Alberta Life and Benefits Insurance
Protect your loved ones with life insurance made for Alberta residents
In Alberta, life insurance can ensure your family is financially secure should you unexpectedly pass away.
We understand thinking about and planning for death can be uncomfortable, but our expert life insurance brokers will guide you through the entire process and help you secure the best coverage based on your specific needs.
What is life insurance?
Think of life insurance as a financial safety net for your family. Most life insurance policies provide your beneficiaries with a tax-free lump sum payment should you pass away during your policy term. Some policies also continue to provide payments to replace your lost income.
The money paid to your loved ones can help them cover expenses during a difficult time. As there are no restrictions on how the money can be used, your family may choose to spend it how they see fit. For example, life insurance can help your family:
- Replace your lost income.
- Maintain their standard of living.
- Provide for your dependents.
- Pay for education.
- Cover funeral and other related expenses.
- Pay off debts, including a mortgage, financed vehicle or credit cards.
- Relieve financial stress while your family heals during a difficult time.
- Life insurance can provide for your family should something happen to you.
Understanding the different types of personal life insurance in Alberta
There are three main types of life insurance:
- Term
- Whole
- Universal
The most common type of life insurance is term life insurance, but each type offers different benefits and is best for different scenarios.
We’ll discuss the three types below, but please contact one of our life insurance brokers if you have any specific questions. They can help you determine which type of life insurance is the best policy for you.
Term life insurance in Alberta
Term life insurance is typically the simplest, most affordable and basic type of life insurance.
The advantages of term life insurance include:
- Premiums are fixed for the duration of your term.
- There are set terms of 10, 15, 20 and 30 years. You can renew, convert or choose to let your policy lapse at each end of a term.
- You can renew until you’re a certain age. This varies but is usually 65.
- Your beneficiaries receive the benefits offered by the policy if you pass away.
- Term life insurance is a good option for those who want the peace of mind and financial security of life insurance but are on a budget or don’t want to deal with something more complex.
It’s also a great choice if you think your circumstances will change in the future or your needs are only short-term. For example, if you already have kids and just want to protect your family until they’re adults, a term life insurance policy would be a good fit for your needs.
It’s important to note that this policy has a set term. Once the term is up, you can choose to renew the policy (if you’re still under the accepted age), change it or let it lapse if you don’t need it anymore. There are no savings, and you can’t borrow against this type of life insurance.
Whole life insurance in Alberta
Whole life insurance is a permanent life insurance policy that will last your lifetime if you keep paying your premiums.
The advantages of whole life insurance include:
- Lifetime coverage.
- Tax-deferred cash accumulation.
- Consistent and fixed premiums.
- You can borrow against the policy.
- You can receive dividends from the policy.
- Beneficiaries receive the benefit of your policy when you pass away.
Whole life insurance is a true investment. Literally, a portion of your premiums are investments, which means your policy benefit can grow over time. If you decide to cancel your whole life insurance, you can get cash in hand—although you’ll likely have to pay a fee to cancel.
Universal life insurance in Alberta
Universal life insurance is another permanent policy—if you continue to pay your premiums—but it offers more flexibility than whole life insurance.
The advantages of universal life insurance include:
- Flexible premiums.
- Lifelong coverage.
- Tax-deferred cash accumulation.
- You can borrow against the policy.
- You can receive dividends.
- Your beneficiaries receive the benefit of your policy upon your death.
Universal life insurance is also an investment but is a bit more flexible. You can adjust your benefits based on your needs or even choose to cancel the policy to get cash in hand, although you’ll likely have to pay a fee to do so.
This coverage is a good choice if you want something more flexible with an investment and borrowing component. It’s also valuable if you want to protect assets and plan for retirement.
The importance of life insurance and protecting what matters most
In the event of your passing, the life insurance policy you purchased can play a vital role in continuing to support the things that matter most to you – from families to charities and more. Learn more about how this coverage can make a difference.
Protecting your spouse
The purchase of life insurance plans to provide a spouse with a continuing income is accomplished by selecting the amount of coverage needed, the duration, inflation factors, and projected rate of return. Your Alberta life insurance advisor can assist you with determining the amount, type of plan, and structure which best suits your personal needs.
Paying off debt
Often overlooked is the use of life insurance plans to eliminate debt from becoming the responsibility of the surviving dependents. Bank loans, credit cards, student loans, car loans, personal guarantees, as well as an allowance for unpaid bills should all be considered.
Providing for children or grandchildren
The cost of an education, starting a business, a first home, or supporting a young family can be considerable if not overwhelming. The living or death benefits of life insurance plans can assist children and grandchildren when they need it most.
Charitable giving
Recent tax changes have made charitable giving even more attractive for Albertans and Canadians. By donating to one’s church, charity, or favourite cause significant tax deductions are available. Offsetting current tax liabilities or addressing taxation upon death can be accomplished by the use of universal or whole life plans.
Why work with an Alberta insurance broker for your life and benefits needs?
As one of the largest, independently owned brokerages in Canada, Acera Benefits has the expertise and market access to create customized employee group benefits plans as well as individual insurance solutions.
No matter if you want to provide coverage for a group or employees, or are searching for an individual policy, you can depend on our:
Custom approach to insurance
We are proud to provide a high-level of customer care. As an independent brokerage, we work for you—not an insurance company. This means we take the time to truly understand your unique needs and find tailor-made solutions for you or your business.
Industry relationships
As one of the largest independent brokerages in Canada, we have unparallel access to top insurance providers. We work to identify optimal solutions and negotiate the best price for your personal and business needs.
Experience and expertise
As experts in the life and benefits industry, Acera Benefits advisors bring a tremendous amount of experience in creating customized coverage solutions that meet your personal and business needs.
Claims advocacy
Our team understands the claims process inside and out. Acera Benefits advocates on your behalf and assists in resolving claims as efficiently and effectively as possible, ensuring you get prompt and fair treatment.
Alberta Life Insurance FAQs
Will your loved ones be burdened by expenses if you were to pass away? If the answer is yes, you should consider protecting their financial future with life insurance.
While you may have life insurance through work, these benefits may be limited or not provide the coverage your family truly needs. Plus, your coverage typically ends if you change employers.
Personal life insurance offers the most options and better peace of mind if something should happen to you.
Several factors are considered when calculating life insurance rates, including the type you choose—term life insurance, whole life insurance or universal life insurance—and your policy amount.
Other factors that can affect your life insurance rates include:
- If you smoke or drink.
- Your family history.
- Your personal medical history.
- Your driving record.
- Your demographics.
- Your occupation.
- Your hobbies.
- Your lifestyle.
- Your insurance history.
Our expert Alberta life insurance brokers will get you a competitive life insurance quote that offers the coverage you need at the best possible price. This is because, as an independent brokerage, we have access to and can compare across many different life insurance companies across Canada.
When purchasing any life insurance policy, you should consider:
- how much coverage you need (i.e., your financial obligations and debts);
- how much you can afford (i.e., the more coverage you have, the higher your premium will be); and,
- how much you qualify for, which is dependent on factors such as your age, health and more.
When it comes to term life insurance, insurers typically offer set terms of 10, 15, 20 and 30 years. You can renew your policy at the end of a term, but depending on your personal circumstances and health, your rates may increase.
Contact us and one of our expert life insurance brokers can advise on the best option for your unique situation.
Life insurance covers you in the event of death. Disability insurance and critical illness insurance are separate policies, although they may be bundled with a life insurance policy.
While many causes of death are covered by life insurance, many insurers will not cover you for death due to pre-existing medical conditions, reckless endangerment or while you’re visiting a restricted country; some insurers also do not cover death by suicide.
We have been a trusted life insurance broker for decades. Acera Insurance has the experience and expertise to help you make the best decision when it comes to protecting your family’s financial future.
Because we are an independent, employee-owned insurance brokerage, we provide truly competitive life insurance quotes.
Our specialty life insurance brokers can help you determine your life insurance needs, deliver several quotes and help choose the best option for you. We will also advocate on your family’s behalf should your life insurance policy need to be paid out.
Protect your loved ones with life insurance. Request your quote today.
Employer-provided benefits and group insurance provide several benefits, most notably affordable and easily accessible coverage.
In most cases, however, group coverage may be limited and not enough to cover your personal needs and situation. That’s why group benefits and insurance should often be treated as supplementary coverage to an individual insurance policy.
Our Alberta benefits experts will work with you to determine your needs and secure you the most comprehensive and affordable coverage to protect you and your family in the event of illness, injury and death. Our individual solutions include:
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- Life insurance
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