Term life insurance or term assurance is the original form of life insurance and is considered to be pure insurance protection because it builds no cash value.

A Segregated Fund (Seg Fund) Policy is a type of investment fund administered by Canadian insurance companies in the form of individual, variable life insurance contracts offering certain guarantees to the policyholder such as reimbursement of capital upon death. As required by law, these funds are fully segregated from the company's general investment funds, hence the eponym.

Disability insurance can provide you with financial security by replacing a portion of your earnings when an accident or illness causes you to become disabled and unable to work or earn an income.

Both personal and business disability insurance solutions are available that offer flexibility and features to help bridge the gap between income and expenses during a disability.

    An annuity is an investment with a financial institution that is rather like a mortgage, but in reverse order. Annuities can be paid out to the investor at any time requested by the investor. Many different financial institutions offer different rates and plans, so it is important to shop the market carefully for life annuities.

    THERE ARE TWO TYPES OF LIFE ANNUITIES

• Registered annuities
• Non-registered annuities

    Registered annuities are purchased with “registered savings funds.” Registered savings funds include any funds accumulated in RRIFs, LIRAs, RRSPs, locked-in RRSPs, RPPs, DPSPs, or LIFs. Registered annuities can be guaranteed up until the age of 90.

    Non-registered annuities are bought with funds from “non-registered” savings. This can include any capital taken from the sale of assets, for example. Non-registered annuities can be guaranteed up until age 90 but cannot extend beyond age 90. Non-registered annuities are also only partly taxable, as the payments include a partial return of capital.

What is critical illness insurance?

Critical illness insurance is a form of health insurance that provides a lump-sum payment should you become seriously ill.
What are the types of illnesses covered by critical illness insurance?

Although they differ from company to company, typical illnesses and diseases covered by critical illness insurance may include: 

• cancer
• heart attack
• stroke
• blindness
• Alzheimer’s
• multiple sclerosis
• organ transplants
• kidney failure
• paralysis

Coverage can also vary according to the degree of severity of, or conditions associated with, an illness or disease.  For example, if you are diagnosed with a type of cancer that is treatable and that results in minimal "down time", you may not be eligible to make a claim.

Coverage cannot be purchased for a pre-existing condition or illness.

It is important to read your policy carefully.  In addition, be sure to ask your insurance representative to provide you with a complete explanation of your coverage.