What is life insurance?
Life insurance is a financial safety net that helps protect your loved ones if you pass away unexpectedly. It provides a tax-free payout, known as a death benefit, to your beneficiaries — giving them peace of mind during a difficult time.
What is a One-Click Installation?
Life insurance helps cover:
- Funeral expenses
- Outstanding debts or mortgage
- Childcare and education costs
- Everyday living expenses
- Income replacement for your family
It ensures your family won’t struggle financially while dealing with emotional loss.
How Life Insurance Works
You pay a monthly or annual premium to an insurance company. In return, the insurer promises to pay a lump sum to your chosen beneficiary if you pass away during the term of the policy.
There are different types of life insurance (more on that below), but they all serve the same purpose — to provide financial security.
Key Terms to Know
- Premium: The amount you pay to keep your policy active
- Beneficiary: The person who receives the payout
- Death Benefit: The amount paid to your beneficiary
- Term: The length of time you’re covered (e.g. 10, 20, or 30 years)
Who Needs Life Insurance?
Life insurance is important for:
- Parents with young children
- Homeowners with a mortgage
- Anyone with dependents or debts
- Self-employed or business owners
- Couples planning for the future
If someone relies on your income or support, life insurance is worth considering.
Types of Life Insurance in Canada
- Term Life Insurance – Affordable, simple, and covers you for a set number of years
- Whole Life Insurance – Permanent coverage that lasts your entire life
- No-Medical Life Insurance – Quick approval with no health exam required
Want to know which is right for you? Check out our guide: Term vs. Whole Life Insurance.
Why Choose Life Insurance from PolicyPro Canada?
- 100% online application
- Instant quotes from top Canadian insurers
- No paperwork or pushy sales calls
- Licensed advisors available to help, anytime