threatening illness. That’s where critical illness insurance can help. If you’re diagnosed with a life-threatening illness, you will get a one-time lump sum that can be used to cover expenses such as daycare, health care support or renovations should you need to make your home more accessible. The amount received depends on the level of coverage and is usually paid as a benefit after diagnosis of a condition covered by your policy. Critical illnesses may include: 

• Cancer 
• Alzheimer’s disease 
• A heart attack 
• A stroke

Although universal health care ensures Canadians have access to free public healthcare, some costs are not covered. Depending on the type of health and dental insurance you choose, your policy may include coverage for things like:

• Special nursing services, ambulance services, wheelchairs, and other durable equipment
• Supplement your income if you suffer a major illness or severe injury
• Basic Extended Health Care (EHC) to help cover your basic healthcare-related expenses. EHC benefits provide you with added coverage. Vision Care is included
• Adding optional drug coverage can help cover many out-of-pocket expenses for prescription drugs and dispensing fees
• Adding on optional dental coverage can lower the number of dental expenses you’ll have to pay out-of-pocket