Life insurance is available from Canada Life in three different forms. The most straightforward of the Canada Life life insurance range is their Life Cover option, which provides financial protection for your dependents in the event of your death or terminal illness by way of a cash lump-sum payout. This life insurance option is often referred to as ‘level cover’ life insurance, and is pre-determined by the amount of cover you purchase, for the set term of between 3-30 years. This form of life insurance does not increase or decrease in value over time, but remains level throughout the term.
Canada Life also offers whole life cover, which provides cover for as long as your premiums are maintained. Whole life cover with Canada Life is a combination of protection and investment; a payout will provide security for your dependents upon your death, and investment returns will build up over time that may be drawn upon during your lifetime. Canada Life whole life insurance is quite flexible, allowing you to increase or decrease the amount of Canada Life cover over your lifetime to adapt to changes in your financial situation.
In addition to these products, Canada Life also offers loan protection in order to cover the amount outstanding on your mortgage if you should die during the life insurance term; these Canada Life policies decrease over time in line with the balance on your mortgage to protect your dependents financially from this burden in the event of your death. To speak to an independent life insurance advisor regarding the best options to suit your budget and lifestyle, complete the form on this page. Totally Money will connect you with an expert for free, no-obligation advice, and take the hassle out of your life insurance search.