Life Insurance in Ontario

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Whether you’re a young couple, you have a family and dependents, or you are a business owner, a life insurance policy will help others in the event of your death. If an expected or premature death occurs, a life insurance policy will protect your family against any financial burden during that difficult time. Your beneficiaries will receive an amount of money to help pay for death related expenses, debt left behind, business survival and more.

 

How much life insurance do I need?

 

The amount of life insurance needed is different for everyone. The need for life insurance will change throughout life as you do, and is generally triggered by these type of life events:

  • Final expenses – everyone has funeral costs, some have taxes due upon death.
  • Loans / debt – who will pay this debt off if you’re not around?
  • Buying a house – now that you have a mortgage, you need to cover it.
  • Having kids / Getting married – does anyone rely on your income?
  • Estate planning – leaving money to family or a charity.

What type of life insurance do I need?

 

Life insurance falls into two main categories: TERM Insurance and PERMANENT Insurance. Both types of policies pay out tax-free upon death to a beneficiary of their choice.

TERM INSURANCE: 

When you hear term, think “temporary.” Term insurance is used to cover temporary needs such as protecting a mortgage balance, or covering your income while financial dependents remain in your home. Term insurance provides coverage for a period of time usually, 10, 20, 30 years, or to age 65. Premiums are level until the policy renews. Generally, term insurance isn’t carried into the retirement years.

PERMANENT INSURANCE:

Life insurance used to cover permanent needs, such as final expenses, or taxes upon death. Permanent insurance has relatively higher premiums than term insurance, however, the premium for most permanent policies remains level for the life of the policy. There are also options to have premiums for the policy paid up in as little as 10 years.

 

How do I get a life insurance quote?

 

We like to keep things simple. Fill out our quoting tool below to generate your personalized life insurance quote. We only require a few questions to be answered such as coverage needed, name, age, smoking status, email and voila, a customized quote will be delivered. An in-house licensed advisor will call you promptly to ensure you’ve chosen the right amount and type of life insurance coverage, and then assist you in placing the policy with the company of your choice. All rates are based on average health.

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Am I paying too much for life insurance?

 

With so many life insurance companies in the Canadian market, it’s almost impossible to be sure if you’re getting the best rate for the coverage you need. Using our Life Insurance Quote, you know you’re getting the best bang for your buck. With the advice from our in-house advisors, you know you’re getting the right insurance for you!

 

Can I rely on group (work) insurance?

 

Many Canadians are lucky enough to have life insurance coverage through work, but it that really enough? Many people don’t realize this coverage is gone as soon as they change jobs or retire, and the coverage provided may not be sufficient for your situation. Waiting for the golden years to consider life insurance can prove costly.

 

Are all insurance companies the same?

 

Insurance companies are generally the same for typical situations, where they differ is how they look at the health or lifestyle of the person applying for life insurance. Some companies will have better rates for things such as build (height and weight) and lifestyle (recreational pilot). Our in-house advisors help in all these cases to ensure you always get the best life insurance for your needs.

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Do I have to be totally healthy to apply for life insurance?

 

You do not need to be perfectly healthy to apply for life insurance. However, there are health situations where someone would not qualify for life insurance, such as a recent heart attack, stroke, or cancer diagnosis. When a policy is underwritten, it can still be issued on a rated basis, meaning if you have some health concerns, you would have to pay additional premiums than someone of average health. If you have any health concerns, it’s best to contact our in-house advisors directly.

 

I have mortgage life insurance coverage at the bank, isn’t that good enough?

 

Mortgage protection insurance is a very specific type of term insurance that has features some people are not aware of.  It is a decreasing coverage, as you pay down your mortgage, the amount of coverage decreases as well, however, your premiums always remain the same. If you are to die prematurely, the insurance is paid directly to the lending institution (bank), and the health check (underwriting) is done after death, meaning there’s no guarantee the life insurance will pay out. If you have any questions, contact one of our in-house licensed advisors or read our blog Mortgage Insurance vs. Term Life Insurance.

 

The cost of waiting: Could you pay the price for waiting to get life insurance?

 

All life insurance policies are more expensive the older you are when you buy a policy. It is especially prudent to select the appropriate permanent insurance as soon as possible since this is the policy you will have for life.

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