Balancing the demands of a busy life – the family, the job, the house – is already a challenge. When you add shopping for life insurance to the list, it can be overwhelming. We can help. At Co-operators, we’re committed to delivering straightforward advice and solutions, making it easy for you to protect what matters with the right plan for your needs.
Your needs
Even when life gets busy, it pays to make room for planning and securing your financial future. Those plans should ensure that you and your loved ones are protected and prepared. For a sense of how life insurance can help if the unexpected happens, ask yourself these questions:
- Could you or your spouse live on one salary?
- Could mortgage, childcare and other monthly expenses be maintained?
- Could you continue to save for your child’s education, your retirement and other important milestones?
Many people choose to purchase their first policy when they buy their first home or get married, then add to their coverage as their family begins to grow and as life unfolds. At various milestones, you’ll likely have questions:
- Do you need life insurance for a mortgage?
- How much life insurance does a married couple need?
- Should you get life insurance for your child, and when?
The short answer to all - it depends on your situation. By speaking with a Co-operators financial representative, it can be easier to see how life insurance helps families, like yours, and how mortgage and life insurance could be worth it for you and your future.
Reminder: Needs can shift as you experience significant life events, such as a career move, changes in health, or transitioning into retirement. It’s important to review your life insurance regularly to ensure the right coverage at the right time.
Your budget
With a laundry list of expenses, it’s important to keep to your budget. But, when choosing the right coverage, cost shouldn’t be the only factor. After all, being unprepared can cost even more. As you take ongoing steps to protect your family’s future, consider these key questions:
- What are the benefits of mortgage, life, and disability insurance?
- How much coverage do you need?
- Do you need life insurance if your house is paid off, or if you have a pension plan and/or RRSP savings?
Did you know? There’s still time to get affordable Life insurance! Don’t forget: rates can be lower – and it can be easier to qualify – the sooner you secure a policy.
Your choice
You can count on us to provide professional advice, helping you feel confident that you have the right plan at the right time.
Temporary protection
Our Term Life insurance is a simple, affordable solution if you need coverage for a specific number of years. It also provides a financial benefit to your loved ones, so they can maintain their standard of living. Down the road, you can easily convert your policy to a permanent one, without a medical.
Versatile Term offers affordable premiums that are guaranteed for the entirety of the policy (up to age 85). We offer multiple level term durations for you to choose from with 10-, 15-, 20-, 25- and 30-year renewable plans.
Mortgage Guard® secures your mortgage with term life insurance, as well as optional critical illness and disability insurance, all in one convenient plan.
Critical Assist® provides you with financial continuity if you’re diagnosed with a qualifying life-altering illness. You’ll receive a full, tax-free* lump-sum payment – or a partial payout, if your illness falls under our Early Assist program – that you can use any way you like.
*According to current Canadian Revenue Agency regulations, income tax rules and regulations are subject to change at any time.
Lifelong protection
If you want more from your coverage, our Permanent Life Insurance provides lifelong coverage that comes with guaranteed premiums – for the entire duration of the policy – and adapts to your changing needs. In some cases, there are also opportunities to build your wealth, with helpful savings plans that can turn your life insurance into an asset.
Here’s an example of how your coverage could work:
- Mortgage: $500,000
- Other debts: $35,000
- Income replacement: $400,000
- Education savings: $40,000
- Final expenses: $25,000
- Total coverage needs: $1,000,000
- Less employer life insurance coverage: $100,000
- Total additional coverage required: $900,000
Based on this information, you can protect your loved ones for as little as
$40.41* or $57.42** per month.
* For the first 20 years, under a Versatile Term 20 policy, female, non-smoker, age 30.
** For the first 20 years, under a Versatile Term 20 policy, male, non-smoker, age 30.
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