The following life insurance products are available to our Canadian clients through Unity Life’s independent distribution network in Canada:
Term Life Insurance
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Term insurance is an economical solution to fulfilling changing personal or business needs, such as covering a mortgage, protecting family finances in the event of the death of a key income earner, or protecting business finances for a specific period of time.
Term life insurance provides a fixed death benefit, for a fixed premium payment and period of time. The premium payments are guaranteed and remain level for a period of five, ten, fifteen or twenty years. Term policies
can be renewed without providing evidence of insurability for subsequent
fixed terms at increased premium amounts. Unity Life offers a selection of competitively priced term insurance products to meet all your
term protection needs.
Key features of Term Insurance:
- Most affordable life insurance option ─ premiums are lower than
permanent insurance. - Premiums are level and guaranteed not to increase for a set term
(typically 5, 10, 20 years). - At expiry of the set term, coverage is renewable for another term at an increased premium.
- Term insurance has no cash value and no benefit payout at cancellation.
- Many term insurance policies include a conversion option that allows all or
part of the coverage to be converted to permanent insurance without further
evidence of insurability.
Term Insurance is most often used as:
- Protection for a specific financial obligation that will be in place for a set period of time. For example: a mortgage, instead of lender-supplied insurance.
- An affordable, basic insurance solution that provides financial security today and can be converted to permanent insurance at a later date when budget allows.
To request a personalized Term Insurance quotation or additional information,
contact an independent Unity Life insurance representative4 today.
Permanent Life Insurance
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Permanent Life Insurance offers stability and long-term financial well being, whether for
estate preservation,
business planning or retirement purposes.
Permanent life insurance is built around the idea of accumulating cash value. Cash value is the amount of money paid to the policy holder if the policy is terminated or surrendered. As long as the policy stays in force, the cash value accumulates year after year and is added to the death benefit. It’s a real asset with real value that can help protect you and your family for an entire lifetime.
Certain types of permanent life insurance are called ‘participating’ whole life
plans and are eligible to earn dividends when declared
by the Company.
Dividends can be used in various ways:
- Paid to the policyholder in cash.
- Left as "dividends on deposit" to earn interest.
- Used to purchase "paid-up additions" paid-up whole life insurance which is added to the death benefit and contributes to growth in cash value.
- Used to pay or reduce premiums when due.
Permanent life insurance can be purchased as a stand-alone coverage, or can be combined with term insurance to meet your unique protection and budgetary needs.
Unity Life and Foresters™ offer a selection of guaranteed and participating permanent life insurance products for Canadians, available only through Unity Life’s independent distribution partners across Canada.
Advantage Series Whole Life insurance products underwritten by Foresters™ are available through Unity Life’s network of independent life insurance representatives.
To request a personalized Permanent Insurance quotation or additional information about our permanent insurance products, contact an independent Unity Life insurance representative4 today.
Universal Life Insurance
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In the same way that a passport allows the holder to visit different countries, a Universal Life Insurance certificate allows you to consider different insurance and investment choices, all within the framework of a single life insurance certificate.
Universal Life features:
- Flexibility to tailor the plan to your specific needs: you choose the premium, how you allocate the premium,
the amount and type of death benefit, and the cost of
insurance. - Your investments grow on a tax-sheltered1 basis within your insurance contract.
- The value of the savings portion and the death benefit depend on the choices you make.
How it Works
In consultation with your Unity Life independent life insurance representative, you establish the amount of life insurance required to meet your specific needs and the premium amount (payment) that you can afford.
Under your Universal Life insurance contract, you will have one or more investment accounts in addition to your death benefit. Subject to certain minimums, you have the flexibility to choose the specific portion of your premium payment that goes into each account. And what's more, you can change your mind later if your needs change. For example, as a parent with young children and a mortgage, you may want more life insurance coverage; as your children grow up and your debt obligation is reduced, your focus may be more towards investments and less on insurance.
Universal Life can be an effective way to accumulate wealth on a tax-sheltered1 basis. If you like involvement and control over your finances and if you want a life insurance product that you can customize to your changing needs, Universal Life may be for you.
Types of investment accounts available:
- Guaranteed interest accounts with fixed rates of return (e.g. 1, 3, 5 and 8 year terms).
- Index Accounts with variable rates of return.
Guaranteed interest accounts have a fixed rate of return for the entire term of the account. For example when you purchase a Foresters™ Universal Life product through Unity Life2, your rate of return will never be less than 2.5%. Withdrawing money from a Guaranteed Interest Account before the end of the investment term could be subject to a Market Value Adjustment. Index accounts have rates of return based on the performance of the related market index.
To request a personalized Universal Life Insurance quotation or additional information, contact an independent Unity Life insurance representative4 today.
Critical Illness Insurance
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| Critical illness insurance protects your family's finances by providing a cash benefit that you can use to cover living expenses or other needs |
All of us are vulnerable to suffering from a sudden serious
illness, such as a stroke, heart attack, or cancer. Critical Illness
insurance, also known as living benefits insurance, can help
lessen the
financial impact that is frequently associated with a major
illness or disability.
Critical illness insurance protects your family’s finances and
lifestyle by providing a cash benefit that you can use as you wish, whether to assist with your medical expenses, or as savings for
the future.
It is particularly important to consider during key
income earning years when a temporary or permanent loss of income would potentially have the greatest impact on lifestyle
and personal or business finances.
Critical Illness Insurance Features:
- The critical illness benefit is paid while the insured is living.
- The insurance benefit is a tax-free lump-sum amount paid upon the diagnosis and survival3 of a covered critical illness or condition.
- Generally, prospective applicants must be in good health to qualify for critical illness coverage.
How it works
If you are diagnosed with a covered critical illness or condition and fulfill the required criteria for a benefit payout, your critical illness insurance policy will pay you a tax-free lump-sum benefit that you can use in any way you wish. For example, the benefit can be used to cover immediate living expenses, reduce or pay off debts, pay for medical treatments or other expenses related to your recovery, or be put aside as savings for the future.
Once a critical illness benefit is paid, the policy terminates and coverage stops.
Critical illness insurance should be considered as part of a complete life insurance portfolio. By offering hybrid products – combining life and critical illness insurance in one policy and by having a simplified underwriting process, Unity Life makes it easier than ever for Canadians to obtain the critical illness protection they need.
To request a personalized Critical Illness Insurance quotation or additional information about Unity Life’s Critical Illness products, contact an independent Unity Life insurance representative4 today.
| Need more information about life insurance? Get CLHIA s Guide to Life Insurance for Canadians. |  |
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1 Only through careful evaluation of your personal circumstances can it be determined if there are tax advantages available to you. Please consult with your tax advisor to assess your personal situation.
2
Universal Life products distributed through Unity Life of Canada are underwritten by Foresters™.
3
Unity Life’s critical illness policies require that the life insured survives for at least 30 days following the diagnosis of a covered illness or condition before the critical illness benefit is paid. Refer to the policy contract for complete terms and conditions.
4
Unity Life’s representatives and agents do not provide legal, tax, or estate planning advice to clients. Prospective clients should contact their own legal, tax or estate planning advisor(s) regarding their specific situations.