Financial Services: Canada and Quebec Life Insurance & Solutions with LMBF
Life insurance is a contract between the insured and the insurer which guarantees a benefit paid out to the insured’s named beneficiaries, typically their loved ones and dependents, in the event of their untimely death during the policy period. Individuals purchase life insurance in the form of premiums, which may be calculated based on their history, any high-risk activities they engage in, and their current health conditions. Life insurance in Quebec may also exist in numerous different forms and policyholders can purchase a product based on their financial requirements, their beneficiaries’ needs, and their existing assets and savings. LMBF’s Quebec life insurance brokers can help individuals choose a plan suited to their lifestyle and coverage requirements.
Types of Canada & Quebec Life Insurance Products to Choose From
Term Life Insurance
Term life insurance is the most popular choice of policy, given its affordability. Term life insurance is only valid for a set number of years - commonly 10, 20, or 30. Term life insurance offers a tax-free payout to the insured’s beneficiaries in the event of their death during the policy period.
Permanent Life Insurance
Permanent life insurance offers coverage for the duration of the insured’s lifetime, so long as they continue making payments or cancel their policy. Permanent life insurance is more expensive than term life insurance but may offer additional benefits that can be drawn from during the insured’s lifetime.
Whole Life Insurance
Whole life insurance is a type of permanent life insurance that accumulates value with time. This allows the policyholder to use the cash value component as a source for loans or as cash to pay policy premiums.
Universal Life Insurance
Universal life insurance is a type of permanent life insurance that contains a cash value component that earns interest. Universal life insurance has the benefit of flexible premiums that may be adjusted over time and can be altered with a level death benefit or a death benefit that increases with time.
- You have young children
- You are a caregiver
- You recently got married
- You recently bought a house
- Your adult child is your caregiver
- You are a young adult with ongoing debt
- You want to lock in low rates
- Your family cannot afford funeral expenses
- Tax-free death payout
- Funeral expenses coverage
- Payout for estate taxes
- Tax-deferred growth of cash value
What is life insurance?
Life insurance is a financial security plan that can benefit your dependents and loved ones by providing them with a tax-free payout in the event of your death during the policy period. Life insurance can come in many forms, including term life insurance, permanent, and universal. If your loved ones will be financially impacted in the event of your unexpected death, life insurance is an important protection purchase to protect your dependents even after you have died. Each life insurance product may offer different benefits.
Our Life Insurance Partners
There are many different types of life insurance that are available for individuals to purchase depending on their needs, preferences, and financial scenarios. LMBF understands that purchasing life insurance can be confusing and overwhelming, especially when there is no “one” time to purchase life insurance, nor any specific qualifying event that would require you to purchase life insurance. Thanks to our Canada and Quebec life insurance partners, LMBF can advise you when is best to purchase life insurance, how to get the coverage you need, and can find you comprehensive coverage for affordable rates based on your circumstances.