Looking for a life insurance quote in Ontario? At SWPP, we help our clients preserve their wealth with permanent life insurance policies customized to their precise estate planning needs.
“It’s a great feeling knowing my family will be OK financially when I pass away.” -Andy L., Ontario
Life insurance creates tax-free dollars when your family needs them most.
Permanent insurance can grow wealth without annual taxation inside the policy.
Creates immediate cash to pay taxes without forcing asset sales.
Life insurance should be considered when your death could create a financial loss, estate tax liability, business succession problem, or reduce the inheritance you want to leave your family.
At SWPP, we primarily help Ontario business owners, real estate investors, and families with estates of $3 million or more determine whether life insurance can solve these problems.
For larger estates, the question is often not simply whether you need insurance, but whether insurance can preserve more wealth than it costs.
SWPP provides quotes for term, Term 100, universal life, and participating whole life insurance from Canadian insurance companies.
However, for our estate-planning clients, we don’t start by asking which company has the cheapest quote; we first determine what financial problem the insurance needs to solve.
Through our Living Estate Plan process, we compare life insurance with other available planning strategies and calculate the costs, tax implications, and potential estate value.
If insurance makes sense, we can then determine the type, amount, and structure that best fits your objectives.
Term life insurance provides coverage for a specified period and is generally a lower-cost way to protect against temporary needs such as mortgages, debts, or income replacement.
Term 100 is permanent life insurance designed to remain in force for life with level premiums, provided the policy requirements are met, and some policies may also provide a cash value.
Universal life is permanent insurance that combines lifelong protection with a tax-advantaged investment account where you have greater control over how the policy’s cash value is invested.
Whole life provides permanent coverage with guaranteed values and cash value growth, while participating policies may also receive dividends that can increase the cash value and death benefit.
At SWPP we specialize in helping business owners, real estate investors, and families with complex estates to preserve their wealth.
| Consideration | Term Life Insurance | Permanent Life Insurance |
|---|---|---|
| Coverage period | A set number of years | Usually remains in place for life if policy requirements are met |
| Initial premiums | Generally lower | Generally higher |
| Cash value | Typically none | May accumulate cash value, depending on the policy |
| Common uses | Temporary debts, income replacement, or loan protection | Estate liquidity, legacy planning, or business succession |
| Best suited for | A defined need with a limited timeframe | A long-term or lifelong planning need, corporations, business owners, real estate investors, families who wish to transfer wealth to the next generation |
Policy costs, guarantees, cash values, and tax consequences depend on the specific policy and how the corporation structures and uses it. An Ontario business owner should obtain advice based on the corporation’s needs and financial circumstances.
For estate planning, the right time to obtain a quote is when you have identified a future tax, estate liquidity, business succession, or wealth-transfer problem and want to know whether insurance provides a cost-effective solution.
Waiting can reduce your options because both age and changes in health can affect pricing and insurability. If you simply need temporary protection for a mortgage, debt, or income replacement, comparing term insurance quotes may be all you need.
In my experience, one of the biggest mistakes people make is asking, “How much does the insurance cost?” before asking, “What will the insurance accomplish?”
With properly structured permanent life insurance, depositing more than the basic cost of insurance can allow additional funds to grow tax-sheltered inside the policy, so dollars that could otherwise be lost to tax can help build policy value and ultimately help fund the insurance.
That is why I don’t measure the cost simply by how much you put into the policy—I look at what you get back for what you invest: cash value, tax-sheltered growth, a tax-free death benefit, and ultimately how much more your family receives.
EXAMPLE
We recently worked with a couple in their 70s with approximately $4 million in assets who wanted to leave more of their wealth to their children.
Most of their investment money was sitting in GICs, and their pensions already provided more income than they needed.
Through our Living Estate Plan process, we compared keeping those investments with depositing $30,000 annually for 10 years into permanent life insurance.
By year 10, their $300,000 of deposits were projected to create approximately $273,000 of cash value and a $574,000 tax-free death benefit, substantially increasing the amount available to their family.
Life insurance can range from relatively inexpensive term coverage to thousands of dollars per month for large permanent policies used in estate planning. The actual cost depends on your age, health, smoking status, amount of insurance, policy type, and how the policy is funded, so two people seeking the same death benefit can receive very different quotes.
Compare more than the initial premium—the best quote is the policy that most effectively accomplishes your financial objective at an acceptable long-term cost. For permanent insurance, compare guarantees, cash values, death benefits, flexibility, and the insurer’s assumptions rather than price alone.
Yes, online quotes are readily available in Ontario, particularly for straightforward term life insurance. For permanent insurance or estate planning, a customized illustration and proper financial analysis are generally more useful than a simple online quote.
Online calculators can provide a useful estimate, but the price shown is not necessarily the premium you will ultimately qualify for. Your final premium can depend on underwriting, including your age, health, medical history, smoking status, lifestyle, and the specific policy selected.
Do you need life insurance? Get started with a zero-obligation life insurance and estate planning consultation today.
SWPP helps Ontario business owners use corporate-owned life insurance to protect their companies, manage future tax liabilities, and transfer more wealth to the next generation. During our 35 years experience we’ve helped hundreds of families protect millions of dollars from taxes.
At SWPP, we are licensed and recognized advisors. Our goal is to protect your family’s money and assets. We help families, business owners, and real estate investors do comprehensive estate planning in Ontario.
We’re focused on making sure you leave the most for your loved ones instead of giving your hard-earned assets to CRA.
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