Life insurance can give you the confidence to know you’re taking care of your final expenses or are leaving a legacy behind. It may even help protect the lifestyle of those you love. Life insurance is important if there are people who depend on you financially. You can use it to help protect the people that you love and, in some cases, grow your wealth.
Permanent life insurance provides guaranteed, lifelong coverage that protects the people you care about. It offers cash values that can grow over time to either increase the value of your death benefit or help pay for future goals like an education fund, starting a new business or supplementing your retirement income. There are two types of permanent life insurance: participating life insurance and universal life insurance.
Participating life insurance provides lifelong insurance coverage and pays the person you choose a tax-free payment when you die. Your policy is guaranteed to grow in cash value as long as you make your payments.
As Canadians, we’re fortunate to have public healthcare coverage – but that doesn’t mean your provincial healthcare plan provides you with all the healthcare coverage you need. You may be left to pay for expenses such as:
Our group benefit plans can help protect you against these and other unexpected healthcare expenses. From basic coverage to the maximum protection available, our plan selections, optional benefits, and valuable services can make it easy for you to prepare for your healthcare needs.
Term life insurance helps you meet short-term protection needs over a set period of time. It’s ideal if you’re looking for a cost-efficient way to cover large debt for a specific term – for example, a mortgage.
Universal life insurance combines the benefits of a lifetime insurance policy with a tax-advantaged investment component that you select and manage based on your objectives. It also offers the added convenience and flexibility of adjustable premium and payment schedules.
Learn about how to withdraw money from an RESP for a post-secondary student.
Description: This animated video introduces an illustrated character Kim and her advisor to show how to withdraw money from an RESP for a child for post-secondary education.
Ask an advisor” appears. The camera zooms out as the text lands in an outlined square. “How do I withdraw money from an RESP?” fades in below. An illustration of a graduating student draws on the right side of the frame.
Kim: My oldest child will be ready to start post-secondary school soon.
Description: Kim talks on a cell phone in her living room while her son reads a book at a nearby table. Screen splits in half to include the advisor on the right half, sitting in an office.
Advisor: That’s great news!
Kim: How do we withdraw money from his registered education savings plan?
Description: Screen moves to full view of the advisor in her office.
Advisor: We’ll contact your RESP provider with proof that he’s enrolled in a qualified post-secondary educational program.
Description: Screen changes to circle with $5,000 in it. Above the circle, text that says 1 weeks starts to spin until it reads 13 weeks.
Advisor: Once you’ve done that, if he’s attending full time, the most you can withdraw is $5,000 during the first 13 weeks he’s enrolled.
Description: Text in circle changes to read $2,500. Above the circle, text changes to read part time.
Advisor: If he’s going part time that limit is $2,500.
Description: Text in circle changes to read Any amount. Above the circle, text changes to read After 13 weeks.
Advisor: After that, you can request withdrawals of any amount with no limit unless he takes a break from studies and doesn’t re-enrol within 12 months.
Description: A dollar sign in a circle appears on screen, then transitions to become one date on an illustration of a calendar. Screen transitions to Kim in her living room again.
Kim: What can we use the money for?
Description: Screen transitions to image opf Kim’s son in a school setting, then a bookstore, then an apartment.
Advisor: Tuition, textbooks, living expenses. Stuff like that.
Description: Screen transitions to Kim in her living room again.
Kim: And what if he decides not to go to post-secondary school?
Advisor: You have options, including moving the money that you put into the RESP to your registered retirement savings plan.
Description: Screen transitions to illustration of a piggybank with letters RESP under it, then money moving to another illustration of an easy chair with the letters RRSP under it.
Screen transitions to advisor in your office again.
Advisor: Once he’s firmed up his plans, let’s talk more about withdrawing the RESP money, including how those withdrawals will be taxed.
Description: Text – Let’s talk. Contact me today appears onscreen with the legal line: “Video produced by Canada Life. canadalife.com 1 888 252-1847."
We all feel invincible until we suddenly aren’t anymore. But you can help minimize the impact an injury or a serious illness has on your plans. Insurance can provide you a tax-free payment if you’re diagnosed with a serious illness or a monthly income if you can’t work.
Critical illness insurance allows you to focus on your recovery knowing you have the money to help with your expenses if you're diagnosed with a serious illness. You’ll get a one-time, tax-free payment you can use for whatever you need. Through your coverage, you can also connect with healthcare specialists.
As Canadians, we’re fortunate to have public healthcare coverage – but that doesn’t mean your provincial healthcare plan provides all the coverage you need. Health and dental insurance can help pay for prescription drugs, dental, hospital, vision, paramedical and ambulance services. Coverage is similar to a group benefits plan that an employer may offer and is a great option if you’re retiring, self-employed or not eligible for group benefits.
Disability insurance works when you can’t. It can give you tax-free monthly income to help pay expenses if an illness or accident stops you from working. Not all disabilities are so easily recognized. Chronic pain or a mental health issue can also qualify as a disability.