Life Insurance in Ontario, Canada

Protecting What Matters Most

Life insurance provides financial security for your loved ones when they need it most. At Solutions Insurance Group, we offer tailored life insurance solutions that ensure your family is protected against financial hardship in the event of your passing.

🔎 What Is Life Insurance?

Life insurance is a contract between you and your insurer. You pay a premium, and in return, your beneficiaries receive a tax-free lump-sum payment (called a death benefit) when you pass away.

That benefit can help cover:

• 🏡 Mortgage and other debts
• 🛋️ Daily living expenses for your family
• 🎓 Education costs for children
• ⚰️ Funeral and final expenses
• 💡 Future financial security and peace of mind

📝 Is Life Insurance Mandatory in Ontario?

• By law: Life insurance is not mandatory in Ontario.
• By lenders/creditors: Mortgage lenders may require mortgage life coverage, but full life insurance is optional.
• Best practice: Highly recommended for anyone with dependents, debt, or financial obligations.

🌟 Types of Life Insurance We Offer

1. Term Life Insurance

   • Affordable protection for a set period (e.g., 10, 20, or 30 years)
   • Ideal for covering temporary needs like a mortgage or raising children

2. Whole Life Insurance

   • Lifetime protection with guaranteed premiums
   • Builds cash value over time that you can borrow against

3. Universal Life Insurance

   • Flexible coverage combining insurance protection + investment component
   • Allows you to grow wealth while keeping lifelong coverage

4. Mortgage Life Insurance

   • Pays off your mortgage if you pass away
   • Provides peace of mind that your family keeps their home

🌟 Optional Riders & Add-Ons

You can enhance your policy with:

• Critical Illness Rider – Lump-sum payout if diagnosed with a serious illness
• Disability Income Rider – Income replacement if you become disabled
• Child Life Rider – Coverage for children under one family policy
• Accidental Death Benefit – Higher payout if death is due to an accident

🛡️ Why Get Life Insurance Through a Broker?

Life insurance is not one-size-fits-all. Our brokers help you:

• ✅ Calculate the right coverage for your family’s needs
• ✅ Compare rates from Ontario’s top life insurance providers
• ✅ Decide between term, whole, or universal life based on your goals
• ✅ Customize policies with riders for extra protection.