Life insurance
What is life insurance? First and foremost, it’s a way to protect your family and those who depend on you for financial support. It can provide a large income tax-free payout to help them carry on if you pass away unexpectedly — and some policies have features that can help build family assets.
Budget-friendly life insurance for individuals, families, and businesses
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We’ll estimate how much you need, provide you with some coverage options, and tell you what it costs.
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Our life insurance benefits help employees protect the things they value most.
What are the three main types of life insurance?
Term Life Insurance
This coverage lasts for a limited time. It’s very easy to get quote and buy term coverage, and it’s typically more cost effective than permanent whole or universal life insurance. However, many term policies (such as those from Quote Genius) may let you transition to a permanent policy in the future.
Whole Life Insurance
This is permanent life insurance coverage that can provide guaranteed protection for the rest of your life. A whole life policy offers a guaranteed death benefits along with living benefits – its cash value – that can be used for things like policy loans or whatever the policyowner wants or needs. Whole life policies don’t expires as long as your regular premiums are paid. Policies from a mutual life insurance company(Quote Genius) may also provide dividends, which can further build cash value.
Universal Life Insurance
Like whole life insurance, this type of policy provides permanent protection and generates cash value that can help protect your financial future. However, universal life insurance can give the option of adjusting your payment amounts within a specific range, and flexible premium payments can help you better deal with life changing circumstances.
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Over 15 years of protecting what matters
Why so many generations of Canadians have relied on Quote Genius life insurance
Who is life insurance for?
If you have loved ones who depend on you for support — financial or otherwise — buying life insurance is one of the best ways to help ensure they’re provided for. Life insurance can also help people in other situations, like high net-worth individuals looking to transfer assets more easily without incurring added estate taxes.
What does life insurance cover?
It’s insurance that provides a death benefit if the policyholder passes away while the policy is in effect. Life insurance benefits are paid out as an income tax-free lump sum and can be quite significant — enough to replace several years of lost income.
Why should I consider life insurance?
Even if you don’t have dependents, life insurance is an important part of your financial wellness. Life insurance can do more than provide income replacement for your dependents — it can be used to help build tax-advantaged family assets, help assure the continuity of your business if you pass away, or even pay for final expenses.
When do people get life insurance?
There’s no time like the present — the younger you are, the more affordable your premiums and the more life insurance options you’ll have. But a lot of people wait until a significant life event to get coverage. Three of the biggest include:
Getting married
Expecting a baby
Buying a new home
Other common reasons for getting life insurance are:
- Taking on the role of a caregiver for a spouse, child, or aging parents
- Finding employment as a gig worker
- Becoming self-employed or starting a small business
FAQs
Top questions about life insurance
According to NerdWallet, a life insurance policy in April 2023 could range from $27 to $65 a month for a 40-year-old male buying a 20-year term policy with a $500,000 death benefit, which is a common type of policy, But it’s important to remember that when you get a quote, the rate is affected by many variables, including the life insurance company, policy type, coverage amount, length of term, gender, health status, and other factors. For example, a permanent whole or universal life insurance policy will cost significantly more, because it provides lifelong protection and builds tax-advantaged cash value that can be accessed while you are still alive.
A life insurance policy can help provide financial protection at any age, and it is especially important for adults with financial dependents. Consider getting life insurance sooner rather than later, because, generally speaking, the younger and healthier you are when you purchase life insurance, the lower your rates will be. As you age and your financial picture changes, life insurance can provide additional benefits. For example, permanent life policies are often used for estate planning to help simplify the transfer of generational assets. There can be certain tax benefits as well, but you should always consult with a tax professional before purchasing life insurance for this purpose.
Yes, many people have life insurance coverage from more than one source. For example, if you have group life insurance coverage through work, the coverage amount may not meet your life insurance needs, so you can supplement it with an individual policy. Or perhaps you have permanent insurance that provides lifetime coverage while building cash value but has a limited death benefit for your family. You can choose to get an additional term life insurance policy that can help provide a significant income tax-free death benefit while your children are still growing up.
Life insurance death benefits are almost always income tax-free. The cash value growth of a universal or whole life insurance policy is also tax-deferred, so it can grow faster because it’s not being reduced by taxes each year.
The best policy for you depends on your needs and budget. If you’re looking for lifelong insurance protection that also provides cash value, there are two main options: whole life and universal life. A whole life policy offers level premiums and more guarantees, but a universal life policy can be more affordable because it offers variable premiums that you can raise or lower within a certain range. The insurance company may also let you customize your policy with various provisions, such as an accelerated death (or “life”) benefit rider to pay for end-of-life needs and even certain kinds of long-term care. If you don’t need permanent coverage or cash value, which can provide benefits such as policy loans, term life insurance coverage costs will generally be lower.
If you have loved ones who depend on you for income, life insurance is one of the best ways to help provide for their financial needs if you die unexpectedly. Life insurance companies also have specialized kinds of policies for customers with varying incomes and other needs, such as high-net-worth individuals looking to transfer assets more easily without incurring added estate taxes (you should always consult with a professional for tax advice first). On the other hand, if you have no financial dependents or heirs that you wish to provide for, then life insurance may not be a priority, although you can leave your life insurance to a cause you care about.
How much do you need? Get an estimate.
How much coverage you need depends mostly on where you are in life and how many people rely on your income. Our quote tool can give you a quick estimate based on certain assumptions related to your age and income. In general, the younger you are, the more coverage you’ll need to compensate for the years of potential wage-earning ahead of you and the more people depend on you, The more coverage you may want for income replacement if you die. However, you don’t have to factor in taxes: almost all life insurance benefits are paid out as an income tax-free lump sum.
There are also other ways to evaluate your needs. Find out more about how to estimate your life insurance need by contacting us for a more personalized analysis of your needs. He or she can also tell you about how different types of insurance can provide added financial protection.
Everyone’s coverage is unique. Your quote will be based on information you provide, but you can adjust the term length and coverage amount to fit your goals.
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