Every question, answered plainly.

Life insurance is a contract between the policy owner and the insurance company. In exchange for your premium payments, the insurer agrees to pay a set amount of money (a death benefit) to the designated beneficiary after the insured policy owner dies. Your beneficiaries can use the money for anything they choose.

The death benefit can be used by your beneficiaries for various purposes, such as:

• Paying for funeral, burial, and related expenses
• Paying off outstanding debts, such as a mortgage, car loan, personal loan, or credit card debt
• Replacing lost income so your beneficiaries can continue to pay for living expenses like housing, food, and utilities
• Paying for future expenses, such as your children's education or other long-term financial goals

Life insurance policies may have exclusions and limitations, such as suicide clauses or limitations on pre-existing medical conditions. It's essential to read and understand the terms and conditions of the policy before purchasing it to ensure it meets your needs and expectations.

A simple rule of thumb is DIME: add your Debts, your Income times the number of years your family would need it, your remaining Mortgage, and future Education costs for your kids. That total is your target.

The right amount also depends on your expenses, your dependants' needs, and your long-term financial goals. Use our coverage calculator to work out the appropriate amount for your specific situation.

Life insurance helps protect your loved ones financially if something happens to you. If you have debts, dependants, or want to leave a legacy, it's worth considering.

The cost depends on age, health, lifestyle (smoking, hobbies), coverage amount, and policy length. A younger, healthier applicant usually gets lower premiums.

How long it takes for your policy to pay out depends on several factors, including the type of policy and the cause of death. In general, if the policy is in force and the claim is valid, it will typically pay out within a few weeks to a few months after the necessary documentation is received. If the policy has a waiting period, which is typically two years from the date the policy is issued, the payout may be delayed until the waiting period has passed.

In Canada, policies are protected by Assuris, which guarantees that you won't lose your coverage or benefits because your insurer fails.

A beneficiary is the person or entity that receives the death benefit. You can name one or more (primary and contingent) and change them over time.

In Canada, life insurance death benefits are generally tax-free to the beneficiary.

To file a claim, submit a claim form, death certificate, and any required documents to the insurer. Claims are typically paid within a few weeks to months, depending on circumstances. Our make a claim page walks through the full process, documents, and timelines.

Term life insurance is a type of life insurance policy that provides coverage for a specified period of time, typically ranging from one to 30 years. If the insured individual were to pass away during the term of the policy, their beneficiaries would receive a death benefit payout.

Term life insurance pays out a death benefit to the beneficiaries of the policy if the insured individual passes away during the term of the policy. The death benefit is paid out as a lump sum and is typically tax-free.

Term life insurance premiums are generally not tax-deductible, whether you are an individual or a business owner.

Personal life insurance premiums, including those for term life insurance, are considered personal expenses and are not tax-deductible on your federal income tax return. If you are a business owner and you purchase group term life insurance for your employees, the premiums may be tax-deductible as a business expense. However, this depends on various factors such as the type of business entity, the purpose of the coverage, and the amount of coverage. It is recommended to consult with a tax professional or accountant for more information on deductibility.

Additionally, if the beneficiaries of a term life insurance policy receive a death benefit payout, the payout is generally not taxable as income for federal tax purposes. However, if the policy was owned by a business, the death benefit may be subject to estate taxes. It is recommended to consult with a tax professional or accountant for more information on taxation of death benefits.

If you outlive a term life insurance policy, the coverage will expire, and you will no longer have life insurance coverage. This means that your beneficiaries will not receive any payout or benefits from the policy if you pass away after the term has ended.

However, some term life insurance policies may offer a renewal option, which allows you to extend the coverage beyond the original term. The premium for the renewed policy may be higher than the original premium, based on your age at the time of renewal.

Alternatively, you can purchase a new term life insurance policy or consider other types of life insurance, such as permanent life insurance, which provides coverage for your entire life. It's always a good idea to review your insurance needs and goals regularly and consult with a financial advisor or life insurance professional to help you make informed decisions.

Most term life insurance policies include an accidental death benefit rider, which provides an additional benefit in the event of accidental death. But the terms and conditions of the coverage may vary depending on the policy.

The accidental death benefit rider may provide a lump sum payout to the beneficiary if the insured dies as a result of an accident, such as a car accident or a fall. It's important to review the terms and conditions of your term life insurance policy, including any riders or endorsements, to understand the extent of your accidental death coverage.

Some policies may have exclusions or limitations, such as not covering death resulting from certain activities or occupations. Speak with a life insurance professional to ensure that you have the appropriate coverage for your needs and goals, including accidental death coverage if that is a concern.

Term life insurance policies generally do not cover disability directly, as they are designed to provide a death benefit to the beneficiary if the insured passes away during the term of the policy. However, some term life insurance policies may include a rider for a disability benefit. A disability benefit rider provides an additional benefit if the insured becomes disabled and is unable to work. This rider may pay a monthly benefit to the insured to help cover living expenses while they are disabled and unable to work.

It's important to review the terms and conditions of your term life insurance policy, including any riders or endorsements, to understand the extent of your disability coverage. Some policies may have exclusions or limitations, such as not covering certain types of disabilities or only covering disabilities that are permanent.

If you are looking for disability insurance coverage, it may be a good idea to consider purchasing a separate disability insurance policy that is specifically designed to provide coverage for disability.

The main difference between term and permanent insurance is that term insurance provides coverage for a specific period of time, while permanent insurance provides coverage for the insured's entire lifetime. Term insurance policies provide coverage for a set period of time, such as 10, 20, or 30 years. If the insured passes away during the term of the policy, the policy pays a death benefit to the beneficiary. If the insured outlives the policy term, the coverage ends, and there is no payout or benefit. Permanent insurance policies, on the other hand, provide coverage for the insured's entire lifetime, as long as the policy premiums are paid. Permanent insurance policies, such as whole life or universal life insurance, also have a savings component that builds cash value over time, which can be borrowed against or withdrawn.

It's important to understand your insurance needs and goals when deciding between term and permanent insurance. If you only need coverage for a specific period of time, such as to pay off a mortgage or provide for your family while they are growing up, then term insurance may be a good option. If you have a permanent need for life insurance coverage, such as to provide for a spouse or leave a legacy for your children or grandchildren, then permanent insurance may be a better option.

There are four main types of term life insurance:

• Level-term life insurance: the most common type. It provides a fixed death benefit and premium for a specific term, usually ranging from 5 to 30 years. The premiums remain level for the entire term of the policy, and the death benefit is paid out if the insured passes away during the term.
• Decreasing term life insurance: provides a death benefit that decreases over time, typically to match the declining balance of a mortgage or other debt. The premiums remain level for the entire term of the policy.
• Renewable term life insurance: allows the policyholder to renew their policy at the end of the term, without having to undergo underwriting again. However, the premiums for the new term may be higher.
• Convertible term life insurance: allows the policyholder to convert their policy into a permanent life insurance policy, such as whole life or universal life, without providing new evidence of insurability. This can be a good option for those who want to start with a term policy but may want to switch to permanent coverage in the future.

Each type may have different features, benefits, and costs, and it's important to carefully review and compare your options to find the best policy for your needs and goals.

Whether term or whole life insurance is better for you depends on your individual circumstances, needs, and goals. Here are some key differences:

• Coverage: term life insurance provides coverage for a specific term, while whole life insurance provides coverage for your entire life.
• Premiums: term life insurance premiums are typically lower than whole life insurance premiums, especially for younger individuals. Whole life insurance premiums are higher, but they remain level for the life of the policy.
• Cash value: whole life insurance policies build cash value over time, which you can borrow against or withdraw. Term policies do not accumulate any cash value.
• Investment component: whole life insurance policies often include an investment component, which can provide additional returns and tax advantages. Term policies do not.

Whether you need final expense insurance depends on your individual circumstances and financial goals. Final expense insurance can provide peace of mind by covering funeral and burial costs and other end-of-life expenses. Consider your family's financial situation and existing insurance policies to determine if final expense insurance is suitable for you.

Life and final expense insurance are both designed to provide financial security to your loved ones. However, life insurance typically provides a larger death benefit to cover various expenses, such as mortgage payments, education costs, and income replacement. Final expense insurance, on the other hand, is designed specifically to cover funeral, burial, and other final arrangements, with a smaller death benefit.

Life insurance can cover funeral expenses, depending on the specific policy and the death benefit amount. The beneficiaries can use the payout from a life insurance policy to cover funeral costs and other expenses. However, if the death benefit is insufficient or already earmarked for other purposes, final expense insurance can be a valuable addition to ensure funeral costs are covered.

Final expense insurance costs vary depending on age, gender, health, and coverage amount. Premiums tend to be more affordable than traditional life insurance policies, as the death benefit is typically smaller.

To find the right policy and rate for your needs, call us at 1 800 655 2795.

The final expense coverage you need depends on your anticipated funeral and burial expenses and any other end-of-life costs you wish to cover. Costs vary significantly depending on location and personal preferences, so assessing your needs and discussing them with your family is essential to determine an appropriate coverage amount.

Use our end-of-life cost calculator to learn more.

If you don't have final expense insurance, your family will be responsible for covering funeral and burial costs and other end-of-life expenses. This financial burden can be stressful for your loved ones during an already difficult time. Having final expense insurance in place can help your family carry out your final wishes, alleviate their burden, and provide peace of mind for you and your family.

Like any insurance policy, there are both pros and cons to consider when deciding if a final expense policy is right for you.

Pros:

• Affordability: final expense policies tend to be relatively inexpensive, with premiums often ranging from $20 to $100 per month, depending on the amount of coverage you need.
• Ease of qualification: lenient underwriting requirements make it easier for seniors or those with health issues to qualify for coverage.
• No medical exam required: the application process is quicker and more convenient.
• Guaranteed death benefit: your beneficiaries receive a payout upon your death, subject to the policy's terms.

Cons:

• Lower death benefits: final expense policies have lower death benefits than traditional life insurance policies, which may not be sufficient to cover all end-of-life expenses.
• Limited coverage options: there may be a maximum coverage amount or limits on what is covered.
• No cash value: final expense policies do not accumulate cash value over time, so you cannot borrow against the policy or receive a cash payout if you cancel.

Overall, final expense policies can be a good option for those looking for an affordable way to ensure their end-of-life expenses are covered. Carefully consider the pros and cons and compare with other life insurance options to determine which best meets your needs and budget.

Your Oneday final expense insurance policy remains in effect for your entire lifetime, typically to age 100, as long as you continue to pay the premiums. Review the terms and conditions of your policy to understand the duration of coverage, as well as any limitations or exclusions that may apply.

If you are a Canadian citizen or permanent resident/landed immigrant, fall between the ages of 18 and 80, and live in a province we serve, you are eligible to apply for Oneday final expense coverage.

Final expense policies have lenient underwriting requirements, which means they are easier to qualify for than traditional life insurance. Applicants answer some basic health questions on the application and disclose any pre-existing medical conditions; the answers determine the coverage amount and price offered, and every applicant aged 18 to 80 receives an offer.

No. Applicants do not need to undergo a medical examination for Oneday final expense coverage, it's designed to be accessible to people who may not qualify for traditional life insurance because of their age or health status. Applicants answer some basic health questions on the application and disclose any pre-existing medical conditions, and we may request additional information if needed to complete the application. A licensed advisor can walk you through exactly what's asked before you start.

Payment for your policy can be made either monthly or annually. If you opt for monthly payments through pre-authorized debit, your account will be automatically debited upon approval of your coverage. Alternatively, if you choose to pay annually, we will send you an invoice for the full annual premium.

To apply, get a quote online or call us at 1 800 655 2795.

Use our end-of-life cost calculator to estimate your funeral, burial, and other end-of-life costs, then choose a coverage amount that comfortably covers them.

Exclusions are specific circumstances or conditions that are not covered under your policy. Under the following circumstances, the death benefit will not be paid out:

• If the death of the insured person occurs within the first two years from the policy's effective date or latest reinstatement, a full refund of premiums paid will be issued instead.
• If the insured person dies by suicide, while sane or insane, within two years from the policy's effective date or latest reinstatement.
• If the policy is declared void due to a material omission, misrepresentation, or fraud.

Review the specific exclusions listed in your policy documents.