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Life insurance

Which type of coverage is right for me?

Whether you're self-employed, a business owner or partner, life insurance is an essential tool for sound financial management. It helps you:

  • Minimize the financial consequences of a death on your company, family and loved ones.
  • Keep your business projects on track.

Learn about our different categories of insurance.

Term life insurance Permanent life insurance Universal life insurance
Provides affordable coverage for a set period of time (1, 5, 10 or 20 years) Provides lifetime coverage that's more cost-effective than term life insurance in the long run In addition to providing lifetime insurance coverage, it also includes a tax-free investment component
It's the right choice for you if:
  • You have short-term debts
  • You have a partner and want to be able to buy back their shares in the event of an untimely death
  • You want to leave your business to a loved one in the event of your death, without leaving them a financial burden
It's the right choice for you if:
  • You have longer-term debts
  • You have a partner and want to be able to buy back their shares in the event of an untimely death
  • You want to leave your loved ones an inheritance
It's the right choice for you if:
  • You have a company and want to protect its value
  • You want to leave your loved ones a sizeable inheritance
  • You've maxed out your RRSP and TFSA contributions and are looking for another investment vehicle
Learn more - Term life insurance Learn more - Permanent life insurance Learn more - Universal life insurance

Compare the various types of life insurance and their corresponding products.

Key features

Term life insurance Permanent life insurance Universal life insurance
Meets short-term needs (protecting short-term debts, buying back a partner's shares in the event of an untimely death, etc.) Meets longer-term needs (leaving your loved ones an inheritance, protecting long-term debts, etc.) Meets long-term needs (leaving your loved ones a sizeable inheritance, etc.)
Affordable, fixed premiums for a set period Premiums can be fixed for the entire duration of the policy, vary based on age, or paid-up in a certain number of years (10 or 20 years) Premiums can vary depending on the coverage selected - you decide how much you want to save, tax-free, and what products you want to invest in
No savings component No savings component Includes a savings component
Can be renewed at the end of the coverage period - the premiums are then adjusted for the new term No need to renew because it's lifetime coverage Lasts your whole life, but allows you to add or change coverages as your needs evolve
Can be converted into permanent or universal life insurance Can't be converted Some coverages can be converted
Can be combined with health coverage Can be combined with health coverage Can be combined with health coverage
Learn more - Term life insurance Learn more - Permanent life insurance Learn more - Universal life insurance

Products available

Term life insurance Permanent life insurance Universal life insurance

Vision Business - Guaranteed Insurability

Lets you increase the death coverage for the first 10 years of the contract, based on the increase in the fair market value of the business.

Vision Death Coverage

Lets you choose the term that's right for you (7, 10, 12, 20 years, etc.)

Vision Death Coverage

Lets you choose to pay fixed premiums or premiums that vary based on your age

 

Vision Paid-up Death Coverage

Lets you pay off all of your premiums in 10 years, 15 years, 20 years, or up to age 65 or 100

Guaranteed surrender values

 

Vision Duo Solution

Covers you for life and combines the advantages of life and critical illness insurance. Plus, you can choose to pay off all of your premiums in 10 years, 20 years, or by age 100

Guaranteed surrender values

Vision Death Coverage with Savings

Combines an insurance component with an investment component that lets you build savings, tax-free

Offers a wide range of investment options, including Desjardins Funds

Term life insurance

Term life insurance is designed to meet short-term needs. It covers a set period of time, generally from 1 to 20 years, or even longer, depending on your needs.

The cost of term life insurance is typically more affordable than permanent life insurance, which covers you for life.

Term life insurance can be used to help you:

  • Pay the deceased's income tax bill
  • Cover hiring costs to replace a key employee
  • Buy back a deceased partner's shares

This type of insurance meets your needs if you own a business, have major start-up costs, and want to ensure your business can continue to run smoothly.

Features

  • Premiums can be fixed for the entire duration of the policy
  • Coverage can be extended without having to submit proof of good health

Product available

Lets you increase the death coverage for the first 10 years of the contract, based on the fair market value of the business.

Lets you choose the term that's right for you (7, 10, 12, 20 years, etc.)

Permanent life insurance

Permanent life insurance is designed to meet your long-term needs and protect you and your business for life. It's also more cost-effective than term life insurance in the long run.

Permanent life insurance can be used to help you:

  • Pay the deceased's income tax bill
  • Cover recruiting costs if the successor or a key employee dies
  • Divide your estate fairly among your children, by leaving a cash amount to those who won't be taking over the business

This type of insurance meets your needs if you own a business and want to ensure it can continue to run smoothly.

Features

  • Offers coverage for life
  • Premiums can be fixed for the entire duration of the policy, vary based on age, or paid-up in a certain number of years (10 or 20 years)

Products available

Lets you pay up all of your premiums in 10 years, 15 years, 20 years, or up to age 65 or 100.

Guaranteed surrender values.

Lets you choose the term that's right for you (7, 10, 12, 20 years, etc.).

Covers you for life and combines the advantages of life and critical illness insurance. Plus, you can choose to pay off all of your premiums in 10 years, 20 years, or by age 100.

Guaranteed surrender values.

Universal life insurance

Universal life insurance is designed to make sure you're covered for as long as you need, and lets you invest tax-free at the same time.

Universal life insurance can be used to help you:

  • Pay the deceased's income tax bill
  • Cover recruiting costs if the successor or a key employee dies
  • Divide your estate fairly among your children, by leaving a cash amount to those who won't be taking over the business

This type of insurance meets your needs if:

  • You want to leave your loved ones a sizeable inheritance
  • You've maxed out your RRSP and TFSA contributions
  • You want to save tax-free

Features

  • Offers coverage for as long as you need (for life, etc.)
  • Includes 2 components:
    • An insurance component that provides coverages to meet your needs at any stage of life
    • An investment component that allows you to build savings, tax-free
  • Can combine multiple coverages and multiple insureds under a single policy
  • Can make changes as your needs evolve

Product available

Vision Death Coverage with Savings

Lets you make changes to your policy and add coverages or insureds, penalty-free

Offers a variety of investment options, including Desjardins Funds

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