Life insurance

 

What is life insurance?

When it comes to protecting the financial security of your loved ones, nothing is more important than planning ahead. Life insurance is a way to provide your loved ones with extra financial protection when you can’t be there and they need it most.

 

How does it work?

Life insurance provides your loved ones with a payment, based on the amount of your coverage, upon your death. By purchasing life insurance through your employer, you can take advantage of affordable group rates. You may also be eligible for coverage—up to a guaranteed amount—without medical screening. In addition, you may also be able to purchase coverage for your spouse or your child.

You can choose a coverage amount that fits your needs and your budget. Depending on your plan, you may be able to choose an amount based on your salary (for example, two times your salary) or a set dollar amount. Consider your immediate and future expenses such as housing costs, credit card debt, medical coverage, and education costs before deciding on a policy amount.

Your premium (the cost of the plan) will be determined by your age, the amount of coverage you choose, pre-determined rates that change as you get older, and other factors. When you sign up for life insurance at work, you can adjust your coverage each year as your needs change. You may also have the ability to take your coverage with you if you leave your job.

By planning ahead, life insurance:

  • helps your loved ones pay for final (funeral) expenses,
  • provides financial support for your loved ones so they can maintain their lifestyle, and
  • allows you to leave an inheritance.

Don’t let time pass you by—plan now to protect your loved ones later.

SLPC 24558 12/15 (exp. 12/17)

© 2015 Sun Life Assurance Company of Canada. All rights reserved. For policy and underwriting company information, see the disclosures page.