Protection that lasts a lifetime
Give your family financial security with a comprehensive life insurance policy that will provide them support now and in the future. An Acumen insurance broker will assess your family’s needs, including the number of income earners and dependents, to ensure that your life insurance policy can help maintain the living standard that your family deserves.
Get a Comprehensive Life Insurance Plan the Puts Your Family First
What is the difference between Whole Life Insurance and Term Life Insurance?
Term life insurance and whole life insurance both provide coverage for your life but are not the same thing!
Term Life Insurance, also known as pure life insurance, is a type of death benefit that pays the heirs of the policyholder throughout a specified period. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to lapse.
Whole Life Insurance provides permanent death benefit coverage for the life of the insured. In addition to paying a death benefit, whole life insurance also contains a savings component in which cash value may accumulate. Interest accrues at a fixed rate and on a tax-deferred basis.
Whole life insurance guarantees payment of a death benefit to beneficiaries in exchange for level, regularly due premium payments. The policy includes a savings portion, called the “cash value,” alongside the death benefit. In the savings component, interest may accumulate on a tax-deferred basis. Growing cash value is an essential component of whole life insurance.
What is Universal Life (UL) Insurance?
Universal Life (UL) Insurance is permanent life insurance (lasting the lifetime of the insured) that has an investment savings element and low premiums, similar to those of term life insurance. Most universal life insurance policies contain a flexible-premium option, but some require a single premium (single lump-sum premium) or fixed premiums (scheduled fixed premiums).
What Does Life Insurance Cover?
Following the death of a spouse, partner or family member, life insurance policies will help you cover many costs:
- Funeral & Final Expenses: Did you know that families can spend $5,000 to over $10,000 on funeral expenses alone? Your policy will provide cash for emergencies, probate court costs and legal fees.
- Mortgage & Rent: Life insurance coverage will supplement expenses associated with mortgage and rental payments for survivors.
- Education Costs: Plan for your children’s future with life insurance that gives $6,000 to $10,000 per child (per year) towards post-secondary education.
- Survivor’s Income: Your surviving family members may require supplementary income to offset lost wages, childcare costs, and other common living expenses.
Can I get additional coverage added to my life insurance policy?
Acumen’s distribution network provides us with access to competitive rates and a multitude of options that can give you increased protection. The following policies can be added to your life insurance plan:
- Mortgage Protection Insurance: Ensure that your family will be able to stay in their home if you or your partner dies before your mortgage is paid off.
- Quick Issue Critical Illness Insurance: Protect yourself and your family following a life-threatening illness. The plan pays a tax-free lump sum living benefit that can be used to offset the cost of managing your illness and recovery, without impacting your savings, retirement plan or lifestyle.
- Funding for Business Buy and Sell Agreements: Surviving shareholders are guaranteed sufficient funds to purchase the deceased’s shares and obtain full value for the deceased’s business interest.
- Children’s Plans: A child’s insurability (i.e. their health) can change quickly and unexpectedly. Get worry-free coverage with guaranteed life insurance for your child.