General life insurance FAQs

Life insurance provides a lump-sum payment to your chosen beneficiaries if you pass away while the policy is active. Some policies may also include a terminal illness benefit, which allows you to access the payout early if you’re diagnosed with a terminal illness and meet certain conditions.

It’s designed to help protect you and your loved ones financially, covering things like ongoing living expenses, outstanding debts or funeral costs. Life insurance can offer peace of mind by helping ensure your family is supported when you're no longer around.

Life insurance provides financial support to your loved ones when they need it most. The benefit amount can help your loved ones maintain their lifestyle after you’re gone by covering expenses like household bills, mortgage or rent payments and education fees. In exchange for this protection, you pay regular premiums to keep your policy in place.

Some policies also offer financial support while you’re still living. For example, if your cover includes a terminal illness benefit and your diagnosis meets the requirements, you may be eligible for an advance payout to ease financial pressure during a challenging time.

In most cases, life insurance payouts in Canada aren’t taxable – meaning your beneficiaries typically receive the full amount tax-free. However, if no beneficiary is named, the insurance proceeds will be paid to your estate and subject to probate fees or taxes. This is why it’s strongly recommended you designate a beneficiary.

Refer to the Canada Revenue Agency website for more information on life insurance and taxes. Be sure to seek qualified professional advice about the tax implications of any insurance product, as tax laws may change in the future.

Life insurance can be worth getting if you want to help protect your loved ones financially after you're gone. It can provide peace of mind knowing that your family could cover expenses like household bills, mortgage or rent payments, outstanding debts and other everyday living costs. You may want to take into consideration your age, health, financial responsibilities, and whether others rely on your income to decide whether life insurance may be suitable for you. Even if you don’t have dependants, some people choose life insurance to leave a legacy or to access a terminal illness benefit, which can provide early financial support during a difficult time.

The amount of life insurance you need depends on your personal and financial situation. It’s important to consider your debts, mortgage payments, children or grandchildren’s education costs, and ongoing living expenses for your family. If you don’t have financial dependants, you might only need enough to cover final expenses or leave a small legacy. With FiftyUp Life Insurance, you can choose a coverage amount from $25,000 up to $250,000 (depending on your age). Our Canadian-based licensed insurance advisors can help guide you in choosing the right amount for your needs.

There’s no one right age to get life insurance, it really depends on your life stage and what you want to protect. Many people consider coverage when they take on financial responsibilities or want to make sure loved ones are looked after.

FiftyUp Life Insurance is designed with the needs of those aged 50 and over in mind, giving you peace of mind and protection. It can support everything from medical costs and funeral expenses to leaving a financial gift or helping with retirement planning. With coverage available up to age 80, it’s an accessible and practical option, no matter when you choose to get started.

We’re as optimistic as they come, but unfortunately, life and death are part of the journey. While that’s often not in our control, what we can do is prepare financially, and life insurance can be an important part of that. Life insurance can give your loved ones money they can count on after you pass away, to put towards bills (and dreams) big and small.

Life insurance policies can last for a set period or for your entire life, depending on the policy you choose. With FiftyUp Life Insurance, you may be covered until your 85^th birthday.

Getting coverage is easy. All it takes is a quick call with one of our licensed advisors to answer 8 simple health questions. There are no medical or blood tests required to apply, and you’ll receive guidance to choose the best coverage for your needs, along with an obligation-free quote. Get a quote to start your application today.

With FiftyUp, life insurance policies are not transferable. The person who owns the policy must remain the same throughout its duration. If your needs change or you want to update your coverage or beneficiaries, please get in touch with us and we’re here to help you explore your options.

The monthly or yearly cost of life insurance will depend on the level of coverage you choose, plus other personal factors, such as your age and smoking status. The best way to find out how much coverage will be is to get an obligation-free quote from one of our licensed advisors.

A life insurance premium is the amount you pay to keep your life insurance policy active. It can be paid monthly, annually, or at another agreed interval – depending on your insurance provider. With FiftyUp Life Insurance, you’ll pay a monthly premium to keep your policy active. As long as you keep paying your premiums on time, your policy stays in effect and your beneficiaries remain protected.

Your initial monthly FiftyUp Life Insurance premium will depend on several factors, including your age, health, lifestyle, the type of policy you choose, and how much coverage you want. Your premium may change over time based on your age at each policy anniversary. The best way to know what your premiums will be is to get a quote.

When a policyholder passes away, their beneficiaries can file a claim with the insurer. Once the claim is approved, a tax-free lump sum is paid out. This money can help cover immediate expenses, pay off debts, or provide financial support to loved ones.

To start a claim, beneficiaries will typically need to complete a claim form and supply supporting documents. You can find everything you need to get started on our claims page. The process is usually straightforward and handled with care. If no beneficiary is named, the payout will be made to your estate and will be subject to income tax and probate fees. Naming a beneficiary helps ensure the funds go directly to your loved ones.

Many Canadians with pre-existing conditions can still get life insurance. While having a medical condition may affect your eligibility or increase your premiums, it doesn’t automatically disqualify you. Some insurers offer simplified or guaranteed issue policies that don’t require a medical exam and are designed for people with health concerns. The type and severity of your condition will determine the level of coverage you qualify for and how much it costs.