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What is life insurance?

What is life insurance?

Life insurance protects the financial security of the people you love by providing a tax-free payment to your beneficiaries. The amount of coverage and type of insurance you buy should be based on your circumstances and needs. The cost of individually purchased life insurance depends on your age, gender, health, medical history and lifestyle.

Types of life insurance:

Term life insurance

  • Term life insurance is simple and affordable , providing a fixed amount of insurance for a specific period of time
  • Term life provides temporary protection you can customize to meet your changing needs
  • In the event of your untimely death, the policy pays a tax-free benefit to your beneficiaries

Permanent life insurance

Permanent life insurance is often called whole life insurance because it provides lifetime coverage – with the added benefit of accumulating cash value over time

  • Permanent insurance costs are usually guaranteed when you first buy the policy
  • Some permanent insurance plans enable you to pay for a limited number of years and then never again

Participating life insurance

  • Participating life insurance is a type of permanent life insurance coverage where your policy is eligible to receive dividends
  • The amount of coverage and annual cost are guaranteed for life
  • Your dividends can be used in a variety of ways, such as to buy more coverage, reduce your annual premium cost, earn interest inside the plan or be taken out in cash.

Universal life insurance

Universal life insurance is a flexible type of permanent life insurance that combines protection and savings/investments.

  • You choose a guaranteed death benefit that will be paid to your beneficiaries
  • The payments you make above the cost of insurance can be invested within the policy to earn tax-deferred growth
  • Rasoul K.

    What our clients say

    After talking to many different insurance companies, I spoke to Ensurco New Business Team. They returned my call quickly, provided the best rate and helped me set up a home insurance policy within an hour. Great service!

    Rasoul K.
  • Edward L.

    What our clients say

    I recently sent Ensurco an email requesting changes to my auto policy. I got a quick response. All the changes were completed in a timely manner and I received a detailed email with my billing schedule attached.

    Edward L.
  • Maria L.

    What our clients say

    Amazing staff to deal with. Very fast and efficient. My broker explained the difference between condo insurance and condo corporation insurance.  Thank you!

    Maria L.
  • Michelle B.

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    I was in a time crunch to get an auto application done on a Friday afternoon as I was picking up a new car. I called my customer service rep at Ensurco and she was able to get me a quote, provide an application and even send confirmation to my dealer with a liability slip. Keep up the good work.

    Michelle B.
  • Kelly S.

    What our clients say

    As a high risk driver, I was looking for a good rate as well as good coverage. I spoke to an Ensurco broker who helped me set up a 6 month policy so that I can eventually move to a regular market at less premium. You guys came through when no one else cared.  Thank you so much for your help. :)

    Kelly S.
  • Mark C.

    What our clients say

    When my son and I decided to travel to Calgary for a week, I called my broker at Ensurco who was able to provide me with great coverage at a really good price. I got my travel documents by email within 10 minutes. Exceptional timing!

    Mark C.
  • Don S.

    What our clients say

    Claims service! Most people dread talking to an insurance company or broker to report a claim. But I recently called my insurance broker at Ensurco about a possible water damage claim. He was able to guide me through the process.  The decision was mine as to whether or not I would proceed with the claim.  If so, he explained that he could connect me directly with the insurance company adjuster and resolve the issue. Great advice and great service.  Thanks Ensurco!

    Don S.

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