Life Insurance
Comprehensive Individual Insurance Solutions
Explore the types of individual insurance we offer. Life Insurance policies can be categorized as: Permanent Life Insurance or Temporary Life Insurance. Critical Illness Coverage is a living benefit that complements these core life insurance offerings and provides an additional layer of protection.
Permanent insurance provides lifelong coverage while temporary insurance is in effect for a specified period. Most people benefit from a blend of both types to suit their permanent and temporary needs.
Permanent Needs: Funeral expenses, survivors' income, taxes at death on capital gains, taxation of RRSPs and RRIFs and charitable bequests.
Temporary Needs: Mortgages, children's education and business loans.
Individual Insurance products
We offer life insurance products as well as living benefit products.
Permanent Life Insurance
Whole Life plans provide lifelong coverage, along with the potential for dividends.
Explore how Participating Life Insurance dividends work
Temporary Life Insurance
Lifetime Term insurance provides protection for as long as you require.
Critical Illness
Critical Illness Coverage provides financial support when a covered critical illness occurs.
What is Life Insurance
Life insurance serves three main purposes: covering family needs, protecting business interests, and addressing special circumstances.
Families
Families
Life insurance plays a crucial role in safeguarding your family’s financial well-being. When unexpected events occur, life insurance is there to preserve your lifestyle and provide essential support.
Key benefits of Life Insurance:
- Funeral and final expenses cover emergency cash, probate fees, and legal fees (estimates range from $5,000 to $10,000).
- Mortgage, rent or other debt payments.
- Education costs (tuition and university/college expenses can average $20,000 per year).
- Survivors’ income.
Business Owners
Business Owners
Life insurance for businesses plays a critical role in safeguarding financial stability and ensuring uninterrupted operations.
Essential role of Life Insurance:
- Buy and Sell Agreements- Ensures funds for surviving shareholders to buy the deceased’s shares. Provides full value for the deceased’s business interest.
- Equitable Distributions (Farm/Business)- Enables viable farms to be passed on to the next generation. Equitable estate distribution for non-farming businesses.
- Estate Planning Funding- Covers estate obligations (taxes, legal fees, etc.).
- Key Person Protection- Insurance safeguards against the death of key employees.
- Collateral Insurance- Deductible business expense for securing loans.
Additional Needs
Additional Needs
Explore the following key aspects related to financial planning and insurance:
- Bequests to Charities- Individuals can benefit charities using life insurance and obtain tax credits for premiums paid or at death when the death benefit passes to a charity via beneficiary designation.
- Maximizing Retirement Income- Individuals can use permanent life insurance to maximize pensions or retirement income while protecting their spouse, replacing income that terminates at death.
- Critical Illness Coverage- Mitigate the financial impact of surviving a critical illness.
- Wawanesa Life does not currently offer Individual life insurance or investment products to Quebec residents – check back with us soon.