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What is life insurance?

Life insurance protects the financial security of the people you love by paying a tax-free cash benefit to your beneficiaries. The amount of coverage you choose and type of insurance you buy should be based on your circumstances and needs.

While you may have basic life insurance through work, the coverage may not meet your needs and typically ends when you leave your employer. The cost of individually purchased life insurance depends on your age, gender, health, medical history and lifestyle.

Types of life insurance

Term life insurance
  • Term life insurance is simple and affordable , providing a fixed amount of insurance for a specific period of time

  • In the event of your death, the policy pays a cash benefit, tax free, to your beneficiaries

  • Term life provides temporary protection you can customize to meet your changing needs

Permanent life insurance
  • Permanent life insurance is often called whole life insurance because it provides lifetime coverage – with the added benefit of accumulating cash value over time

  • Permanent insurance costs are usually guaranteed when you first buy the policy

  • Some permanent insurance plans enable you to pay for a limited number of years and then never again

Participating life insurance
  • Participating life insurance is a type of permanent life insurance coverage where your policy is eligible to receive dividends

  • The amount of coverage and annual cost are guaranteed for life

  • Your dividends can be used to buy more coverage, reduce your annual cost, earn interest inside the plan or taken out in casE

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