Quick Glossary of Insurance Terms
Life Insurance: a type of insurance that pays out when the insured person dies.
Term Life Insurance: a type of life insurance that provides coverage for a set period of time. The period (or term) of the coverage can be either a fixed number of years (e.g. 10 years) or to a set age (e.g. age 65). The policy has no cash value.
Permanent Insurance: a type of life insurance that provides coverage for the lifetime of the person insured, provided the required premiums are paid.
Critical Illness: a type of insurance that pays the insured person a lump sum if they are diagnosed with a life-altering illness such as cancer, a heart attack, a stroke, multiple sclerosis or Parkinson’s disease. The exact illnesses covered are listed in the policy.
Term Insurance Suits Your Life Stage
Boost your protection with Term Life Insurance geared to your unique needs whether on your own, getting married, growing a family, or preparing to retire.
Life Stage: Single & Successful
Whether kick-starting your career or have a CV worthy of envy, as a single person, you have the freedom to build your life around your own priorities. Protect what’s yours with insurance coverage that matches your lifestyle.
Term Life provides a lump sum payment in the event of your death during the coverage term. Comprehensive life insurance could be used to cover costs like:
- funeral expenses, so the burden doesn’t fall on loved ones
- repayment of a loan
- expenses of selling your home
Life Stage: Newlyweds
Congratulations! Marriage means “me” has become “we.” It’s an exciting time, and the right moment to reassess your life insurance plan. Make sure you’ve got the coverage you need to start your new life together, with confidence.
Life insurance ensures financial stress doesn’t compound your survivors’ grief. Comprehensive coverage will help your loved ones cover outstanding debts and expenses, including:
- rent or mortgage payments
- loan repayments (car, school)
- funeral and estate expenses
- credit-card balances
- utilities and property taxes
- household repairs
Life Stage: Growing Family
Increasing responsibilities and busy family lifestyles call for a worry-free, easy-to-understand life insurance solution. You want to protect lifestyle and future dreams: living in the family home, continuing established routines, making plans for post-secondary education.
Comprehensive coverage ensures your family can cover outstanding debts and expenses, including:
- mortgage and loan payments
- education expenses
- childcare expenses
- lost income
- home-related expenses, utilities and taxes
Life Stage: New Homeowners
Purchasing a home is likely the biggest financial investment you’ve ever made. Protect your hard work in the face of tragedy. Life insurance does that by covering:
- mortgage payments or the outstanding amount of your mortgage
- home-related expenses, utilities & taxes
- repair and maintenance costs
Life Stage: Aspiring retirees
After a lifetime of hard work, you’re preparing to wind down for retirement. Protect the assets you’ve built over decades, so you can pass on your legacy, minus the debt and financial worry.
Term Life provides a lump sum payment in the event of death during the coverage term, that can cover costs such as:
- funeral expenses
- loans other debts
- maintain lifestyle