Life Insurance

What is Life Insurance?

Life insurance protects the financial security of the people you hold closest to your heart by paying a tax-free cash benefit to the beneficiaries. The type and the amount of coverage you buy should be based on your circumstances and needs.

What if I have life insurance through work?

Many group benefit plans offer basic life insurance under the plan, however the coverage may not meet your needs and typically ends when you leave your employer.

What does individual life insurance cost?

The cost of individually purchased life insurance depends on your age, gender, health, medical history and lifestyle.

Speak to your MDL Financial Advisor to get a free needs analysis and proposal.

How do I know if I need personal life insurance? Ask yourself the following questions:

If you are in a personal partnership (usually marriage), how much do you contribute to the family budget? If you were to die prematurely, how would your survivor(s) get by, especially dependent children?

  • Does anyone else depend on you financially, such as a parent, grandparent, brother or sister?
  • If you are a single parent, what level of support payments are you making or getting? How would these be kept up in the event of the contributor’s death?
  • If you have a mortgage on your home, do you want it paid off in the event of your death?
  • If you have children, do you want to put aside money to complete their education in the event of your death?
  • Are there any other family members or organizations to whom you would like to leave money?
  • Could life insurance play a role with taxes incurred when capital property is transferred from one generation to the next?

If you've answered yes to any of the questions above, you should get in touch with your MDL Financial Advisor for a free no obligation financial needs analysis. Contact us