The Basics of Life Insurance

Life insurance is an important part of a responsible financial plan, and can provide many benefits.

Providing for your loved ones

Life insurance policies can provide for your loved ones in the event of your death. You can choose a plan that helps to offset your income so your loved ones don’t have to worry about maintaining their current standard of living.

Covering final and ongoing expenses

Funeral expenses and final taxes resulting from the ownership of high-value assets, like a seasonal property or investment portfolios, can be significant. A properly tailored insurance policy will cover these and other expenses that your family may not be expecting.

Life insurance can mean more than making sure your loved ones are provided for and final expenses are paid. Some policies can also cover you as you recover from a critical illness, protect a business, or provide funds you can use or borrow against for major life expenses.

Cash value for lifelong expenses

One of the great features of permanent life insurance plans is the potential for building up tax-advantaged cash values in your policy. These values can be used in conjunction with loans as financial instruments to supplement retirement planning, assist with a down payment on a property, start or expand a business, or provide long-term or home care when you retire. This equity in your life insurance policy is a versatile financial asset that you can use in many different ways.

At The Co-operators, we have life insurance products to provide coverage for all the stages of your life:

  • Term life insurance is an affordable option for those looking for coverage for a predetermined length of time to cover needs that are often short-term.
  • Our permanent life insurance policies are life-long coverage to meet long term needs. Most permanent policies have fixed rates, which make them a great choice for those who like to plan their budgets with fixed costs.
  • To give your kids a head start on a great financial future, give them the gift of life insurance. Take advantage of their good health now to give them level premiums throughout their life.
  • If you encounter a serious illness, it’s nice to know that a critical illness policy will help pay the bills. All you’ll need to focus on is getting better.
  • We also offer a wide range of business life insurance plans for businesses to insure business owners, partners, key employees and debt obligations.