Life Insurance

Life insurance is designed to protect the financial security of you and your family and should be a key element of your overall financial plan. The proceeds from life insurance are paid as a tax-free benefit to a beneficiary upon the insured’s death. Although it is commonly used as income replacement for families in need, there are many other purposes for life insurance, such as:

  • An estate planning tool, providing liquidity at death for taxation arising from deemed disposition of assets.
  • A viable tax-deferral for investment.
  • Business-funding requirements including Key-Person Liability and Shareholder Agreements.
  • A gift in charitable planning.

Some insurance programs may also provide tax-sheltered savings that can be accessed while living.

Types of life insurance available:

  • Term – Flexible and affordable protection providing coverage for a specified period
  • Whole Life – Guaranteed permanent protection that builds cash value over time
  • Universal Life – Permanent protection with the option for tax advantage investment growth

As one of the leading independent insurance advisors located in Toronto, First Financial Group will assist you with your unique insurance needs and circumstances.  For further information please contact us.