How well do you understand life insurance?

What is life insurance?

Life insurance pays a tax free benefit to a named beneficiary upon the death of an insured member.



Why do I need life insurance?

The primary purpose of life insurance is to provide you with peace of mind by protecting your family’s financial security upon your death. The death benefit may be used to pay for such costs as your funeral, your mortgage and other outstanding loan payments, child care costs, your children’s post-secondary education, and day-to-day living expenses like groceries, utilities, clothing, and home and automobile maintenance.

What should I consider when purchasing life insurance?

  • What amount of insurance benefits do you need?
  • How long do you require this protection?
  • What can you afford – today and into your retirement?
  • Does this fit with your lifestyle planning?
How much life insurance do I need?

Determining the amount of life insurance you need takes into consideration many different variables. Please visit OTIP’s Web site at www.otip.com and use our life insurance calculator to determine your specific life insurance needs. The calculator takes into consideration your current assets, expenses and income, as well as the expected rate of inflation and your expected return on investments to calculate how much life insurance you need.

How can OTIP help me?

OTIP offers several term life insurance plans. Please visit our Web site or call one of our licensed life and living benefits sales representatives at 1-800-267-6847 to see how we can help you find the best life insurance plan to fit your needs.