It’s affordable coverage that can help keep your business running smoothly for when it needs it most.
It’s temporary coverage that provides a one-time tax-free payout if the person who’s insured – you, your business partner or a key employee – dies within the term you choose.
Business-owned term life insurance is different from personal term life insurance, which helps protect your loved ones. With both, the payments you make, called premiums, are set for the term you choose and won’t change during that period.
- Choose the coverage amount and length you want.
- Customize your coverage with additional benefits.
- Pay your choice of monthly or annual premiums.
- When the term is up, your policy will automatically renew each year, or you can end it or convert to longer term or permanent life insurance, within limits.
- If you die while your policy is active, your company or the people or charity you named as beneficiary receive a tax-free payout.
Narrator: Canada Life My Term™ insurance is a versatile option for business owners to help protect your business, business partners and family.
Description: The text Canada Life My Term™ enters the screen from the bottom. It moves to the left offscreen and a shield graphic enters the frame. It fades away and three graphics enter frame illustrating a small business, a person with a briefcase and a family of three.
Narrator: You decide how much term coverage you want, and for how long - from five to 50 years.
Description: Cut to two graphic bars enter the frame, one representing term coverage from low cost to high cost and the other representing term length showing from 5 to 50 years.
Narrator: Your premium payments are set and remain the same for the term length you choose.
Description: Cut to one bar is in the middle of the screen that represents premium payments showing low to high and stops to show when a payment is set and locked in for the term length chosen.
Narrator: If you die, your beneficiary receives a tax-free payout. This payout can help:
Description: Cut to a rectangle being drawn on screen to outline a cheque then it moves to the left side of the screen.
Narrator: Fund your businesses transition plan, keep the business in the family, cover outstanding debt or avoid new business debt, Hire a new key employee
Description: Graphics of a piggy bank appear, then a graphic of a shield, a graphic of a man bent over carrying a large object on his back and finally an image of two people.
Narrator: If your plans change, your coverage can change with them.
Description: Graphics consolidate into a wheel in the center of the screen.
Narrator: You may be able to convert some or all of your policy’s coverage to a longer-term or permanent policy
Description: the wheel moves to the left of the screen and the bar that represents term length from 5 to 50 years and the bar that represents premium payments appear on the right of the screen. All graphics on screen move to the left and off screen. The words policy coverage comes in with a line that animates around it. Two paper graphics coming in from the bottom of the screen, one labeled longer term, then other permanent.
Narrator: Or, at the end of the term, you can let the policy renew automatically on a yearly basis
Description: Cut to two bars on screen, one representing term coverage from low coverage to high coverage and the other bar term length from 5 to 50 years. Those graphics move into a graphic of two arrows spinning counterclockwise showing “Up to the age of 85”.
Narrator: An advisor can help find the insurance option that works best for you and customize a plan that meets both your business and personal needs.
Description: Cut to a graphic that outlines two people shaking hands.
Narrator: Reach out to your advisor today or find an advisor on canadalife.com.
Description: The copy canadalife.com appears in the center of the screen.
Narrator: Canada Life My Term™ insurance is a versatile option for business owners to help protect your business, business partners and family.
Description: The text Canada Life My Term™ enters the screen from the bottom. It moves to the left offscreen and a shield graphic enters the frame. It fades away and three graphics enter frame illustrating a small business, a person with a briefcase and a family of three.
Narrator: You decide how much term coverage you want, and for how long - from five to 50 years.
Description: Cut to two graphic bars enter the frame, one representing term coverage from low cost to high cost and the other representing term length showing from 5 to 50 years.
Narrator: Your premium payments are set and remain the same for the term length you choose.
Description: Cut to one bar is in the middle of the screen that represents premium payments showing low to high and stops to show when a payment is set and locked in for the term length chosen.
Narrator: If you die, your beneficiary receives a tax-free payout. This payout can help:
Description: Cut to a rectangle being drawn on screen to outline a cheque then it moves to the left side of the screen.
Narrator: Fund your businesses transition plan, keep the business in the family, cover outstanding debt or avoid new business debt, Hire a new key employee
Description: Graphics of a piggy bank appear, then a graphic of a shield, a graphic of a man bent over carrying a large object on his back and finally an image of two people.
Narrator: If your plans change, your coverage can change with them.
Description: Graphics consolidate into a wheel in the center of the screen.
Narrator: You may be able to convert some or all of your policy’s coverage to a longer-term or permanent policy
Description: the wheel moves to the left of the screen and the bar that represents term length from 5 to 50 years and the bar that represents premium payments appear on the right of the screen. All graphics on screen move to the left and off screen. The words policy coverage comes in with a line that animates around it. Two paper graphics coming in from the bottom of the screen, one labeled longer term, then other permanent.
Narrator: Or, at the end of the term, you can let the policy renew automatically on a yearly basis
Description: Cut to two bars on screen, one representing term coverage from low coverage to high coverage and the other bar term length from 5 to 50 years. Those graphics move into a graphic of two arrows spinning counterclockwise showing “Up to the age of 85”.
Narrator: An advisor can help find the insurance option that works best for you and customize a plan that meets both your business and personal needs.
Description: Cut to a graphic that outlines two people shaking hands.
Narrator: Reach out to your advisor today or find an advisor on canadalife.com.
Description: The copy canadalife.com appears in the center of the screen.
Here are some ways that life insurance can help your business:
In general, term life insurance is the most affordable type of life insurance available. There are a few factors that can affect the price of your policy, including:
There are 2 main types of life insurance for business owners: term life insurance and permanent life insurance.
Types of business-owned life insurance
|
Types of insurance |
Term life insurance
|
|
|---|---|---|
|
What does it provide? |
Protection for a set length of time |
Permanent protection |
|
Needs it can meet |
|
|
|
|
Specific period of time |
Lifetime protection |
|
Cost |
Usually more affordable than permanent |
Usually more expensive than term |
|
Benefits |
|
|
|
Savings component |
No |
Yes |
|
Learn more about insurance |
|
|
Renew
With most traditional term insurance products, your policy would automatically renew for the same length of time as the original term. With Canada Life My Term™, your policy renews on a yearly basis at a lower initial rate than traditional term products. This allows you to keep your coverage longer if you need it.
Convert to a longer term
You may be able to convert to a term that is 10 or more years longer than your original term. Your premiums will increase gradually each year.
Convert to permanent insurance
Choose this option if you want insurance that lasts a lifetime and may grow in value over time, with tax advantages. Your premiums will be based on the coverage you choose.