Life insurance is a contract that pays money to the people you choose when you die. The two main types are term, which covers you for a set number of years, and permanent, which covers you for life and can build cash value. Most families start with term because it gives you the most coverage for the lowest cost.

The core of it is the death benefit: a lump sum paid to your beneficiaries. That money can cover funeral costs, pay off debts, replace your income, and keep daily life running. Some policies also pay out early for a terminal illness, and permanent policies can build cash value you can borrow against.

A common rule of thumb is 10 to 12 times your annual income, but that is only a starting point. Add up your mortgage, your debts, and future costs like your kids’ education, then subtract your savings and any coverage you already have. The right number depends on your situation, and it is worth a ten minute conversation to get it right.

Sometimes, but not always. If your income has grown, your health has improved, or your needs have changed, a new policy might get you better coverage or a lower price. But replacing can also mean giving up cash value or paying new fees, so never cancel an old policy until the new one is in force. We review existing policies and tell you straight whether a change is worth it.

If you need a lot of coverage for specific years, like while the mortgage is high and the kids are young, term is usually the answer. It is simple and affordable. Permanent costs more but lasts your whole life and builds cash value. Many clients start with convertible term, which lets you switch to permanent later without new medical underwriting.

For most group plans, no medical evidence is needed up to the plan’s non-evidence limit. Those limits vary by insurer but are often around $50,000 of life coverage per person and $1,500 a month for long term disability. Larger groups usually get higher limits. Anything above the limit needs a short medical questionnaire.

Most groups pay by monthly invoice from the insurer. Pre-authorized bank payments are also common, depending on the insurer and the size of your group. We set up whichever works best for your cash flow.

We work with more than 30 of Canada’s major carriers, including Manulife, Canada Life, Sun Life, Empire Life, RBC, and BMO. Because we are independent, we compare options across carriers and recommend the plan that fits your team and your budget.

Usually the first of the month after your application and first premium are received and approved. If the paperwork is in order, most groups are up and running within a few weeks.