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You are here: Home > Business > Insurance > Life and health insurance > Life insurance > Universal > Vision Death Coverage with Savings

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Vision Death Coverage with Savings

  • A combination of life insurance (for the term you choose) and investments that will grow tax-free
  • When you die, your insurance, savings, interest and investment income are paid to your beneficiaries, tax-free
  • The Health Withdrawal Option lets you make tax-free withdrawals if you're recovering from an illness, totally disabled or diagnosed with a critical illness
  • Various investment options (daily interest, fixed interest and index funds) are available, including Desjardins Funds

Features

Vision Death Coverage with Savings is right for you if you're looking for flexible coverage that lets you continue to save tax-free if, for example, you've maxed out your RRSP contributions.

Eligibility

Ages 0 to 75

Coverage period

A set period based on your needs, or for life

Benefit amount

  • A financial security advisor1 will help you choose the amount that's right for you
  • When you die, your insurance, savings, interest and investment income are paid to your beneficiaries, tax-free
  • The Accelerated Savings option lets you reduce the benefit amount to maximize the investment portion

Cost of the insurance component

  • Based on the benefit amount selected and your personal situation (age, sex, smoking habits, state of health, etc.)
  • The Accelerated Savings Option is a great idea if you want to pay off your policy in just a few payments

Investment component

  • A variety of investment options (daily interest, fixed interest and index funds) are available, including Desjardins Funds
  • Funds can be withdrawn or transferred from one investment to another with no administration fees
  • Withdrawals are usually taxable, but with the Health Withdrawal Option you can make tax-free withdrawals if you:
    • are recovering from an illness
    • are totally disabled
    • have been diagnosed with a critical illness or need to have a surgical procedure as defined in the policy

Surrender fees

  • No surrender fees if you decide to terminate your policy early
  • The Accelerated Savings Option lets you grow your savings more quickly by charging surrender fees for the first 5 years if you reduce or cancel your coverage

Other

Lets you:

Assistance services

Provides access to several Guide, Protect and Support Program assistance services at no extra charge:

1. In Ontario, this refers to a life and health insurance representative employed by Desjardins Insurance. In Quebec, this refers to a financial security advisor employed by Desjardins Financial Security, Financial Services Firm and assigned to a Desjardins caisse.

Desjardins Insurance refers to Desjardins Financial Security Life Assurance Company.

Joint insurance

With Vision Death Coverage with Savings, you can choose to jointly insure 2 to 5 people under the same policy. You can also choose to have the benefit paid on the first or last death.

3 options

  • Joint first-to-die insurance (2 to 5 insureds)
    • The benefit is paid on the death of the first insured
    • If multiple insureds die at the same time, the insurer will pay the selected benefit amount for each insured
  • Joint last-to-die insurance (2 insureds)
    • The benefit is paid to the beneficiary of the insured who dies last
    • It's a great choice for couples who want to make sure their heirs have enough money for the income tax that needs to be paid on the death of the second insured
  • Joint last-to-die insurance paid up on first death (2 insureds)
    • The benefit is paid on the death of the second insured
    • After the first insured dies, the surviving insured doesn't pay any more premiums

Investment options

Universal life coverage offers a variety of investment options so you can build an investment strategy that's in line with your investor profile

Your financial security advisor1 works with the expert at your Desjardins Business centre to help you select the investment vehicles that are right for you.

3 options

  • Daily interest investments: Short-term interest rates based on Government of Canada Treasury Bills
  • Fixed-rate investments: Terms of 1, 3, 5, 10 or 15 years
  • Index funds:
    • Balanced fund: Desjardins Quebec Balanced Fund
    • Income fund: Scotia Capital Universe Bond Fund
    • Canadian equity fund: Standard & Poor's - Toronto Stock Exchange 60
    • American equity funds: Standard & Poor's 500 (S&P 500), in Canadian dollars
    • Global and international equity funds:
      • MSCI Europe, net total return, in Canadian dollars
      • MSCI Japan, net total return, in Canadian dollars

1. In Ontario, this refers to a life and health insurance representative employed by Desjardins Insurance. In Quebec, this refers to a financial security advisor employed by Desjardins Financial Security, Financial Services Firm and assigned to a Desjardins caisse.

Desjardins Insurance refers to Desjardins Financial Security Life Assurance Company.

This coverage is a product of Desjardins Insurance. In Ontario, it's distributed through life and health insurance representatives employed by Desjardins Insurance, and in Quebec, it's distributed through financial security advisors employed by Desjardins Financial Security, Financial Services Firm. Desjardins Insurance refers to Desjardins Financial Security Life Assurance Company.

This web page is for information purposes only. Only the policy and insurance application will be used to settle legal disputes. Some exclusions and restrictions apply.

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