Individual Products

Personal Life Insurance:

There are many reasons why people choose to buy life insurance protection. It is extremely important to have adequate coverage based on your own individual needs and desires. One of the most common reasons to purchase life insurance is to provide tax-free dollars to your loved ones. There are other financially important reasons for buying life insurance such as corporate needs. In a business situation life insurance proceeds can be used to buy out a partner or to help bring in a "key" individual to continue and run/operate the company.

It is important that your insurance consultant (broker) be extremely knowledgeable about today's market and the different programs that are available.

Life insurance can be used for:

Personal

  • Ongoing Family Income
  • Bequest to your favourite charity
  • Starter financial plan for your child
  • Mortgage protection
  • Offsetting capital gains at death
  • Tax shelter retirement income

Term Insurance:

Designed to meet your short-term needs. Our Brokers will shop the insurance market for the most competitive and affordable term insurance products. These products will address your individual short-term goals while offering you the flexibility to expand your coverage as your needs change. Term Insurance is less expensive when you first purchase the plan, and becomes much more costly as the years go by. Term insurance is generally purchased for a short term need such as a 20-year mortgage, or in a partnership buy-out situation. This type of policy normally terminates prior to the insured passing away.

Click here for the BMO Insurance Term Life application. Please complete the interactive PDF and email to tamara@linkins.ca or fax to 905-886-8697.

Whole Life Insurance:

Provides guaranteed level premiums and guaranteed insurance coverage for life. There is a guaranteed cash value as well as paid up features. The level premium is higher than initial term insurance premiums, but this higher premium contributes towards a significant tax-deferred savings component.

Universal Life Insurance:

A permanent insurance plan with a possible investment component at the end. Universal Life Insurance coverage meets your life insurance needs, while providing you with the potential for tax-free growth. There is a separate identifiable savings component. However the funds are not guaranteed and are based on several investment options and varying rates of return.

Mortgage Insurance:

If you own your own home, the chances are that you have a mortgage with a leading financial institution and have insured the balance of the mortgage against your death and possibly that of your spouse as well.

Most homeowners assume that this is the best way to insure their mortgage. In most cases, this is simply not the case.

Consider the following facts:

  • Bank mortgage coverage decreases as you pay off your mortgage while the premium remains constant. This represents a creeping increase in the cost.
  • Bank mortgages are often renegotiated. Often better deals are found with lenders other than the original one. When this happens, a new mortgage insurance must be purchased at an older age and with fresh insurability requirements.
  • Bank coverage is not transferable nor convertible to a more permanent insurance should the need arise.
  • Bank coverage makes the bank your beneficiary, not your spouse or estate. This removes the bankruptcy protection provided under normal life insurance.
  • We can add Critical Illness coverage to protect your home investment in the event of you or your spouse suffering a catastrophic illness.
  • Our team uses a computerized rate tracking program to ensure that you benefit from the lowest available rate in the Canadian market.

Bank Mortgage Insurance vs. Life Insurance:

Complete Mortgage Protection - Lenders' Mortgage Insurance vs Term Life Insurance

BenefitsBank InsuranceLife Insurance
Who sells the policy? Sold by lending institution.
(unlicensed representative)
Sold by licensed experts.
Who owns the policy? The bank owns the policy Insured owns the policy.
Who is the beneficiary? The lender is always the beneficiary. Upon death, the money is used exclusively to pay off the balance of the mortgage. Client can name a beneficiary who will have the option of repaying the mortgage or using the funds for a different need.
What happens as you pay off the mortgage? Fixed premiums for declining coverage. Fixed premiums for level coverage (pay for what you get).
What if you incur financial difficulties? Coverage will automatically terminate if the mortgage is in arrears. Policy will not lapse if mortgage is in arrears.
Will coverage continue to the surviving spouse? Coverage is paid on the first death, not both; coverage can not be continued for survivor Spouses may own individual policies; upon the first death, coverage on surviving spouse continues.
What about disability protection? Disability protection is rarely available. Disability protection is available.
What happens if you sell? Coverage will terminate upon cancellation of the mortgage. Coverage is fully portable, and can continue as long as the client wishes.
Who has control of policy? The client has no control over the policy. The client controls all the policy options.
Is coverage transferable? Cancelled after mortgage is paid off or transferred Continues regardless of which lending institution you deal with.
Are there limits? The face amount of the policy cannot exceed the exact amount of the mortgage, maximum of $250,000. Client may purchase any amount of coverage.
Who services the policy? Serviced by the lender. Serviced by personal licensed insurance expert.

Contact a Link Insurance representative to learn more

Referral Fee Program available to Mortgage Brokers and Real Estate Agents. Please email Tamara Adamson for further details.