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Financial Services: Canada and Quebec Life Insurance & Solutions with LMBF

Life insurance is a contract between the insured and the insurer which guarantees a benefit paid out to the insured’s named beneficiaries, typically their loved ones and dependents, in the event of their untimely death during the policy period. Individuals purchase life insurance in the form of premiums, which may be calculated based on their history, any high-risk activities they engage in, and their current health conditions. Life insurance in Quebec may also exist in numerous different forms and policyholders can purchase a product based on their financial requirements, their beneficiaries’ needs, and their existing assets and savings. LMBF’s Quebec life insurance brokers can help individuals choose a plan suited to their lifestyle and coverage requirements.

Types of Canada & Quebec Life Insurance Products to Choose From

Term Life Insurance

Term Life Insurance

Term life insurance is the most popular choice of policy, given its affordability. Term life insurance is only valid for a set number of years - commonly 10, 20, or 30. Term life insurance offers a tax-free payout to the insured’s beneficiaries in the event of their death during the policy period.

Permanent Life Insurance

Permanent Life Insurance

Permanent life insurance offers coverage for the duration of the insured’s lifetime, so long as they continue making payments or cancel their policy. Permanent life insurance is more expensive than term life insurance but may offer additional benefits that can be drawn from during the insured’s lifetime.

Whole Life Insurance

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that accumulates value with time. This allows the policyholder to use the cash value component as a source for loans or as cash to pay policy premiums.

Universal Life Insurance

Universal Life Insurance

Universal life insurance is a type of permanent life insurance that contains a cash value component that earns interest. Universal life insurance has the benefit of flexible premiums that may be adjusted over time and can be altered with a level death benefit or a death benefit that increases with time.

  Reasons to need life insurance
  • You have young children
  • You are a caregiver
  • You recently got married
  • You recently bought a house
  • Your adult child is your caregiver
  • You are a young adult with ongoing debt
  • You want to lock in low rates
  • Your family cannot afford funeral expenses
  Ways that life insurance may benefit you
  • Tax-free death payout
  • Funeral expenses coverage
  • Payout for estate taxes
  • Tax-deferred growth of cash value

What is life insurance?

Life insurance is a financial security plan that can benefit your dependents and loved ones by providing them with a tax-free payout in the event of your death during the policy period. Life insurance can come in many forms, including term life insurance, permanent, and universal. If your loved ones will be financially impacted in the event of your unexpected death, life insurance is an important protection purchase to protect your dependents even after you have died. Each life insurance product may offer different benefits.

Our Life Insurance Partners

There are many different types of life insurance that are available for individuals to purchase depending on their needs, preferences, and financial scenarios. LMBF understands that purchasing life insurance can be confusing and overwhelming, especially when there is no “one” time to purchase life insurance, nor any specific qualifying event that would require you to purchase life insurance. Thanks to our Canada and Quebec life insurance partners, LMBF can advise you when is best to purchase life insurance, how to get the coverage you need, and can find you comprehensive coverage for affordable rates based on your circumstances.

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Looking to Get Started on Your Quebec Life Insurance Plan? Get Started With a Free Life Insurance Quote Today.

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Life Insurance in Quebec: Some Frequently Asked Questions

A: Life insurance is purchased by those who require financial support for their beneficiaries or surviving dependents after their death. It may also be purchased by families who cannot afford funeral or burial expenses, or by individuals who do not want their debt to carry on to their family members and loved ones.

A: Life insurance can be purchased at different points in an individual’s lifetime, depending on when it is most prevalent. As an example, you might purchase life insurance when you first get married, or when you have your first child. Some life insurance policyholders purchase coverage when they buy their first house. Note that when you purchase life insurance younger, you save considerably on your premiums for the duration of your policy.

A: Yes, in Quebec and in most provinces in Canada life insurance constitutes as a taxable benefit. If your employer is providing your life insurance, all employers must take into account this benefit when calculating their deductions when doing payrolls.

A: Your life insurance premiums are determined based on the insured’s age, gender, current health conditions, lifestyle (i.e, if they engage in any high-risk activities), smoker/non-smoker, family medical history, and driving record.

A: Life insurance may work differently in Quebec. In Quebec, life insurance beneficiaries are determined by the person whose life is insured on the policy, not necessarily the policyholder (if they are different people.) In Quebec, a legally married spouse will automatically be considered what is referred to as an “irrevocable beneficiary” meaning that, if the policyholder wants to change the beneficiary on the policy, the irrevocable beneficiaries requires the policy beneficiary to sign off on all changes made.

A: That all depends: is there anyone in your life now who would struggle financially without your income in the event of your unexpected death? Would your family be left with your outstanding debt? Could your family afford to pay for your funeral expenses? Do you have an adult child who provides you care? There are many scenarios where you might benefit from life insurance. If you are unsure, discuss with an LMBF Quebec life insurance representative today.