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.

What are group benefits?

As the name suggests, group benefits provide coverage to a group of people. The plan is managed and offered by a business to support the health and wellbeing of its employees and their families. Plans typically include some combination of health, dental, prescription drugs, life, critical illness and disability insurance.

Alberta businesses tend to offer comprehensive group benefits as part of their competitive compensation package to attract and retain talented employees. Plus, group benefits help employers maintain a healthy and productive workforce.

Because these plans are purchased for a group of people, they usually tend to be more affordable for the individual than if they were to purchase a personal policy. Furthermore, coverage in a group plan tends to be broader or more robust than a personal policy.

Our group insurance solutions include:

Alberta employee group benefits

Employee group benefits plans support businesses in helping their staff cover health and wellness expenses, such as coverage for prescription drugs and dental care. Some employers also like to include financial plans—such as a group RRSP or TFSA—to help their staff with savings or retirement planning.

Alberta group life insurance

Group life insurance provides employees with the peace of mind that comes with knowing their loved ones will receive financial support in the event of their death. Unlike individual life insurance, your business will manage a group life insurance policy on behalf of its eligible employees as well as determine the death benefit amount each employee will receive (typically one to two times an annual salary, up to a maximum amount).

Alberta group critical illness insurance

Group critical illness insurance provides a financial cushion for an individual after they suffer from a life-threatening illness— cancer, heart attack, stroke and more. Again, the group policy is managed by an employer.

Alberta group disability insurance

Group disability insurance provides financial support to an employee who suffers a physical injury or mental illness and is unable to work for a period of time. This too is managed by a business on behalf of its employees.

Alberta corporate-owned life insurance

Corporate-owned life insurance is a unique policy in which a business is named the beneficiary on a key employee’s life. This is designed to protect your business and keep it operational in the wake of the death of an owner, CEO or other key executive.

I have employee benefits through work. Do I still need an individual policy?

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:

• Life insurance
• Critical illness insurance
• Disability insurance

Why work with an Alberta insurance broker for your life and benefits needs?

As one of the largest, independently owned brokerages in Canada, Acera Insurance 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, Acera Insurance has 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 Insurance brokers 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 Insurance 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