FAMILY life insurance
Protect your family with life insurance
From income replacement to mortgage coverage, protect your family's financial future with:
- Coverage for life's important milestones (learn more)
- Big savings on mortgage protection (Jose and Heather saved 35% - here’s how)1
- An investment component that grows with your child (learn more)
- Gain exclusive access to Serenia Life member benefits (browse benefits
- Save up to 25% on first-year payments with Serenia Life (learn more)
Life insurance for all ages and stages of life
Parents and Young Adults
(up to age 80)
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Children & Teenagers
Grandkids
Life Insurance Vs. Health Insurance – What’s the Difference?
As a life insurance organization, Serenia Life has been helping protect the financial futures of Canadian families for nearly 100 years. Products like Term Life, Whole Life, and Term to 100 help everyday Canadians navigate the financial challenges after a loved one dies. At this time, Serenia Life does not offer health insurance. Review the information below to better understand the difference.
Life Insurance
- Pays out a pre-determined lump sum after you die
- Money goes to designated loved ones/family members
- Helps your loved ones financially by covering expenses when you pass away (e.g., debt, mortgage payments, funeral expenses)
Health & Dental Insurance
- Pays out as needed while you’re alive
- Money goes to your medical provider directly or, if you’ve already paid, to you as a reimbursement
- Helps with the cost of health expenses not paid for by the government by covering medical costs (e.g., prescriptions, dental, or vision)
Serenia Life specializes in life insurance products and does not offer health insurance. For health insurance options, please consult a licensed health insurance provider.
Using life insurance to protect your family during life’s most important milestones
| Milestone | Reason to Consider Life Insurance | Policy Type(s) |
|---|---|---|
| New Marriage or Common-Law Partnership | In a dual-income household, it’s important to provide your partner with financial resources to help cover the mortgage and maintain their standard of living in the event of your unexpected death. |
Whole Life Insurance or
|
| Buying a New Home | Buying a new home is exciting. Mortgage payments? Not so much. Making sure you or your spouse can pay off the outstanding balance while leaving any remaining funds to your loved ones can help financial well-being during an emotionally challenging time. | Term 20 or 30 Life Insurance
|
| Having a Baby | Giving your child the best start to life is any parent's goal. Purchasing life insurance while they are young guarantees coverage throughout their lifetime, despite any health conditions as they age. Plus, payments stop after 20 years - but coverage lasts for life. Babies under 1 can receive a $100 baby bonus through our Bundles of Joy benefit. | 20-Pay Whole Life
|
| Refinancing a Mortgage | Refinancing a mortgage may terminate your mortgage life insurance through the bank.2 Having a term life insurance policy gives you the flexibility to change lending providers and take that coverage with you. | Term 20 or 30 Life Insurance
|
| Paying for a Child's Education | Participating whole life policies can grow over time, allowing you to access the cash value later in life.3 Serenia Life members pursuing a college diploma or university degree can also apply for a $1,000 post-secondary scholarship through our member benefits. | 20-Pay Whole Life
|
| Estate Planning | Help replace lost income, offset taxes, pay for funeral costs, or leave money to charity. Serenia Life members gain access to a free online will and power of attorney through Willful®. |
Term Life Insurance or
|
| Wealth Transfer to Grandchildren | Purchasing life insurance for a grandchild helps you move money out of your investment portfolio and pass it along, tax free, to the next generation.4 Your grandchildren will have access to the cash value later in life, to help pay for a new car, a wedding, or even a down payment on a home! | 20-Pay Whole Life
|
UP TO $500 IN SAVINGS!
Save on all first-year life insurance policies with Serenia Life.
See our terms and conditions below. 5
Mortgage Insurance
Jose and Heather
Jose and Heather have purchased a home in Ontario. They want to make sure their growing family is protected against future mortgage payments if one of them were to pass away unexpectedly before the mortgage is paid off.
Overview
- Jose and Heather have a 25-year, fixed-rate mortgage for $750,000 through their bank. The mortgage is paid monthly.
- They each want to ensure that the other is not left with a mortgage if something were to happen to them.
- As parents, they also want to avoid uprooting their children in the event they cannot make payments due to loss of income.
Solution
- Term 30 Life Insurance for $750,000
- Total Monthly Premiums: $125.78¹
Jose and Heather saved 35% ($68.62) monthly by choosing a term 30 life insurance policy instead of purchasing mortgage life insurance through their bank.¹ This decision also means their children would benefit from the policy if they passed away unexpectedly.
Child Insurance
Susan is looking for permanent life insurance, with an investment component, for her 6-month-old son, Lemar.
Overview
- Susan has a maximum budget of $100/month.
- She is looking for a policy that will grow with her son.
- She wants a policy with no payments required when her son is an adult.
- She wants to ensure that her son's insurance continues even if she passes away.
Solution
- 20-Pay Whole Life policy for $50,000
- Paid-up Additions Dividend Option6
- Owner Waiver Premium Death and Disability Benefit7
Total Monthly Payments: $61.38
(This premium includes the Owner Waiver Death and Disability Benefit for a female, age 35)
1 Illustration only, as of December 2024. Age 32 based on female regular rates, and on $750,000 initial life insurance coverage. Monthly premium $53.78 payable for the 30 year term. Age 32 based on male regular rates, and on $750,000 initial life insurance coverage. Monthly premium $72.00 payable for the 30 year term. All numbers in Canadian dollars.
The difference was calculated using RBC's mortgage calculator as of February 2024. Mortgage was amortized over 25 years, paid monthly, fixed-rate of 5.59% for a 5-year term. Mortgage life insurance was added for two people in Ontario based on the oldest age of the borrower at 31-36 years old.
| RBC Mortgage Life Insurance | Term 30 Life Insurance | |
|---|---|---|
| Mortgage Amount | $750,000 | $750,000 |
| Province | Ontario | Ontario |
| Age | Based on the age of the oldest borrower between 31-36 years old. | Based on the age of each individual. |
| Total Monthly Cost | $194.40 | $125.78 |
| Total Savings | $68.62 per month |
2 Refinancing or making changes to your mortgage may or may not result in a loss of coverage. It depends on who you are refinancing the mortgage with. It is best to check with your lender for details.
3 Cash values are accessible via a withdrawal, policy loan or surrender. These may be subject to taxation and a tax slip may be issued. Accessing the cash value of the policy will reduce the available cash surrender value and death benefit.
4 According to the rules in subsection 148(8) of the Income Tax Act, the transfer of ownership can be tax free to a child or grandchild as long as there was no consideration paid on the transfer. The proceeds of the disposition for the transfer are deemed equal to the policy’s adjusted costs basis (ACB), resulting in no income tax payable by the policy owner when the transfer is made.
5 All life insurance policies purchased will receive 25% off their first-year premium, up to $500. Clients paying monthly will have premiums waived for the first 3 months or up to $500, whichever comes first. Clients paying quarterly will have their first premium payment waived or reduced by $500, whichever comes first. Clients paying annually will have their first payment reduced by 25% or $500, whichever comes first. Once a written case is issued and qualifies for a first-year premium reduction, it will not be eligible to qualify again. ADO premium is not covered by the campaign. Clients will be billed for this portion right from date of issue. If a Temporary Insurance Agreement is chosen, it will not be impacted by this campaign and will remain intact.
6 Dividends are not guaranteed and are paid based on the overall experience of Serenia Life Financial, considering all the risk factors. Dividends may be subject to taxation. Dividends will vary based on the actual investment returns in the participating account as well as mortality, expenses, taxes, lapses, withdrawals, and other experience of the participating block of policies. They have the potential to increase the value of your policy above the guaranteed amount, depending on the dividend option selected.
7 This optional benefit is available if you're purchasing life insurance for your child. This benefit ensures your child's life insurance coverage remains in the event of your death, or if you become totally disabled, for a period of at least 6 consecutive months.
8 PMG Intelligence “Member Satisfaction Research 2023.” Conducted September 2023 on behalf of Serenia Life Financial
9 For more details, please contact us through Member Services at 1-800-563-6237 or at 300-470 Weber Street North, Waterloo, ON N2L 6J2. You may view our Privacy Policy online at serenialife.ca/privacy-policy/.
* Illustration only, as of March 2025. Age 30 based on female regular rates, and on $750,000 Term 20 life insurance coverage. Monthly premium $29.48 payable for 20 years. Age 30 based on male regular rates, and on $750,000 Term 20 life insurance coverage. Monthly premium $42.30 payable for 20 years. All numbers in Canadian dollars.
* Illustration only, as of March 2025. Age 30 based on female regular rates, and on $750,000 Term 30 life insurance coverage. Monthly premium $46.35 payable for 20 years. Age 30 based on male regular rates, and on $750,000 Term 30 life insurance coverage. Monthly premium $63.90 payable for 20 years. All numbers in Canadian dollars.
* Illustration only, as of March 2025. Age 30 based on female regular rates, and on $50,000 whole life insurance coverage. Monthly premium $66.15 payable for 40 years. Age 30 based on male regular rates, and on $50,000 whole life insurance coverage. Monthly premium $71.55 payable for 40 years. All numbers in Canadian dollars.
* Illustration only, as of March 2025. Age 30 based on female regular rates, and on $100,000 whole life insurance coverage. Monthly premium $118.80 payable for 40 years. Age 30 based on male regular rates, and on $750,000 whole life insurance coverage. Monthly premium $127.80 payable for 40 years. All numbers in Canadian dollars.
