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But you can get life insurance coverage in Ottawa from PolicyMe and other insurers including Sun Life and Manulife Canada. So rest assured that you don’t need to settle.
If you want to take on a mortgage in Ottawa, join many of the financially-savvy parents who’ve taken out a term life insurance policy to help potentially cover their future mortgage payments.
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Group life insurance (often referred to as optional or employee life insurance) won’t typically provide enough for the everyday Canadian family’s coverage needs. This kind of insurance is also non-portable. Lose your job, you lose your policy.
creastats.crea.ca/board/otta-employment-trends
You can get life insurance in Ottawa in two main ways, broadly speaking. You can get life insurance from either an insurance company or an insurance broker.
Check to see if the agency or business of your choice is licensed by the Financial Services Commission of Ontario. The FSCO regulates companies and agents across the insurance sector, helping to make sure they’re adequately meeting the needs of the public.
Both agents and life insurance solutions are easy to find online. Take a look at online reviews to find out more about which agent or business might be right for you and your family. Factor in coverage, customer support, and how affordable your monthly premiums will be.
Life insurance isn’t typically taxed in Ottawa. The lump sum payout is generally tax-free. This means that families can use a potential lump sum tax-free payment to spend more on the everyday necessities they took out insurance for in the first place.
On very rare occasions, this payout may be taxed. As an insured person, if you opted for a permanent life insurance policy with a cash value rather than a term life insurance policy.
No matter what size your policy is, a term life insurance payout is not taxable. Once the claim is approved, your family will get every penny of the death benefit. This is one of the main reasons why many people choose term life insurance over permanent life insurance.
Life insurance in Ottawa can cover a wide range of things your family needs. From making debt payments to covering the mortgage, a term life insurance policy can potentially be used to help cover any expenses your loved ones have.
Many people take out life insurance to help provide for dependent children or a partner during a difficult time. If you pass away during your policy term and your claim is approved, your family will get access to a tax-free lump sum payment that they can spend on their everyday expenses. Many of our customers' families have covered financial costs like school fees for dependent children, groceries, bills, mortgage payments, funeral costs, and emergency expenses like home repairs.
