When you have life insurance, you feel secure knowing your loved ones are protected. In the event of a death, life insurance will provide your loved ones with a tax-free death benefit, lump sum payment to help take care of their financial needs.

Permanent Life Insurance is a type of life insurance policy that provides lifelong coverage, compared to term life insurance that covers a specified term. It doesn’t expire as long as premiums are paid.

A death benefit could provide financial assistance with

• mortgage payments,
• support for a spouse,
• funeral costs,
• business expenses,
• childcare costs,
• tuition costs, and
• everyday living expenses.

Tax Benefits: In Canada, the cash value of certain life insurance policies, such as whole life and indexed universal life, can grow tax-deferred and be accessed tax-free. This tax-efficient growth can supplement your retirement income without unnecessary tax liabilities.

Risk Mitigation: Life insurance can protect your retirement savings from unforeseen financial challenges, such as long-term care costs or market volatility.

Legacy Building: If you wish to leave a legacy for your beneficiaries or support charitable causes, life insurance can help these intentions