Life Insurance

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Find Your Peace of Mind with Customized Life Insurance Solutions

Consider life insurance as a safety net and cornerstone of financial planning, providing you peace of mind and protecting your family's lifestyle, no matter what.

Find the perfect life insurance to secure your future and protect your loved ones with WealthTrack's help. We offer personalized and professional guidance to help you find a life insurance plan tailored to your personal needs.

How it works

1. Get a Quote

Start by comparing life insurance quotes based on your needs and budget.

2. Choose a Policy

Select the right life insurance policy that offers the coverage you require.

3. Apply and Get Covered

Complete the application process, go through any required medical assessments, and start your coverage.

Life Insurance Benefits

Life insurance has several benefits. The death benefit that gets paid from a life insurance policy is a lump sum and is paid tax-free.


These funds could be used to:

  • replace your income so that your loved ones can maintain their standard of living

  • provide for your children or dependents

  • pay for final expenses

  • pay off any of your debts

  • make a gift or donation to your favourite charity

Life Insurance can also play a part in your retirement planning. If set up correctly, you can enjoy the benefits of life insurance while you are still living and provide protection and peace of mind for your family.

Want to learn more? Click to read frequently asked questions about life insurance

The Main Types of Life Insurance

Term life insurance will pay a death benefit if the insured person dies during a specified time.

Your term policy coverage can be set for:

  • A fixed period, like 10, 20, or 30 years.

  • Up to a specific age, such as 70.

Term Life insurance provides the following benefits:

  • Protects you for a specific need, like a mortgage or other temporary liability

  • More affordable than a permanent policy

  • Flexible to accommodate for changes in your life situation

  • Predictable and guaranteed rates

  • Guaranteed death benefit

Family playing in snow

Discover how term life insurance differs from permanent life insurance. Check out our article, Term vs Whole Life Insurance in Ontario

Additional Term Life Insurance Considerations

If you die while the policy is in force, the insurance company will pay your beneficiaries the death benefit. After the term ends, the coverage ends, and your beneficiaries will not receive a payment.

These policies don't have a cash value, meaning you can't borrow against them or receive money back if you cancel. While premiums are initially lower compared to permanent insurance, they are fixed for the term length and will increase upon renewal. If premiums aren't paid, the policy gets cancelled.

Term life insurance policies usually have lower premiums than permanent insurance when you first buy the policy. Over time, you may find that term insurance premiums become much higher than a permanent policy. Permanent policy premiums stay the same while term policy premiums increase at renewal.

Permanent life insurance gives you the benefit of coverage throughout your lifetime.

Your survivors will get a payment if you die at any time as long as the insurance policy is in effect. Permanent life insurance policies can also build up a cash value. Cash value means you'd get a cash refund (after subtracting the amount you paid for the insurance cost itself) if you decided to cancel the policy.

You may be able to take out a loan against the policy or use your life insurance policy as collateral for a loan. Suppose you borrow using your cash value and don't repay the loan. In that case, it may reduce the amount of money your beneficiary will receive, or you may get back if you cancel.

Why Choose Permanent Life Insurance? It offers lifelong protection, retirement income, tax-deferred growth, wealth transfer, and estate planning benefits

Sunbae legacy

Explore whether permanent life insurance is right for you. Check out our article, Am I Too Young For Life Insurance?

Permanent Life Insurance comes in two types: Universal and Whole Life.

  • Universal life insurance offers lifelong protection along with flexibility.

    Policy owners can adjust the amount of insurance up or down as their circumstances change. You can pay premiums at any time and in any amount, subject to policy cost minimums and tax rules. As the cash value grows, it can be used to pay premiums, provided as collateral for a loan or withdrawn as income (note that withdrawals may be subject to tax or fees). It can be a good choice for clients who have a set estate or tax need and want the flexibility to adjust the payment schedule and amount of insurance.

    Universal life insurance policies are best for people who want:

    • Straightforward long-term protection and tax-deferred investment growth

    • The maximum amount of insurance from day one

    • A way to maximize the amount of money that you can transfer out of their corporation, tax-free

    • The freedom to manage their investment options or take a hands-off approach

    • Flexible payments and the ability to change the amount of insurance

    • A guaranteed insurance cost

  • Whole life insurance offers lifelong protection and a guaranteed cash value that grows over time.

    The premiums are fixed and guaranteed not to change. The investment component of the plan is managed by the insurance company with no input from policy-holders. Whole life insurance can be a good choice for clients who have a long-term focus and expect their estate and tax liabilities to increase in the future.

    Whole life insurance policies are best for people who want: 

    • Another way to generate tax-deferred earnings when they've maxed out their registered plans

    • Guaranteed insurance premiums

    • A way to offset an increasing estate or tax liability

    • Collateral for a bank loan

    • A way to pass along accrued wealth in a private company

    • Additional income in retirement

    • Hands-off, tax-deferred investment growth

Protect your most significant purchase and biggest investment.

Mortgage Life Insurance can protect your family from having to sell the house or move in the event of your death. Many mortgage lenders offer a type of insurance which can pay off some or all of the mortgage if the insured person dies. There are many essential differences between coverage for your mortgage. You should compare the options here to find a policy that provides the right kind of protection for your mortgage.

Life insurance

Explore whether mortgage life insurance is right for you. Check out our article, Should You Get Mortgage Life Insurance?

Compare Individually Owned Life Insurance with Bank's Mortgage Insurance

Mortgage Insurance from a Bank

  • The bank owns the policy, and you are a member of the group

  • Coverage is limited to certain types and amounts

  • The death benefit goes to the bank to pay off the mortgage.

  • If the lender changes the policy, then you could lose coverage

  • Health and other factors are not usually considered, and you will probably pay more for this coverage.

Individual Life Insurance

  • You own the policy, and you decide the beneficiaries

  • You choose the type of coverage and the amount

  • You keep the policy even if you change lenders or pay off the mortgage

  • You have guaranteed coverage for as long as the policy is active

  • You can save money based on your health, age, and smoking status and choose the best carrier.

Hear firsthand how WealthTrack can provide peace of mind and financial security to our valued clients.

“David has the ability to take a stressful and intimidating situation and completely streamline and simplify it. His patience and level-headed nature lend itself perfectly to helping make those crucial life-choices. In a sea of uncertainty, David is someone I definitely want on my side.”

“What standout the most when dealing with David is his transparency and how much he cares to provide the best for his clients no matter what. His tips and advices are amazing and he makes sure to provide the proper financial education to his clients based on their situations. I highly recommend using David Pipe services!!"

  • A proven process to help you get there. It all starts with a foundation of understanding your needs and goals first.

  • Knowledge and expertise to help you clean up all the clutter of information and make things clear so that you can make the best choices.

  • The ability to choose from a comprehensive set of options that are tailored for your goals.

Feel Confident with Advice from a Licensed Professional

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Frequently Asked Questions About Life Insurance

  • Employer-provided life insurance may leave gaps in coverage, adding private life insurance can provide more comprehensive protection.

    Compare private and group life insurance with our article: Is My Work Insurance Enough?

  • There is no one-size-fits-all approach for coverage amounts. The amount of coverage you need depends on various factors, including your financial obligations, dependents, and long-term goals. It's recommended to assess your specific needs and consult with a financial advisor to determine an appropriate coverage amount.

  • While the primary purpose is to provide a death benefit, certain life insurance policies, like cash-value policies, offer living benefits.

  • Term life insurance generally does not have a cash value, but certain permanent life insurance policies, like whole life or universal life, may have a cash value component that can be accessed through withdrawals or policy loans.

  • Life insurance can provide valuable financial protection for your loved ones. Whether it's a "waste of money" depends on your individual circumstances and financial goals. Consulting with a financial advisor can help you determine the appropriateness of life insurance for your situation.

  • In Canada, life insurance death benefits are typically not taxable. However, there may be exceptions, such as if the policy was assigned for value or if the insured was involved in criminal activity.

  • Life insurance provides broader coverage than mortgage insurance, which only covers the mortgage balance. Private life insurance is often recommended for more comprehensive financial protection.

    To learn more about mortgage life insurance, check out our article:

    Should You Get Mortgage Life Insurance?

  • Underwriting in life insurance is the process of assessing an applicant's risk factors to determine the premium rate and coverage eligibility. It involves evaluating factors such as health, lifestyle, and medical history.

    To learn more about underwriting, check out our article: What Is Underwriting in Life Insurance?