Contact one of our branches.

HEAD OFFICE 

208-73 N. Cumberland Street

Thunder Bay, Ontario

P7A 4L8

Phone:  (807)286-5341

Fax:  (807)286-5342

Email:  geoff@blueharbourfinancial.com

Open Monday to Friday

By appointment only Saturday and Sunday

ALBERTA

206 Pembina Road

Sherwood Park, Alberta,

T8H 0L8

Phone:  (587)785-9559

Fax:  (807)286-5342

Email:  ryley.hughes@cartewm.com

BRITISH COLUMBIA ​

3172 Golden Link Crescent

Vancouver, British Columbia

V5S 4M3

Phone:  (604)437-3600

Fax:  (778)371-9078

Cell:  (604)782-4334

Email:  wayne.canary@cartewm.com

ONTARIO

Fortax Corp.

2 St. Clair Ave. West, 18th Floor

Toronto, Ontario

M4V 1L5

Phone:  (416)220-6428

Email:  michael.fortin@cartewm.com

What is life insurance for?

In this day and age some employers do not offer their employees access to insurance coverage in the event of death. But even those who hold life insurance through their employers may not be covered adequately. They could be holding coverage that does not meet all their insurance needs. That’s when having your own life insurance enters the picture!

Life insurance is there to make sure your family is taken care of in the event of your death. It will compensate for the loss of income resulting from your death. Your family can maintain its standard of living, despite going through difficult times.

Your life insurance should cover the costs related to your death like funeral expenses and debts. It can also allow you to leave an inheritance for your loved ones.

Types of Life Insurance

 

 What is a Whole Life Insurance Policy

Whole life insurance is a contract with premiums that includes insurance and investment components. The insurance component pays a predetermined amount when the insured individual dies. The investment component builds an accumulated cash value the insured individual can borrow against or withdraw. This is the most basic type of cash-value life insurance.
 

What is Universal Life Insurance

Universal life insurance is type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element (like whole life insurance), which is invested to provide a cash value buildup. The death benefit, savings component and premiums can be reviewed and altered as a policyholder's circumstances change. Unlike whole life insurance, universal life insurance allows the policyholder to use the interest from his accumulated savings to help pay premiums over time.

 

What is Term Life Insurance

A type of life insurance with a limited coverage period. Once that period or "term" is up, it is up to the policy owner to decide whether to renew or to let the coverage end. This type of insurance policy contrasts with permanent life insurance, which is intended to provide life-long protection.

Other characteristics of term insurance include:

  • Low cost

  • No cash value

  • Usually renewable

  • Sometimes convertible to permanent life insurance

 

What is Credit Insurance

Credit insurance is a type of life insurance policy purchased by a borrower that pays off one or more existing debts in the event of a death, disability, or in rare cases, unemployment. Credit insurance is marketed most often as a credit card feature or to cover the debt on a mortgage.

 

Why choose one over the other?

The life insurance product choice is a personal one. It depends on your goals and needs, and what you wish to leave behind for your heirs after your death.

A financial security advisor would ask you the right questions to help you make an informed decision tailored to your specific needs. He or she will analyze your financial situation, do a balance sheet of your assets and liabilities, and ask about your last wishes.

Some people tend to leave a sum of money as an inheritance, while others think that leaving no debt behind for their loved ones is plenty. Everyone has their own opinion on the subject.

Contact a Life Insurance Specialist