Here's a quick tutorial from Vancouver life insurance advisor Robert Trasolini.
What is life insurance?
Simply put, life insurance provides a tax free benefit to a named beneficiary in the event the insured person passes away. Life insurance can be broken down into two main types, there is Term Insurance and Permanent Insurance.
Term insurance provides a guaranteed rate and coverage amount for a specified period of time. The amount of time that the cost of insurance will be guaranteed for will be dependent on the term that you select. There are several term lengths that are available with the most common being a 10 year term, 20 year term or a 30 year term. Term insurance is the most cost effective form of life insurance and it can be useful for providing coverage for specific reason over a specific period of time. For example, a 20 year term insurance is great for covering a 20 year mortgage. Many term plans have the option to covert or renew this insurance. You may choose to convert this temporary term insurance into permanent insurance plan.
Permanent insurance offers protection with a guaranteed level cost and death benefit. It is often said it's not "if" permanent insurance will pay but "when" it will pay. This type of coverage can also grow cash values the longer the policy is in force. The coverage is excellent for those who would like to leave a legacy and are concerned about estate preservation / estate planning and would like to build up a cash value in a policy.
In the end, life insurance is about protecting your family, your health, your income, your business and your legacy.
Safe Pacific Financial offers complete life insurance advice and service to families, business owners and professionals in the Vancouver BC area. We are independent financial security brokers who pride ourselves on working in our clients' best interest. We're based in Vancouver for your convenience and have a simple philosophy of "no pressure no rush".
If you're in the Vancouver BC area and have some life insurance questions, we're happy to help. Contact us by phone or email here.
Contact Us
At Safe Pacific Financial, we specialize in helping Canadian business owners, incorporated professionals, and investors structure life insurance for maximum wealth protection, tax savings, and business growth.
If you would like to discuss whole life insurance or investments, we’re happy to chat and see if we can be a good fit to work with you. Fill out our contact form and we will get back to you within 24 hours on business days.
Related Insights
Why Life Insurance Isn't Just for When You Die
If you think life insurance is something you'll never personally benefit from, you're missing the bigger picture. Permanent life insurance can provide liquidity, protect your...
Whole Life Insurance vs. Universal Life Insurance
Permanent life insurance can double as a powerful wealth-building tool—but not all policies are created equal. If you're an incorporated Canadian professional or business owner...
How Dollar‑Cost Averaging Is Helping Canadians Build Wealth
Between work, family, and everything else life throws at you—who has the bandwidth to watch the stock market every day? If you're a busy Canadian...
Must-Know Strategies for Business Owners Right Now
Over the past few weeks, our client meetings have shifted into a higher gear. The conversations we're having aren't about the basics anymore — they're ...
Using Life Insurance to Fund a Buy-Sell Agreement
Imagine one of your business partners passes away tomorrow. Suddenly, their spouse or their kids own a share of your company—and you're expected to buy...
5 Mistakes High-Income Canadians Make With Their Wealth Plans
If more money automatically meant more wealth, every top-earning Canadian would retire stress-free. But that's not reality. The gap between earning well and building lasting...
What are Notional Accounts and How do They Work in Canada
If you've wondered what are Notional Accounts and how do they work in Canada, this is the post for you. Most incorporated Canadians are great...
What Canadian Business Owners Are Telling Us Right Now — And What To Do About It
Every week, our advisors sit down with incorporated business owners and professionals across Canada. And while every client's situation is unique, the conversations we're having...
Retire Tax-Free in Canada Using the Insured Retirement Plan
What if your RRSP isn't enough to retire comfortably? And what if there was a way to access tax-free cash flow in retirement—without market volatility,...
How Canadian Real Estate Investors Are Using Whole Life Insurance
What if you could unlock hundreds of thousands in capital—without selling a single property or applying for another mortgage? In this article, we'll explore How...
Use Corporate-Owned Life Insurance to Transfer Wealth Tax-Free
What if your estate faced a $500,000 tax bill after you pass away—on capital gains alone? What if there was a way to fund that...
CDA: How to Pay Yourself Tax-Free from Your Corporation
Imagine extracting hundreds of thousands in corporate profits—tax-free—without triggering personal tax liability. That's exactly what the Capital Dividend Account (CDA) allows incorporated professionals to do...
