Term, Universal and Whole Life Insurance

We offer a broad selection of term and permanent universal or whole life insurance coverage to protect you and your family. Term insurance can be structured to renew after ten or twenty year periods.

Term insurance

Term insurance is temporary in nature and has no cash value. Rates increase every ten or twenty years, eventually becoming prohibitively expensive and policies expire with no cash value.

Universal life insurance

Permanent life insurance offers lifetime coverage and long-term protection. Similar to a mortgage on your home, you can pay the policy off over 20 years. Like other assets you own, permanent life insurance may have a “cash value”. In addition to providing lifetime protection, this policy allows you to use your insurance as a tool for estate planning and/or as a tax deferral mechanism; it offers tax planning capabilities, a flexible investment component that offers an accumulating long term investment vehicle and has a lower net cost compared to term insurance.

Whole life insurance

A whole life par life insurance policy is a separate asset class and may be designed to enhance the cash value in a long-term dividend earning portfolio while providing guaranteed cash value and permanent life insurance. A whole life par policy is currently classified by the Canada Revenue Agency (CRA) as an exempt life insurance policy for taxation purposes. In Canada, the opportunity to earn policyholder dividends is unique to participating policies where the policyholders share in the experience of the pool of life insurance policies through the payment of policyholder dividends.

According to the Canada Revenue Agency (CRA) a whole life policy is a tax exempt policy, there is no income on accumulating policy reserves, the assignment of a policy to a bank as collateral for a loan is not a disposition for income tax purposes and loans received by the policy owner are tax-free.

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Financial Underwriting Guidelines

Below are some guidelines on how much coverage you may be eligible for:

Purpose Guideline
Income replacement The maximum amount of coverage you can obtain is determined by your earned income.
Issue Age








Maximum Amount

25x earned income

20x earned income

15x earned income

10x earned income

7x earned income



Estate preservation The maximum can be>Up to and including age 65; two times the insured person’s net worth>Over age 65; one time the insured person’s net worth
Non-income earning spouse The maximum for a non-income earning spouse can be the highest of
Issue age




Maximum amount

$500,000 or half the amount available on the working spouse

$250,000 or half the amount available on the working spouse


Retired applicants $250,000 for ages 55-69$100,000 age 70+
Unemployed Up to $250,000
Charitable donations Up to 25% of the insured person’s net worth so long as their personal insurance needs are met.
Bankruptcy If the bankruptcy has not been discharged then up to $250,000 is available. If the bankruptcy has been discharged then normal guidelines apply.
Key Person On average insurers will consider 5-10 times the earned income for a key individual for a business.
Creditor protection Generally the amount should coincide with the shareholders debt

Source: Sun Life 2012

How to Prepare For Your Medical

To assist in preparing for your nurses/doctors visit, we recommend that your appointment be scheduled in the morning, preferably before breakfast and that you are fasting.

What is a paramedical exam?

A paramedical examination is an interview with you to collect information about your medical history. This information allows the insurance company to perform a comprehensive evaluation of your current health. The exam usually includes recording of height, weight, blood pressure and pulse. The exam may also include the collection of blood, urine, oral fluid, and an EKG and/or X-ray, depending on the insurer’s underwriting guidelines for the applicant’s age and insurance amount.

Estimated examination time

10 to 20 minutes for blood draw and urine 20 to 30 minutes for paramedical exam, blood draw and urine; 30 to 45 minutes for paramedical exam, blood draw, urine and EKG.

What if blood has to be drawn?

If a blood sample is required by the insurance company, a medically trained professional will perform the draw. Most companies use single-use sterile, disposable needles to collect the specimen and vinyl gloves are worn.

What is an EKG?

If an electrocardiogram (EKG) is required by the insurance company, it may be performed at the time of the examination. An EKG records electric impulses of the heart and testing is usually complete in less than 10 minutes.

What happens when the exam is complete?

The paramedical examination and any additional requirements are forwarded to the insurance company. Specimens obtained during the examination are sent to a designated laboratory and the results forwarded to the insurance company for review.

In order to obtain the best possible results, it is recommended you:

  1. Fast at least 8 hours prior to the appointment.
  2. Limit salt and high-cholesterol foods 24 hours prior to the exam.
  3. Avoid strenuous exercise 12 hours prior to the exam.
  4. Refrain from drinking alcoholic beverages for at least 12 hours prior to the appointment.
  5. Drink a few glasses of water prior to the appointment.
  6. Provide any history of problems associated with providing a blood sample.
  7. Have available names, addresses and phone numbers of any doctors or clinics visited in the last 5 years as well as current medications.

Women, please mention to the examiner when making your appointment if you will be menstruating at the time so that a better time may be arranged.

How much life insurance do you need? Calculate

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