Life & Wealth
Life and Living Benefits in Canada
Life and living benefits coverage helps protect your family's finances if something unexpected happens. Whether you are starting a family, buying a home or planning for retirement, BrokerUnion helps you understand your options and choose coverage that matches your goals and budget. Life and health insurance in Canada is regulated separately from property and casualty insurance and is sold by licensed life agents.
- Term & permanent life
- Disability & critical illness
- Group health benefits
- Mortgage protection
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Coverage
What this can include
A life & wealth policy can be built from several coverage parts. Your broker will explain what is required, what is optional and what makes sense for your situation.
Term life insurance
Affordable coverage for a fixed period, often used to protect young families or specific debts.
Permanent life insurance
Lifelong coverage with options for cash value, such as whole life or universal life.
Critical illness insurance
A lump sum benefit paid if you are diagnosed with a covered serious illness.
Disability and income protection
Monthly benefits that help replace income if illness or injury prevents you from working.
Mortgage protection
Life and disability coverage designed around your mortgage, with you choosing the beneficiary.
Family protection planning
A holistic review of your coverage, debts and goals so the right tools are in place at each life stage.
Who this is for
- New parents and young families
- Homeowners with a mortgage or other major debts
- Business owners protecting partners, key employees or buy sell agreements
- Professionals concerned about loss of income
- Anyone reviewing existing coverage at a major life event
How BrokerUnion helps
- Sit down with a licensed life advisor to review your needs
- Compare products from multiple Canadian life carriers
- Explain features, exclusions and renewal options in plain language
- Coordinate with your other insurance and financial planning
- Provide ongoing service as your situation changes
FAQ
Common questions about life & wealth
How much life insurance do I need?
It depends on your income, debts, dependants and goals. We use a needs based approach so you understand the reasoning behind any amount you choose.
What is the difference between life insurance and critical illness?
Life insurance pays a benefit on death. Critical illness insurance pays a lump sum if you are diagnosed with a covered condition and survive a defined period.
Is mortgage protection different from the coverage offered by my bank?
Individual mortgage protection is owned by you, lets you name your beneficiary and stays in place if you change lenders, subject to the policy terms.
Who regulates life and health insurance in Canada?
Life and health insurance agents and companies are regulated by the Financial Services Regulatory Authority of Ontario (FSRA).
Life and health insurance is sold by licensed life agents and is regulated separately from property and casualty insurance in Canada.
Ready to talk life & wealth?
A licensed RIBO broker will review your situation and walk you through the options. No pressure, no jargon.