Find out why individual life insurance is your most flexible option to help protect your family financially when buying a home.
Description: This animated video introduces a character named Aiko and her advisor with illustrated graphics to show the difference between mortgage insurance and life insurance.
Text “Ask an advisor” appears. The camera zooms out as the text lands in an outlined square. “Mortgage insurance or life insurance?” fades in below. An illustration of a shield with a checkmark draws on the right side of the frame.
Aiko: What’s better? Mortgage insurance or individual life insurance?
Description: Aiko appears in a video chat window on a computer screen. Her advisor’s head nods to the right of the frame.
Advisor: I’d always recommend individual life insurance.
Description: Cut to a split-screen of Aiko at home on the left and her advisor in his office on the right.
Advisor: With mortgage insurance, when you die, the money goes to the lender, and they use it only to pay down your mortgage.
Description: An illustration of home draws into the frame. The home moves over to the left and an arrow animates in, pointing towards a box labelled “Mortgage.”
Advisor: As well, your premium payments stay the same while the balance of your mortgage and your insurance coverage decreases.
Description: Cut to a line graph labelled “Mortgage insurance” showing coverage over 10 to 50 years. The coverage decreases over time. The advisor’s hand enters the frame and draws a straight line from the top of the coverage to 50 years, dollar signs pop in to show payments. The camera zooms out to show a line graph of “Individual insurance” where the coverage and payments stay the same.
Advisor: But with individual life insurance, you decide who receives the money and how it’s used. It could be to pay off the mortgage. But it could also pay off other debt, or fund an education or a retirement plan.
Description: An illustration of a shield draws into the frame. A dotted line connects the shield to four boxes labelled “Mortgage,” “Debt,” “Education” and “Retirement.”
Advisor: You also get to say how long your coverage lasts – for a short term or for your lifetime, even after your mortgage is paid.
Description: Cut to bar graph displaying the length of insurance coverage from “Present” to “Lifetime.” The advisor’s hand moves into frame, adjusting the bar from 10 years to lifetime coverage.
Advisor: That’s just a couple of the ways individual life insurance gives you more choice and flexibility in how you protect yourself and your loved ones.
Description: Cut back to the split-screen of Aiko and her advisor.
Text “Contact me today to talk about your insurance needs.” appears with legal line: “Video produced by Canada Life. canadalife.com 1-204-946-1190”
It’s more common for people to support their parents financially due to a lack of retirement savings and parents outliving their savings. Combining government assistance with a financial strategy can maintain financial stability for both generations....
If you’re balancing your career and caregiving, it’s important to seek help from your employer as well as your support network at home to help you mentally, physically and financially....
There are several reasons why it’s important to talk with your aging parents about money. There are strategies to help make the conversations less awkward and more productive....
For the month ended February 29, 2024. Read our monthly update to find out what’s been moving markets....
To successfully navigate the financial challenges of supporting your parents in the sandwich generation, having a financial strategy is essential. Consider Canada's government benefits and programs as well as community and family support....
It’s important to plan how you’ll manage your finances both in the short term and the long term if your spouse dies before you do....
Women may experience unique challenges when it comes to their finances after losing a spouse....
In Canada, average legal fees for divorce can run from $1,000 to $25,000, depending on your situation and your relationship with your spouse....
For the month ended January 2024. Read our monthly update to find out what’s been moving markets....
Grey divorce is the trend of couples aged 50 and older divorcing, often after long marriages. Grey divorce may impact men and women differently....