Whole Life Insurance - Goose & Assumption Life

Built for longer term thinkers. 

What is Whole Life insurance, and why do I need it?

If you want to leave a legacy and guarantee your loved ones financial well being, then you might want to consider whole life insurance. Whole life insurance is a type of life insurance that provides lifelong coverage and builds cash values over time. The policy pays a guaranteed, tax-free death benefit to your beneficiaries, which can be used to cover final expenses, pay off debts, or provide financial support for your family. Due to its permanent coverage and cash value growth, whole life insurance is an excellent way to secure your financial future and leave a lasting legacy for the people you love.

How much Whole life insurance coverage do I need?

The amount of coverage you need depends on various factors such as your current financial situation, outstanding debts, future expenses, and the number of dependents. A good rule of thumb is to aim for a total coverage amount that is at least 10 times your annual income. In some cases, purchasing both Whole Life and Term Life policies can be a smart way to ensure financial security while keeping monthly premiums more affordable.

What types of life insurance are available, and which is right for me?

There are two main types of life insurance: term life and whole life. Term life provides temporary coverage for a specific term (e.g., 10, 20, or 30 years) and is more affordable, but it offers the same amount of protection during that term. Whole life, on the other hand, is a more expensive option, but it provides guaranteed, lifelong coverage and builds cash value over time. Deciding which is right for you depends on your individual needs and budget. Neither term life insurance nor whole life coverage on the Goose app requires a blood test, agent assistance, or any other complex process.

Who underwrites this insurance?

Can I change my Whole life insurance coverage over time?

With Goose Insurance, if you purchase a life insurance policy, you have 10 days to cancel or make any necessary changes. Once the policy is in effect, you can only reduce the coverage amount. If you wish to increase your coverage, you can apply for an additional Whole Life policy, provided you meet the eligibility criteria at the time of application. You can contact one of our licensed agents, who are direct employees of Goose Insurance, to discuss your needs. Email us at support@gooseinsurance.com or chat with us directly through the Goose Insurance app.

How are life insurance premiums determined?

Generally, life insurance premiums are influenced by factors such as your age, health, lifestyle, coverage amount, and type of policy. The younger and healthier you are when you purchase a policy, the lower your premiums will be. It's advisable to lock in a policy early to secure more favourable rates. With the Goose Insurance app, you can purchase term and whole life policies instantly. 

What is a beneficiary, and how do I choose one?

A beneficiary is the person or entity who receives the death benefit if you pass away. You can choose one or multiple beneficiaries, and they can be family members, friends, or even charitable organizations. It's crucial to regularly review and update your beneficiaries to reflect any changes in your life circumstances. In some provinces, your beneficiaries may be deemed irrevocable; it is always a good idea to inquire about provincial laws pertaining to beneficiaries. 

• It's not advisable to designate minor children as beneficiaries, though it can be done. In Canada, a minor cannot legally receive the death benefit from a life insurance policy until they reach the age of majority. So, if you pass away before your minor beneficiary legally becomes an adult, a legal representative or trustee will have to be appointed to safeguard the funds (and it may not always end up being someone you would want in charge of those funds!). A surviving parent is not always automatically appointed as a trustee but have to apply to the court. You may want to seek legal advice if you want to set up a trust and go this route.

Is there a waiting period before my Whole life insurance coverage takes effect?

In most cases, life insurance coverage takes effect immediately upon approval and payment of the first premium. It is also very common to have a waiting period for certain causes of death such as suicide or pre-existing medical conditions. It's essential to carefully review the terms of your policy, as certain situations or policy types may have specific exclusions. You can contact one of our licensed agents, who are direct employees of Goose Insurance to discuss.

Where do I see coverage details and exclusions?

Please refer to the policy wordings for the full list of benefits, exclusions, and limitations. You can also contact our licensed agents at support@gooseinsurance.com if you have any additional questions.