​Life insurance

What kind of protection do you and your family need?

If you have a family or dependents, life insurance is an important tool to protect against the unexpected. If you are single, insurance can help you dictate what happens to your assets and estate.

Life insurance provides a safety net so your family can maintain their lifestyle after you have passed. Your life insurance can be used to pay off debts like vehicles or mortgages and to finance your children’s post-secondary education.

Any time your personal circumstances change, it’s a good idea to re-assess your insurance protection to decide if you need more or different coverage.

Permanent life insurance

Provides lifelong financial protection and also can provide guaranteed cash values, dividends and investments, depending on the type of policy you have chosen. Under the umbrella of permanent life insurance, there are two types of protection available that are characterized by the way the payouts are structured:

1. Whole life insurance.

This is characterized by steady premium payments and a savings feature.

2. Universal life insurance

This insurance offers flexibility in payments and is also known as “adjustable life insurance”. With this option, you can increase or decrease your death benefit and can pay your premiums at any time and in any amount, after your initial payment is complete.

Term life insurance

Provides protection over a specific term, such as 10, 15 or 20 years and can be renewed after those terms are up. At younger ages, the cost for term life premiums are generally lower than permanent life but as you get older the cost for term life increases. If you pass away within the term of a term life policy, your beneficiaries receive the death benefit amount. If your insurance term expires and you have not renewed your policy, no benefits will be paid.

Community Savings has partnered with G&F Financial Group and insurance products are offered through G&F Financial Group Insurance Services Ltd., a wholly-owned subsidiary of G&F Financial Group. This website is for informational purposes only and is not intended to provide specific insurance, financial, investment, tax, or other advice to you, and should not be acted or relied upon in that regard. Insurance products are underwritten by certain licensed insurance companies and are only available throughout British Columbia, Canada.