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Safeguard your family's future.

 

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Purchasing life insurance is one of the most responsible decisions you can make to help ensure that your family can continue to enjoy the quality of life they deserve.

Life insurance pays a tax-free lump sum benefit upon death to your beneficiaries (such as your spouse and children)—helping to replace your lost income.

A common recommendation is that you purchase coverage equal to 8-10 times your salary. There are many ways your family could use the tax-free benefit payment. Since you have children, at minimum, you will probably want to purchase enough insurance to:

  • Maintain your family's current lifestyle and pay for day-to-day expenses
  • Pay for your children's post-secondary education
  • Help your kids establish themselves after graduation
  • Pay off outstanding loans and debts
  • Cover final expenses such as funeral costs

Tip: Beneficiaries named under your insurance policy will supersede beneficiaries named in your Will. Be cautious of naming your estate as the beneficiary under an insurance policy because the insurance proceeds will then be governed by your Will. The benefits will become taxable and there may not be as much left for your family as you had planned.

We offer several life insurance solutions to meet your family's needs and budget:

  • Term life insurance is often ideal for young families as it provides affordable protection for either 10 or 20 years. Choose the term and coverage amount (from $50,000 to $10,000,000) that best suits your needs.
  • Permanent life insurance provides lifetime coverage and a variety of long-term tax planning options. It can also provide valuable estate planning alternatives that can benefit your family for generations to come.
  • Universal life insurance provides lifetime coverage with the potential for tax-advantaged investment growth.

Find more tips, advice and answers:

For even more tips and advice on life insurance, click here. Or, visit our Life Insurance site for additional details on your coverage options and to explore the benefits of choosing RBC Insurance®.