Our newest member, Daniel from Sun Life, gave us an overview of his background and the 2 main types of personal insurance.

Formerly a teacher in public school and in music, Daniel moved careers to accommodate his childrens' athletic endeavours. Insurance gave Daniel the flexibility to balance work and family, and the work he does gives him a direct relationship with other families.
Sun Life is older than Canada, over 160 years old! Popular for group benefits, nearly 1 in 5 Canadians has Sun Life as a provider. That size and history has made them a top 40 global investment firm.

Term life insurance covers events defined by a time. For example, a 20 year mortgage might dictate a 20 year term life insurance. If you have children who might leave by age 20, a 20 year life insurance package would cover that term. 
On the other hand, permanent insurance is cheaper the younger you are. You pick an amount that you feel will cover your needs. It bypasses all estates - your loved ones just contact Daniel and receive a tax-free lump sum that will provide support during delays of things like probate. Critical illness insurance is also a lump sum tax-free amount that helps you get through that difficult time. Best to have coverage for at least 1 year of your income. They even have a kids policy for $66/mo that covers kids from age 0-12. For incorporated business owners, you can get a shared ownership package where the business owns the insurance while you own the return of premium portion. If you don't make a claim after 15 years, you can cancel the policy and get a full refund personally for the policy paid for by the corporation, tax-free!