Island Savings

Term Life Insurance

This insurance is for you if:

  • you have a hefty mortgage which your significant other couldn't pay
    off without relying on your income.
  • you want to be generous to your favourite charity, even after you're
    no longer here to give them the cheque yourself.

Overview

Key Features & Benefits

Term Life insurance* is designed to provide you with insurance protection for a set period of time, at an affordable price. It provides your beneficiaries with the amount specified in your policy, tax-free, if you pass away while the policy is in force.

In the event of your death, term life insurance can help:

  • Replace lost income
  • Provide security for your family (create an estate for heirs)
  • Pay off any debt you leave behind (i.e. mortgage, loans, bills)
  • Provide funding for your children's education
  • Make a contribution to the charity of your choice
  • Ensure the continuation of your business
  • Protect your business against the loss of its key employee

How does it work?

  • You choose a guaranteed death benefit amount that will be paid to your beneficiaries (tax-free) when you die
  • Term insurance is ideally suited to covering major expenses, such as paying down your mortgage and raising children.
  • Choose from policies of various term lengths, 5, 10, 20 years, or even until age 75, so you get the term and benefit amounts that best suit your needs.

There are many options for life insurance coverage, so it's a great idea to chat with one of our Personal Insurance Advisors to see how we can best assist you.

Considerations

Things to Consider

Before purchasing life insurance, consider what would happen if you were no longer among the living:

  • Will your mortgage be paid off? If not, is your spouse/partner liable to pay for it?
  • Will your automobile loan and other debts be paid off?
  • Will there be enough money to pay all remaining bills, expenses and the costs/taxes associated with your estate?
  • Will there be enough money to support and educate your children?
  • Will there be enough income for your surviving spouse/partner to live comfortably?

Claims

Need to make a claim?

To start your life insurance claim, please contact one of our personal insurance advisors for assistance.

Ready to get a quote? At Island Savings Insurance, we provide simple insurance solutions to suit your needs.

Online

Contact us online and let us know when you'd be available to meet with one of our expert advisors to discuss suitable coverage options.

In Person

If you’re more comfortable dropping by one of our branches, one of our expert advisors would be happy to chat with you.

By Phone

If you’d like to call us, here is a complete list of our expert advisors.