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Life & Group Insurance

Life Insurance with Cluett Insurance

Grow And Protect Your Family

Life insurance with Cluett offers an opportunity for Nova Scotians like you to help provide financial security for their loved ones. Protect your family’s financial future even after you have passed away, so there is less of a financial burden left behind during a challenging time. We understand it can be difficult to make these types of decisions, so we are here to help guide you through the process. Speak with a Cluett licensed advisor today to get started.

What Life Insurance Coverage Do I Need?

Your life is changing. Choose from affordable, simple protection for your family.

Property Insurance

Term Life Insurance
Term life is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term.

Liability Insurance

Whole Life Insurance
Whole life provides coverage for the life of the insured policyholder and also contains a savings component.

What Are The Benefits Of Life Insurance?

Life insurance offers coverage to help with your family’s financial burdens during a challenging time. Should you pass away, your beneficiaries would receive a lump sum, tax-free payment to help them replace lost income, maintain their living standards, pay debts, or cover your financial expenses.

At Cluett we support you every step of the way. That is why we help you choose insurance coverage that is flexible and right for you.

benefits of life insurance

How Does Life Insurance Work?

Life insurance is a valuable tool to help protect your loved ones, your estate and grow your savings alongside your TFSA and RRSP. It guarantees the amount of coverage you choose goes directly to your beneficiary within 30 days of passing.

The first step is to reach out to a Cluett licensed advisor to help guide you through this process and decide which insurance is best suited to you. Life insurance does not have to be complicated. We keep it simple and support you every step of the way; ensuring that when you pass, your loved ones will be taken care of.

Do I Need Life Insurance?

There are many reasons to get life insurance. Here are some factors to consider:

Starting a family
Buying a home
Getting married
  • You are having a baby.
  • You have children (or people who depend on you).
  • Have a spouse/partner and share financial responsibilities.
  • Have a mortgage, car loan, student loans, etc. your spouse/partner could not afford without you.
  • Want to leave some money to help your family pay for your funeral.
  • You have a business partner and want to ensure you have the funds to buy out their shares in the event they pass.
  • Want to leave something to your favourite charity.

How Much Life Insurance Do I Need?

When choosing a coverage amount, there are a few different things you should consider.

  • Your annual income. It’s recommended you have five to seven times your yearly net income covered.
  • Who relies on you financially. Think about each person that depends on you and how long you might need to provide financial support for that person.
  • Your debts. Think about what it would take for your spouse/partner to completely pay off all your debts.
  • Other life insurance. If you have some group coverage through work you may be able to subtract these amounts from what you need to buy.
  • Your savings and investments. If you have things such as a Registered Education Savings Plan (RESP) you can subtract these amounts from your life insurance.

What If I Can’t Afford What Is Recommended For Me?

Buy the amount of life insurance that you can afford. Some is better than none. You can always add more when you have more room in your budget for it.

Customized Life Insurance Policy

Ideally, you want to make sure your debts are covered, so you do not leave major expenses behind for your loved ones. Speak with one of our life insurance advisor’s today. Their experience and specialization in life insurance will help you get the right policy and coverage to ensure you have the protection you and your family need.

customized life insurance policy

How Much Does Life Insurance Cost?

It depends! Your premiums are based on a number of things, including risk factors that are unique to each person.

Type of Insurance You Choose

Term life insurance is more affordable than whole life insurance.

Your Lifestyle

If you drink alcohol, enjoy risky activities (such as rock climbing), or smoke, your premiums will most likely be higher.

How Much You Buy

A $1,000,000 policy is going to cost more than a $250,000 policy.

Family Medical History

If medical conditions such as cancer and diabetes run in your family, this could increase your premium.

Your Age, Health, and Gender

The younger and healthier you are, the less it will cost. Also, men typically pay more than women.

How To Buy Life Insurance?

In most cases, you will need to provide information about your lifestyle, health, age, and personal and family medical history. It is important to answer all the questions in your application truthfully and accurately. If you give incomplete or incorrect information, the insurance company can deny you, adjust your benefits, or void your coverage.

Once you send in your application, an insurer will evaluate the level of risk they are taking by insuring you. It can be very involved, or it can be minimal depending on your situation. Call us today at (902) 466-5328 to start your application.

Life & Group Coverage Options:

  • Annuities
  • Business Overhead Expense
  • Business Succession
  • Buy/Sell Agreements
  • Critical Illness
  • Disability
  • Employee Benefits
  • Group Benefits and Savings
  • Health and Dental
  • Investments and Retirement Planning
  • Key Person
  • Long Term Care
  • Mortgage Insurance
  • Pension Plans
  • RESP
  • Segregated
  • Tax and Estate Planning
  • TFSA (Tax free Savings Account)
  • Travel

FAQ's

Life insurance covers most causes of death. Illness, suicide after the contestability period, most accidents, and death by natural causes are all covered by life insurance.

Many insurers have exclusions on their policies. A life insurance company may withhold a death benefit if:

  • You commit life insurance fraud.
  • Participate in dangerous activities regularly.
  • Your beneficiary murders you.
  • You commit suicide within the contestability period.

Life insurance is important because it protects your family by leaving them a non-taxable amount of money when you pass away. It can be used to cover your mortgage and personal loans, as well as replace your income so your family can maintain their quality of life.

Buying life insurance for the first time is a big decision. Take advantage of online resources to gain a better understanding of life insurance and the options available to you. Think about the type of life insurance you may be interested in getting. Your insurance is only as good as the company behind it, that is why it is important to speak with an advisor who is able to provide you support and find you coverage that is right for you and your family.

You can withdraw money from the policy on a tax-free basis, but only up to the amount you have already paid in premiums. Anything more typically is taxable.

For the most part, life insurance in Canada is considered non-taxable. Your beneficiaries will be able to collect the full death benefit, which means they will not need to pay income tax on the amount they receive when you pass away.