Protect what matters with a plan built around you
Life insurance can play an important role in your broader financial plan, helping protect the people and priorities that matter most. A Navacord advisor takes the time to understand your circumstances, goals, existing protection and financial commitments before recommending coverage that supports your family today and your plans for the future.
Protection for life’s responsibilities
How life insurance can support your family
The role life insurance should play in your financial plan depends on the people, responsibilities and goals you want to protect. When a benefit is paid, your loved ones generally have the flexibility to use the funds according to their immediate needs and longer-term priorities.
For example, the benefit may help your family:
- Replace lost income
- Maintain their standard of living
- Support dependants
- Pay education expenses
- Cover funeral and related costs
- Repay outstanding debts
- Reduce financial stress
Advice for every life stage
Personal guidance for confident decisions
Your life insurance needs may change as your career, family, assets and financial commitments evolve. Whether you are purchasing your first policy, reviewing workplace coverage or planning your estate, a Navacord advisor will consider your complete financial picture, assess your existing protection and help clarify the goals your coverage needs to support. That analysis informs personalised advice on an appropriate policy type, benefit amount and term, with ongoing reviews as your life and priorities change.
Coverage for your financial priorities
Find coverage that fits your financial plan
No single type of life insurance is right for everyone. The appropriate solution depends on your goals, financial responsibilities, existing coverage, time horizon and budget. After understanding those factors, a Navacord advisor can explain the relevant options and recommend the coverage, or combination of coverages, that best supports your plan.
Term life insurance
Term life insurance provides coverage for a set period, such as 10, 20 or 30 years. It is often a cost-effective option for temporary needs, including replacing income, protecting a mortgage or supporting a growing family.
Whole life insurance
Whole life insurance provides lifetime coverage as long as the required premiums are paid. Premiums generally remain level, and the policy typically includes a cash value that grows over time according to its terms.
Universal life insurance
Universal life insurance combines permanent life insurance with an investment account. It can offer flexibility in premium payments, coverage amounts and investment choices within the policy’s limits, but it may require more active monitoring as investment performance can affect the policy’s value.
Mortgage life insurance
Mortgage life insurance is designed to help repay an outstanding mortgage if the insured person passes away. Because coverage and beneficiaries may differ from those of an individual life insurance policy, an advisor can help you compare the options and understand how each one protects your household.
Corporate-owned life insurance
Corporate-owned life insurance allows a business to own a policy on an owner, executive or other key person. The proceeds may help support business continuity, fund succession plans or meet financial obligations after the insured person’s death.
Additional coverage options
Life insurance is only one part of protecting your financial plan. A Navacord advisor can assess how illness or injury could affect your income, savings and long-term goals, then determine whether complementary coverage should form part of your broader protection strategy.
Disability insurance
Provides recurring income support if an illness or injury leaves you unable to work.
Critical illness insurance
Pays a lump-sum benefit after diagnosis of a covered condition, subject to policy terms.
Long-term care insurance
Helps cover eligible care and support costs if you become unable to manage daily activities independently.
The Navacord advantage
Personalised advice for your complete financial picture
Navacord begins by understanding your circumstances, goals and financial priorities. We combine that insight with thoughtful analysis and access to a broad range of insurers to recommend protection that fits your financial plan and continues to serve you as your life changes.
Understanding and analysis
Begin with a clear view of your goals, obligations, existing protection, budget and longer-term financial priorities.
Personalized recommendations
Receive clear advice on the coverage and policy structure that best support your circumstances, informed by options from a range of Canadian life insurance providers.
Ongoing support
Count on continued support to review and adjust your coverage as your family, finances and priorities change.
See how life insurance fits into your financial plan
Life insurance decisions should support the rest of your financial plan. Navacord can help you consider coverage alongside priorities such as protecting income, managing debt, building and preserving wealth, planning for retirement and transferring your estate.
FAQs for life insurance
If your loved ones were to face sudden financial pressure after your death, life insurance may help provide valuable support. It can cover everyday expenses, debts and other commitments, giving your family greater financial security.
You may have life insurance through work, but employer-sponsored benefits can be limited and may not fully meet your family’s needs. Your workplace life insurance is an important part of your financial protection. As your needs evolve, additional personal coverage can help ensure your family is protected, regardless of where your career takes you.
Personal life insurance can offer greater flexibility and continuity. Navacord can support you in reviewing your existing coverage and identifying any gaps.
Life insurance premiums are based on several factors, including the type of coverage you choose, such as term, whole or universal life insurance, and the amount of coverage you need.
Other factors that can affect your life insurance rates include:
- If you smoke or drink
- Your family history
- Your personal medical history
- Your driving record
- Your demographics
- Your occupation
- Your hobbies
- Your lifestyle
- Your insurance history
Navacord advisors can assist you in comparing coverage and pricing from a range of Canadian life insurance providers. With independent guidance, you can explore options that suit your needs and budget.
The right time is personal, but life insurance is often more affordable when purchased at a younger age and in good health. It is also worth reviewing after a major life event, such as buying a home, getting married or welcoming a child. Navacord offers guidance to help you consider your current responsibilities and decide when coverage makes sense.
When choosing a life insurance policy, consider:
- How much coverage you need based on your financial obligations and debts
- What you can comfortably afford, since more coverage generally means a higher premium
- How much coverage you qualify for based on factors such as your age and health
Term life insurance is commonly available in set periods, such as 10, 15, 20 or 30 years. You may be able to renew at the end of the term, although your premium may increase based on your age, health and personal circumstances.
A Navacord advisor offers information and guidance so you can select a term that aligns with the years your family may depend on your income or the time needed to pay down major obligations.
Life insurance provides a lump-sum benefit to your beneficiaries after your death. In Canada, this benefit is generally paid tax-free. Disability and critical illness insurance are separate forms of coverage, although they may be included as optional benefits or purchased alongside a life insurance policy. Navacord advises on how these coverages work together.
