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Life insurance guaranteed payable on the death of life insured (provided that a decreasing interest earned or increasing cost of insurance, if YRT is chosen, does not terminate the policy before the life insured’s death).

Whole Life Insurance is classified as a permanent type of life insurance. The variables for decision making are:

  • Level premiums payable throughout life but may be limited to a specified period (20 years or to age 65, for example).
  • Premiums are set on estimates of future claims, investment earnings & operating costs.
  • During early years, premium > risk & difference is invested to form a policy reserve.
  • Policy reserves subsidize inadequate premiums in later years.
  • Reserves approach the “sum insured” when the life insured gets older (ages 95 to 100)
  • Estimates of future investment earnings must be conservative.
  • Premiums & benefits are guaranteed throughout term of contract.
  • Participating means a policyowner shares in insurer’s surplus earning (dividends).
  • Non-participating means all premiums, benefits & values are fixed & guaranteed at time of policy issue. Policyowners are not entitled to dividends.

Permanent Purposes

Universal Life Insurance are variations of Whole Life policies. Decision making factors are:

  • It has flexible coverage:
    • can increase or decrease face amount
    • can add more lives insured
    • can substitute one life insured for another.
  • It has flexible deposits (premiums):
    • amount
    • frequency
    • timing
    • duration of deposits (premiums)
    • subject to ITA & maintenance of value to pay for all insurance costs & other deductions.
  • Owner chooses weighting of investments in:
    • savings
    • term deposits
    • indexed funds
    • segregated funds.
  • Owners choose, at time of issue, whether monthly cost of insurance are based on:
    • yearly term rates (increasing each year),
    • level term rates (constant for life), or
    • guaranteed paid up by a certain time (decreasing rates).

Term Life Insurance is a temporary life insurance payable on the death of the life insured (provided that death occurs within specified period stated in the policy). Unlike mortgage insurance, the death benefit remains constant during the term of the contract.


Temporary Purposes


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Why engage my services?

I help clients with intergenerational wealth transfer using our country's laws while managing financial and other risks and opportunities. With my professional accounting, finance, and insurance education & experience, my ethical business practice will be an asset towards your best interest. For a discovery call, my phone number is 604.781.0852.


Critical Illness Insurance is a term insurance policy or rider that:

  • Protects the life insured upon a specified critical illness diagnosis, surviving past a certain time - as stipulated in the contract (whereas a life policy will pay upon death),
  • the living benefit is level (fixed) for the life of the contract, and
  • the premium increases annually.


Disability Insurance is a term insurance policy or rider that:

  • pays the insured after an accident or illness causes inability to work,
  • has a level benefit for a duration specified in the contract (i.e.: 2, 5 years or to age 65),
  • has a premium that is determined by the risk associated to the job classification,
  • coverage excludes pre-existing conditions, and
  • the insured must prove existing income (before or at claim, depending on the insurer).


Critical Illness Insurance can be a permanent insurance policy that:

  • pays if the life insured survives a critical illness diagnosis (defined in the contract), past a defined time period (whereas a life policy will payout upon death),
  • the living benefit is level (fixed) for the life of the contract, and
  • the premium can be increasing, level, or decreasing.


Mortgage Insurance is a decreasing term life insurance policy or rider that:

  • Protects the surviving spouse against declining debt/mortgage balance or provides monthly income until the youngest child completes school.
  • Premium is level (fixed) for the (fixed) life of the contract, but
  • the death benefit decreases annually (to match the decreasing loan amount).

Insurance Products

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