Don't assume that the insurance you have through your employer will provide you enough protection. You could lose your job, change jobs or your company could drop life coverage benefits all together. In any event, what you are offered through your employer is generally not enough to cover your family needs.

Term Insurance
Term Insurance provides you coverage for a set period of time, 10, 20, 30 and 100yrs. Your premium cost remains the same for the duration of the term. Coverage can be renewed or converted to permanent without a medical and future payments are guaranteed at a higher rate. Term Insurance is the most cost effective way to purchase life coverage. It is also a great option for covering a mortgage or loan with a bank. If the insured dies during the term, the death benefit will go directly to your beneficiary.

Whole Life Insurance
Whole life insurance provides permanent, lifetime protection for a level premium. The amount you pay for insurance always stays the same. Part of the amount of your premium pays for the insurance protection and the other part builds 'cash value' for you, it's a policy with values attached. You have the option to pay your premiums monthly for life, over 20yrs or until age 65.

Universal Life Insurance
Universal Life is a very flexible life insurance policy and has tax sheltered investing. It gives you the option to insure multiple people, add riders and other extra benefits. It allows people who want permanent insurance and possibly a combination of term insurance to finish paying the premiums in a specific period of time. This is a great option when used as personal or business insurance coverage for company and estate preservation.
The cash value each month is credited with interest, and the policy is debited by a cost of insurance (COI) charge. If no premium payment is made any other policy charges and fees are drawn from the cash value that month. The interest credited to the account is determined by the insurer depending on the investment.

Critical Illness Insurance
Critical Illness Insurance will pay you a lump sum payment to help you take care of the financial strain if you should become critically Ill. Public and private health insurance plans do not always cover day to day expenses related to an illness. Insurance coverage differs from company to company but the basic plan has been designed to cover you for up to 25 different illnesses. For example: Cancer, Heart attack, Stroke, Alzheimer's, Kidney failure.
Critical Illness Insurance provides flexibility to help you plan for your unique needs and circumstances. Depending on the company, you can get CI coverage from $10,000 to $2,000,000. To determine your own need for Critical Illness Insurance, look at the benefits already offered to you through any other insurance policies you may have, group health or Life Insurance.

Disability Insurance
Did you know that at some point during your career you have a one in three chance of becoming disabled and the average length of a disability that lasts over 90 days is 2.9 years?
Disability Insurance, also known as Income Replacement Insurance, will provide you with a monthly income if you should become disabled and cannot perform the normal duties of your work. This benefit generally only covers a percentage of your income, 70 to 80 percent of your salary. The amount you receive is generally not reduced by any other government benefits you may receive and the income is not taxed. The cost of insurance will vary depending on the type of work you do, the income waiting period for benefits to begin and any other optional features. Do not assume that your lost income will be covered by your long-term disability coverage through work. A typical group policy will only pay you 60% of your salary for a specified time and do not usually cover commissions or bonuses. Becoming disabled is more expensive than dying.

Key Person Disability
Key person disability Insurance will provide your business with crucial benefits if one of your key employees becomes disabled. The coverage will provide you cash flow so that you can keep your company moving forward. The disability benefits could be used to hire a temporary employee if the prognosis of the disabled employee is short term or it could be used to offset the costs related to hiring a replacement, such as recruitment, training and unfunded salary continuation costs, in the event that the employee is permanently disabled.

Long Term Care
According to statistics, one in two Canadians is likely to need long term care after the age of 75. Long term care insurance will pay you a weekly tax-free benefit if you require assistance or supervision with two out of the six activities of daily living due to a chronic illness, disabling condition or cognitive impairment. Those six activities are bathing, eating, dressing, toileting, maintaining continence and mobility. Long term care insurance can minimize the depletion of your savings or prevent your family from incurring debt from medical and medical related expenses.