What happened to Great West Life?
In 2020, The Great-West Life Assurance Company, London Life Insurance Company, and The Canada Life Assurance Company underwent an amalgamation process, resulting in the creation of one company – The Canada Life Assurance Company.
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This move allowed the three companies, each with over 125 years of history, to combine their strengths and offer a more robust range of products and services to their customers. As of January 1, 2020, all policies and contracts of the three companies automatically continued as policies or contracts of the newly amalgamated company. The new company, The Canada Life Assurance Company, is headquartered in Toronto, Canada. Overall, the amalgamation allowed for a more comprehensive and streamlined approach to serving customers, combining the strengths and histories of the three companies into one entity.
Who needs life insurance?
Not everyone will need life insurance.
Life insurance is an important financial tool for those who have dependants, such as family members or employees, who rely on their income to maintain their standard of living in the event of their death. In general, those who have financial dependants or obligations, such as a mortgage or other debts, should consider purchasing life insurance.
Life insurance can also provide additional benefits, such as covering final expenses, providing funds for children’s education, or leaving a legacy for loved ones.
The type and amount of life insurance coverage needed will depend on individual circumstances, such as the number of dependants, income level, debts, and financial goals. For example, term life insurance may be a good option for those who only need coverage for a specified period of time, such as until their children reach adulthood or until their mortgage is paid off. Permanent life insurance, such as whole life insurance, may be more appropriate for those who want lifelong coverage and the option to build cash value over time.
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What is Term Life Insurance?
Term life insurance is a type of life insurance that provides coverage for a specified period of time or term, typically ranging from 5 to 30 years. During this term, the policyholder pays a fixed rate of premiums, which is determined by a variety of factors such as age, health, and the desired coverage amount. If the policyholder dies during the term, the death benefit will be paid out to the beneficiaries tax-free.
Unlike permanent life insurance, such as whole life insurance, term life insurance does not provide coverage for the policyholder’s entire lifetime. Once the term expires, the policyholder has the option to renew the policy, often at a higher premium rate, or to forgo coverage altogether. Some term life insurance policies also offer the option to convert to permanent life insurance coverage.
Term life insurance is generally less expensive than permanent life insurance, making it an attractive option for those seeking affordable life insurance protection. Additionally, term life insurance policies can be customized to meet specific needs, such as providing coverage for a mortgage or other significant financial obligations.
Overall, term life insurance provides affordable and temporary protection for loved ones in the event of the policyholder’s death, with customizable options and the flexibility to renew or convert to permanent life insurance coverage.
Term life insurance offers several benefits, including:
- Financial protection: The biggest benefit of term life insurance is the ability to financially protect your loved ones after you die. The death benefit paid out to your beneficiaries can be used to cover expenses such as debts, mortgages, child-care costs, and living expenses, providing financial support during a difficult time.
- Affordability: Term life insurance is generally more affordable than permanent life insurance, making it a practical option for those seeking affordable life insurance protection.
- Customizable coverage: Term life insurance policies can be tailored to meet specific needs, such as providing coverage for a mortgage, a loan, or the amount of time you expect to need to support your children.
- Fixed premiums: During the initial term, your premiums are guaranteed to stay the same, providing a predictable and budget-friendly option for life insurance protection.
- Temporary protection: Term life insurance provides temporary protection for a specific period of time, which can be ideal for those who only need coverage for a certain period.
- Tax-free payout: The death benefit paid out to your beneficiaries is generally tax-free, providing additional financial benefits to your loved ones.