Life insurance can help financially secure your loved ones in the event of your death. Your beneficiaries can use the money from your policy’s death benefit for any purpose, including covering the cost of funeral expenses, any debts, and income replacement to maintain their lifestyle.
What’s life insurance?
Life insurance is a policy or contract between you and a life insurance company that can last for a specific amount of time or for the rest of your life. This contract guarantees that your beneficiaries ─ the people you’ve chosen to receive the money ─ will get a tax-free cash payment, also called the death benefit, if you die. This is provided you meet all the requirements in your policy. The exact amount they’ll get depends on how much coverage you buy and the type of policy you choose.
Benefits of life insurance
Flexibility
Your beneficiaries can use the death benefit any way they want.
Cash value
Certain policies offer a cash value option.
Lifelong protection
You have the option to get lifelong protection where your premiums never increase.
Types of life insurance
Term life insurance
Term life insurance is temporary coverage that can last anywhere from 5 to 40 years. It can be a cost-effective option for temporary needs like a mortgage or young dependents.
Permanent life insurance
Permanent life insurance provides lifetime protection that never expires. With most permanent plans, your premiums (monthly or annual payments) remain the same, even if your health changes as you age.
Life insurance from Prospr
Sun Life Evolve Term Insurance
- Coverage between $50,000 and $25 million.
- Renewable terms of 5 to 40 years.
- Different term lengths for different needs.
- Option to increase your coverage at specific life events (marriage, new child, increase to income and new mortgage or refinance).
This product could be for you if:
- You want more flexibility and the option to convert to lifelong protection if your needs change.
SunSpectrum Permanent Life II
- Coverage between $25,000 and $25 million.
- Lifelong protection.
- Guaranteed death benefit, guaranteed cash values and guaranteed premiums.
This product could be for you if:
- You want guaranteed protection for life but aren’t interested in actively managing your coverage.
- You're nearing retirement and are looking for an alternative to group insurance or term insurance due to increasing costs.
- You're looking for affordable premiums and guaranteed lifetime protection.
Frequently asked questions
The cost varies from person to person. Your premiums (your monthly or annual payments) depend on your age, health, and lifestyle habits (for example, smoker or non-smoker, etc.) when you purchase life insurance.
Life insurance can be beneficial at any age. Generally, it’s cheaper the younger and healthier you are.
It depends on your personal situation and how much money your beneficiaries will need when you die. A Prospr advisor can help you figure it out.
It depends on your individual situation. There’s no “one-size-fits-all” type of life insurance. The kind your parents have, or that your friend just bought, may not be right for you. To help choose the right type of life insurance, you need to consider your personal and familial needs, the stage of life you’re at, and what you can afford.
Connect with a Prospr advisor to find out which insurance products are best for your specific situation.
For a quick comparison, check out our blog: What’s the difference between term and permanent life insurance?
Protect the people you love
Book your free appointment with a Prospr advisor today. You can call us at 1-888-444-9983, Monday to Friday, 8 a.m. to 8 p.m. ET. or book an appointment online:
