Life insurance solutions
A crucial part of your financial plan, life insurance can help protect your family.
Why do I need life insurance
You may not want to think about what would happen if you were to die tomorrow but if someone relies on you financially, you probably need life insurance. The reason is simple – life insurance can help ease the financial burden caused by a critical illness or death in the family.
What is life insurance?
Life insurance is a contract involving three parties – an insured person, a life insurance provider and a beneficiary. Depending on the product, it is designed to pay a benefit to the beneficiary or beneficiaries when the insured person dies or becomes critically ill.
But the impact of life insurance is far-reaching. It can make all the difference to your loved ones by enabling them to enjoy the lifestyle you planned for them, even when you’re no longer here.
Types of life insurance
Life insurance is not a “one-size-fits-all” proposition. At Foresters Financial™, we have a range of products to meet your needs. We've also joined forces with Canada Protection Plan to provide you even more options. Your life insurance advisor can review your personal situation and make appropriate recommendations. And as your life changes, your advisor will be there to re-evaluate your needs and suggest new products or changes to existing products.
| Term life | Whole life | Critical illness |
|---|---|---|
|
Overview Term life insurance provides coverage for a defined number of years. You generally pay a fixed premium for a policy that covers you for a specific period of time and pays out a set amount if you die within this time period. |
Overview Whole life insurance has no fixed term and is designed to cover you for the rest of your life. The premium for whole life is typically guaranteed not to increase for the life of the contract. |
Overview Critical illness insurance provides coverage in the event of a serious illness such as a heart attack, stroke, paralysis or life-threatening cancer. |
|
Duration 10, 20 or 30 year terms |
Duration Lifetime |
Duration Defined term |
|
Cost Lower initial cost but premiums increase if renewed for additional terms. |
Cost Premiums are typically guaranteed not to change for the life of the policy. |
Cost Premiums increase if renewed for additional terms. |
|
Cash value No |
Cash value Yes |
Cash value No |
|
|
| Term life |
|---|
|
Overview Term life insurance provides coverage for a defined number of years. You generally pay a fixed premium for a policy that covers you for a specific period of time and pays out a set amount if you die within this time period. |
|
Duration 10, 20 or 30 year terms |
|
Cost Lower initial cost but premiums increase if renewed for additional terms. |
|
Cost Lower initial cost but premiums increase if renewed for additional terms. |
|
| Whole life |
|---|
|
Overview Whole life insurance has no fixed term and is designed to cover you for the rest of your life. The premium for whole life is typically guaranteed not to increase for the life of the contract. |
|
Duration Lifetime |
|
Cost Premiums are typically guaranteed not to change for the life of the policy. |
|
Cash value Yes |
|
| Critical illness |
|---|
|
Overview Critical illness insurance provides coverage in the event of a serious illness such as a heart attack, stroke, paralysis or life-threatening cancer. |
|
Duration Defined term |
|
Cost Premiums increase if renewed for additional terms. |
|
Cash value No
|
|
For information about products offered by Canada Protection Plan, please visit cpp.ca.
412526 CAN (10/22)
1Underwritten by Foresters Life Insurance Company.
2Underwritten by The Independent Order of Foresters.