Life insurance

Peace of mind is healthy at any age.

Taking out life insurance when you're young means more affordable premiums, often for life!

By purchasing life insurance, you do more than provide your peace of mind: you ensure their financial support, safety and well-being.

What is life insurance used for?

Life insurance can help your loved ones deal with a host of immediate and future issues that change from family to family. It could be used to:

  • Repay your debts: student loan, credit cards, mortgage, etc.
  • Pay funeral expenses
  • Ensure a constant income for your surviving spouse to manage day-to-day expenses: groceries, car, etc.

Sogemec Assurances can offer you several types of life insurance, whether individual insurance or through your group insurance. We also offer accident insurance which covers other life challenges, such as the loss of use of a limb, with its impact on your professional future. Whatever your need, we have the personalized solution you are looking for!

You wish to find out more? Ask us for advice.

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Q&A: Term or permanent life insurance

What is term life insurance for?

There are several types of insurance, each with a specific purpose, since we don’t all need the same product. Term insurance, for example, covers you for a fixed period (often 10 to 45 years) and is used to protect an estate against needs that are also temporary, such as paying off a line of credit, taking care of your mortgage, providing financial security for dependent children, etc.

What is permanent life insurance?

Permanent life insurance covers you for life, regardless of your age at the time of death. This is excellent coverage to cover funeral expenses and handle taxes resulting from the sale of a home, an income property or a cottage to enrich your estate.

Is life insurance an investment?

Some life insurance products have dividend and investment options within the policy itself. The costs and options in the contracts can be very different depending on the needs to be met. Consult our advisors for personalized, objective recommendations.

Q&A: How do I choose a beneficiary, what about medical exams...

How do I designate a beneficiary?

When you take out individual, group, or association insurance, you can designate your beneficiary yourself and even designate more than one. The insurer will pay the designated beneficiaries the sum due to them in the event of your death. Life insurance will not be used to settle your estate unless you specifically designate your estate as the beneficiary.

Is the designation irrevocable?

The designation may be revocable or irrevocable. Note that an irrevocable beneficiary must approve any change to the contract, including changing the beneficiary designation.

In Quebec, if you designate your spouse as the beneficiary, this choice automatically becomes irrevocable, unless you indicate it as revocable. Divorce nullifies the designation of an ex-spouse as beneficiary, but not separation. Elsewhere in Canada, the designation of the spouse (by marriage or civil union) as the beneficiary is revocable unless otherwise indicated.

Can I designate a minor?

Designating a minor child as a beneficiary has important legal consequences. A minor child who receives more than $40,000 will have to be taken into guardianship. It may be advisable to define the distribution and use of the funds, as well as the person to manage them, inside the will.

What if I don't designate a beneficiary?

Any designation can be changed along the way, either with your advisor, your insurer or in your will. Otherwise, be aware that the Quebec Civil Code provides for a distribution of the inheritance in the case of a legal succession. See here for more information.

What do I do after a divorce?

Designating an irrevocable beneficiary removes a substantial amount of control over the policy. When an irrevocable beneficiary is designated, their consent is required for future transactions affecting the policy, such as a surrender or a policy loan. In Quebec only, a certified copy of the divorce judgment must be attached to a policy change request if the signature of the ex-spouse (as irrevocable beneficiary) cannot be obtained.

Does the insurer always ask for a medical questionnaire when applying?

This is done on a case-by-case basis. Each insurer will ask you to complete their own documents. You may need to meet with a nurse to complete a medical questionnaire. Depending on the anticipated insurance amount and your age, the insurer may request that this be completed at the beginning. Otherwise, the insurer may require it later depending on the answers to the questionnaire.

Can the insurer ask for my medical file?

Yes, they may also request to see your medical records, in which case they will contact your healthcare professional with your authorization. If documents are requested, you will be notified and the application process will be suspended pending receipt of the requested documents.

Does my state of health have an impact on the premium?

Insurance premiums are often offered at a standard rate. Depending upon your state of health and the information provided on the medical questionnaire, the insurer could grant coverage either with a preferential rate or an additional premium.

Did you know that...

Our team of advisors has access to all the insurance products for residents and physicians offered by RBC, Canada Life, etc. They can guide you in choosing the coverage that best suits your needs.

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"It’s now more than 20 years since the FMRQ reached an agreement with SOGEMEC Assurances for our members to have access to experts well informed about doctors’ financial needs, during residency or in practice. To ensure your financial security, with no obligation on your part, don’t wait until you’ve completed your training before calling on their professionals."

Dr Cédric Lacombe

Dr Cédric Lacombe
Fédération des médecins résidents du Québec

St-Jean-Baptiste holiday
For the St-Jean-Baptiste holiday, we inform you that our offices will be closed on Monday, June 24, 2024.