BC Life Insurance

Life insurance for individuals and businesses in BC

Acera Insurance helps individuals and business owners protect their loved ones and their business interests in the event of their unexpected passing.

Individual Life Insurance

Life insurance provides critical financial protection to your loved ones upon your passing. It’s also an efficient financial planning strategy as a BC life insurance policy will ensure your wealth is distributed to your designated beneficiaries, tax-free.

There are three possible beneficiaries to your estate:

• Your family
• Charity
• Canada Revenue Agency

Life insurance ensures that as little of your estate is paid to Canada Revenue Agency as possible, preserving it for your family and/or a charity that’s important to you.

Life insurance provides a one-time, tax-free lump sum to your named beneficiaries upon your death. This money can be used at the discretion of your named beneficiaries.

For example, your loved ones may choose to use the benefit to:

• Provide for your dependents, including paying for their education.
• Cover funeral costs and other related expenses.
• Pay off debts, such as a mortgage, financed vehicles or credit cards.
• Replace your lost income.

Below we will review the two distinct types of life insurance: term life insurance and permanent life insurance. Our expert life insurance brokers will help determine which option is most appropriate based on your personal situation.

Term Life Insurance in BC

Term life insurance is typically the most affordable type of life insurance in the short term and tends to be most beneficial for individuals who are looking to obtain coverage for temporary needs —such as a mortgage, loans and dependent children.

As the name suggests, your policy will have a set term, which typically ranges from 10 to 40 years. Your premiums are fixed for the duration of your term and your beneficiaries will receive payment if you pass away during your term.

You can choose to renew or convert at the end of each term (so long as you are still under the accepted age, which is usually 65), or you can opt to let your policy lapse.

Term life insurance tends to be more affordable when you purchase as a younger, healthy individual. Premiums will increase if you purchase or renew your policy as you age.

Who should consider term life insurance?

• Budget conscious individuals.
• Individuals whose circumstances will likely change in the future and result in a decreased need for coverage.
• Individuals whose needs are short-term.

Permanent Life Insurance in BC

A permanent life insurance policy does not expire (so long as you continue to pay your premiums).

In addition to providing a death benefit to your beneficiaries, permanent life insurance policies can also build cash value. As a permanent life insurance policy holder, you can borrow against this cash value or, in some cases, withdraw cash from the policy to pay for expenses.

There are three primary types of permanent life insurance:

• Term to 100 policies are pure life insurance with no cash value. Premiums for Term to 100 are lower than an equivalent amount of Whole Life or Universal Life. Premiums are payable to age 100 at which time the policy becomes “paid up” (i.e. coverage remains in-force with no further premium payments required)
• Whole life insurance offers a consistent investment with fixed premiums and guaranteed cash growth.
• Universal life insurance offers more flexibility when it comes to your premiums, death benefit and savings.

Who should consider permanent life insurance?

While permanent life insurance tends to be more expensive than term life insurance in early years, it’s an ideal option for individuals who:

• Have permanent financial obligations;
• Have accumulated significant wealth and assets that will result in the need to pay estate taxes at death; or,
• Desire a tax efficient transfer of wealth to loved ones or charity upon death.

Our expert life insurance brokers can help you determine if a permanent life insurance policy is right for you and, if so, which product will work best for your unique circumstances.

Life insurance only provides a benefit should you pass away.

So, you may also want to consider these additional coverages to ensure you and your family are protected should you be injured or fall seriously ill:

BC Corporate-Owned Insurance

Corporate-owned life insurance is a unique form of coverage that provides financial protection for your business and your family.

Our corporate-owned life insurance solutions include:

BC Key Person Insurance

Key person insurance is a form of corporate-owned insurance that protects businesses from financial and operational losses in the event of a death, disability or critical illness of a key employee. A key employee may be an owner, partner, CEO, CFO or any other senior-level staff member.

For example, the business may choose to use the benefit payment to cover the costs:

• To find and train a suitable replacement; or,
• Associated with delayed or cancelled business projects that the key employee was working on.

Business Succession Insurance in BC

Also known as buy-sell funding, business succession insurance provides liquidity to surviving shareholders so they can acquire a deceased or disabled shareholder’s interest in the business. They then use this money to ensure the deceased shareholder’s family is financially compensated for the value of the business interest.

A key benefit of business succession insurance is that shareholders do not have to use their personal or business assets to buyout the deceased’s partners interest in the business.

Corporate-owned life insurance can help you attract top talent to your leadership team. Learn how Acera Insurance can also help you create a group benefits plan that will support your overall recruitment and retainment strategy.

Why choose Acera Insurance as your life insurance broker in BC

Acera Insurance provides personalized and innovative life insurance solutions to individuals and businesses located anywhere in British Columbia.

As a truly independent insurance brokerage, we compare across the market to find you the most comprehensive coverage at the most competitive price.