Life Insurance is an insurance policy that pays a death benefit to beneficiaries or the owner of the policy, if the insured dies. It is important that the beneficiaries designated in the life insurance policy  receive death benefit TAX FREE. In return for this protection, the owner of the policy pays premiums to the insurance company.

Every day most people face a risk to lose their income as result of getting sick or injured and risk of premature death. The risk insured with Life Insurance is the direct or indirect loss of money (capital or income) that may occur as the result of someone's death. Aid to the families of those who dies prematurely may be sometime provided by relatives, friends, orphanages, poorhouse, etc. Unfortunately, such help is often unavailable or inadequate to implement what was planning, for example: the children would get appropriate education, the family would not lose the home, the debts would be paid out, and so on.

Whether or not you need to buy Life Insurance depends on how much you have in the way of assets, how much debt you have, and whether or not your family could make ends meet without your income. Since death benefit goes to the beneficiary tax free, wealthy people may use Life insurance to transfer their estate to the heirs with minimum tax expenses.  Please use a quick and easy Online tool below to estimate your insurance needs:

There are many life insurance plans you can choose from, but basically, Life insurance may be for a certain period of time  (Term Life Insurance) and  for life (Permanent Life Insurance).

 ◊  Term Life Insurance offers cost-effective way to cover short-term needs: provide an ongoing income to maintain the family's current lifestyle, pay off mortgage or debts, provide money for children's education, provide temporary financial support to supplement the family income, when one spouse dies. Read more >>

 ◊  Permanent (Whole) Life Insurance

This form of life insurance is able to provide protection for the entire life of the insured, rather than just for limited period of time. As distinct from Term Life Insurance, in most instances, permanent policies are designed with a level premium payment for the lifetime of the policy, providing lifelong protection at a predictable cost. (Illustration).  Permanent (Whole) Life Insurance policy may build up a Cash Surrender Value (CSV), which makes this policy an attractive investment tool. Read more>>

 ◊  Participating Whole Life Insurance is a permanent life insurance plan that provides you with permanent lifetime insurance protection and enable you to accumulate a cash reserve to use for personal or business opportunities, as a savings plan, for financial emergency, to supplement your children’s education fund, or to have additional funds for retirement and for long -term care and home care.  Read more>>

 ◊  Universal Life Insurance

Universal Life has the insurance and the investment elements, which have a symbiotic relationship: the investments may pay for the insurance coverage, and existence of the insurance elements permits the investment growth to accrue within a tax-deferred environment. The investment in the policy may be withdrawn and provide additional income or the value of your investment may be added to the death benefit and will go to the assigned beneficiary without tax. Read more>>

Life insurance premiums

Life insurance premiums depend on the insured's gender, coverage, smoker/non-smoker status, insurance plan and insured's age, which reflects unfavorable statistics for older people. 

The chart below shows how monthly premiums change during existence of the policy for different kinds of insurance: T10, T20 and permanent life insurance (female, 35 years old, non-smoker, death benefit - $200,000).

Application for Life Insurance

You can apply for Traditional Life Insurance, Non-Medical Life insurance and Guaranteed Issue Life Insurance.

Traditional Life Insurance

This life insurance policy may be issued for the applicants who are from 0 to 85 years old at the moment of application for the policy. Amount of coverage may be from $10,000 to $10,000,000.

These plans are medically underwritten at the time of application: you have to complete a detailed medial questionnaire, have some medical tests if required (it depends on your age and amount of coverage). Your application and medical information will be reviewed and the company will make decision (approved, rated or not approved ).

There is a variety of plans you can choose from: Term, Whole life, Participating Whole life, Universal life insurance. We can help you determine the right life insurance for your needs. You can make a Face-to-Face appointment with us or complete None Face-to-Face application. Please contact us for more information.

Non-Medical Life insurance

Non-medical plans do not require medical tests at the time of application. However, you have to complete a simplified medical questionnaire to determine your eligibility for this life insurance plan.  If you are not sure how to answer to any question, you need to consult your doctor. This plan is medically underwritten at the time of claim: your medical medical questionnaire will be verified against your medical records to check your eligibility. 

Insurance companies issue term and whole life non-medical life insurance plans. Amount of coverage depends on the plan and the applicant's age and usually does not exceed $300,000.

Please Click here to get more information and free instant quote for non-medical life insurance offered by Humania Assurance.  

Guaranteed Issue Life Insurance

When you apply for Guaranteed Issue Life Insurance, no health questions are asked and no medical exam is required. Your application will be accepted regardless of your health status, however, there will be a two-year deferral period. In the first two years, the benefit of this policy is the amount of premiums paid.

It is Permanent life insurance and applicants up to 85 year old can apply for this plan.  Amount of coverage usually is no more than $25,000.

You can choose life insurance from Canada's top insurance companies: Manulife Financial, BMO Insurance, Equitable Life of Canada, RBC Insurance, Empire Life, Industrial Alliance, Canada Life and other companies.