Why Life Insurance?

Life Insurance is used to protect the financial security of the people you love most. A Life Insurance policy pays a cash benefit, tax free, to your beneficiaries when you die. The amount of money for which you are insured and the type of insurance you buy depends on your needs.

Because each person’s insurance needs are unique, a good rule of thumb is: If someone relies on you to provide for them in any way, then yes, you probably need life insurance.

How Does Life Insurance Fit Into a Financial Plan? 

The primary purpose of life insurance is to protect against the personal and financial strain of an unexpected death. Life insurance comes in many forms and can accomplish other, more complex, goals too (such as charitable giving or efficiently funding tax liabilities).

A FaithLife Financial representative will help you determine the type and amount of any needs you may have.

What Are Your Financial Goals?

Your story is unique. So are your financial goals. Tell us what’s important to you. We’ll listen and then create a strategy based on your needs, priorities, and your values.

For almost a century, FaithLife Financial has been helping members protect their financial futures at various life stages.

Term Insurance

Flexible, temporary protection with options for your future.

Term Life Insurance provides temporary protection for temporary needs. It also has some flexibility to allow you to make adjustments as your needs change.

There are two options to choose between:

  • Term Life Insurance: Provides coverage for one person.
  • Joint Term Life Insurance: One policy that covers 2 people who share a joint risk (ex. a mortgage). Joint term insurance is available on our Term 100 policy.

Who is Term Life Insurance Suited For?

We find that term life insurance is a popular choice for:

  • Individuals focused on affordability and flexibility.
  • Small business owners facing debts or significant start-up costs.
  • People with mortgages or other temporary debt.

Term Life Insurance Options

HealthMatch™ Advantage

Term 10, 20 and 30’s HealthMatch™ advantage rewards you for maintaining a healthy lifestyle.

When you apply for Term insurance, we will ask you a few simple questions about your health, habits and family history to determine your general level of wellness. That information is entered into our HealthMatch™ system and used to place you in one of five HealthMatch™ categories. Premiums are based on your health level.

It really does pay to stay healthy!

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Permanent Insurance

Lifetime insurance protection – guaranteed!

Permanent life insurance is an excellent choice for lifelong coverage. Key advantages of permanent insurance over term insurance:

  •  Insurance protection that never expires and is guaranteed in amount when the policy is purchased.
  •  Permanent insurance costs are usually guaranteed when the policy is purchased.
  •  Some permanent insurance plans allow you to pay for a limited number of years, then never again. Imagine… You could buy insurance when you’re 40, finish paying the premiums when you’re 60, and be fully covered for the rest of your life. In contrast, term insurance is virtually always “pay as you go” and you’ll be paying premiums for as long as you have coverage.

Permanent Life Insurance Options

In addition to the insurance products we issue directly, we also make available other products through our Resource Centre, such as:

Critical Illness Insurance
  • Typically pays a lump sum cash payment if you are diagnosed with a specific illness from a predetermined list included in the critical illness policy.
Disability Income Insurance
  • Pays a monthly benefit if you are unable to work and earn an income due to an illness or injury.
Personal Health Insurance
  • Covers you and your family for health-related expenses not covered by your provincial health care plan, such as dental care, vision care or prescription drugs.
Long-Term Care Insurance
  • Can provide an income to cover some of the costs of a care facility or a caregiver in your own home if you become unable to care for yourself due to aging, an accident or illness.
Universal Life Insurance
  • Can provide insurance coverage for life and provides some flexibility in your premium payments, as excess amounts you pay above the cost of insurance is credited to the cash value of the policy. The cost of insurance charge and any other policy charges and fees are drawn from the cash value, even if no premium payment is made in a given month. Universal Life insurance usually provides investment options for growing your cash value.

Still not sure what type of life insurance is the right option for you?

Talk to a FaithLife Financial representative to be fully informed about solutions that are right for you. Our goal is for members to feel 100% confident about the financial choices they make.

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