Protecting your loved ones

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Raising a family is one of life’s biggest joys. But not protecting their future from an unexpected tragedy could disrupt your family’s financial stability. Funeral costs, medical bills, and loss of income can quickly add up.

Our advisors can build a family insurance solution to help ensure that your loved ones will be cared for, even in your absence or illness.

Benefits of a family insurance solution

  • Maintain your family’s lifestyle.
  • Cover the cost of medical bills not covered by government health plans.
  • Pay off debts like your mortgage.
  • Fund education and protect retirement savings.
  • Take time off to heal or grieve without carrying the weight of financial stressors.
  • Leave a legacy for your loved ones.

What can you do now to protect your family for generations?

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Watch time: 55 seconds

Narrator: Even before your child arrives, you start dreaming of their future.

With so many steps ahead of them...

...you’ll do anything to help them succeed.

Even though, you know there’ll be obstacles along the way.

What can you do now to support them?

Build a solid foundation for your family and future generations...

Make sure your loved ones are financially secure in case you pass away unexpectedly.

Get your child’s life insurance while they’re young, and potentially save them thousands over their lifetime.

Help your family focus on health, not finances, if someone becomes seriously ill.

Take the next step to secure a brighter future for your family.

<on-screen> Learn more about solutions for your family.

Narrator: Speak to your advisor today.

More resources

Life insurance calculator

Find out how much coverage is right for you - in just a few minutes. Feel empowered knowing your loved ones are protected.

Do I need life insurance for my baby?

Getting life insurance for your baby can help protect you financially from the unthinkable. But there are other benefits too.

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Watch time: 2 minute 9 seconds

How much life insurance is the right amount?

Simply put, the amount of life insurance you need depends on your unique situation. A good place to start is to figure out how much life insurance you may need… how long you need it for… and what kind might be right for you.

Let’s look at an example:

Jackie is 33 years old… and has two kids. She has four goals for her life insurance:

  • Leave money to her family to pay off her mortgage.
  • Top up her kids’ registered education savings plans.
  • Pay off her student loans.
  • And, replace her income for 10 years.

Based on these goals, Jackie is looking at a 1-million-dollar life insurance policy. If she died, her family could choose to use the insurance payout to:

  • Put 300-thousand dollars toward the mortgage.
  • Add 60-thousand dollars to the kids’ RESPs.
  • Pay off her 40-thousand-dollar student loan.
  • And… cover the family’s ongoing costs with the remaining 600-thousand dollars.

How much do life insurance payments cost per month?

In Jackie’s case, a 1-million-dollar, 30-year term policy for a non-smoking, 33-year-old woman… could cost about 80-dollars per month.

For a man of the same age, it’s closer to 110-dollars per month.

How long do you need your coverage to last?

For a younger person… or a couple with debt and a mortgage, a 30-year policy or longer may be suitable. For someone in their forties… with little debt and a small mortgage… a 20-year policy might be the right fit.

What are your options?

Your employer may offer life insurance through your employee benefits. But… it may not be enough. And you can lose that coverage if you change employers. You may want to consider more life insurance. In which case, you have two types to choose from:

  • Term life insurance.
  • And… permanent life insurance.

Any amount of life insurance can help give your loved ones some financial security when you die. Your unique situation will inform the amount and type of insurance you need.

For more tips and tools, visit sunlife.ca.

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What is critical illness insurance?

Simply put, we’d all like to imagine a future with perfect health. But the right time to plan for the unexpected is when you're healthy. Why? Because once you become ill, your options might be limited.

Critical illness insurance is designed to help you pay costs that may be associated with certain life-altering illnesses.

It provides additional funds if you become seriously ill. This way, you can focus on your health and not your finances.

How does critical illness insurance work?

Let’s say you’re diagnosed with and survive one of the illnesses covered, as defined by your insurance policy. In such a case, you'll receive a one-time, lump-sum cash payment. You can then use that money any way you wish.

Do you need critical illness insurance?

So ask yourself:

  • Do your other insurance policies like life, group health, or disability plans offer enough coverage?
  • Would your retirement goals still be met if you had to take out, say, $50,000 for expenses related to a medical condition?
  • Can you afford to take on the costs associated with being seriously ill? This includes things like:
    • loss of income,
    • travel to and from treatment, and
    • home-care costs.

How can critical illness insurance help you?

It can help with those additional costs that come up.

Chances are you know someone who's been affected by serious health issues. Critical illness insurance will provide you with the peace of mind of knowing you're financially protected in case it happens to you. And, it’ll allow you to focus 100% on your own recovery.

For more tips and tools, visit sunlife.ca.