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Life insurance?
This website is designed to give you the tools you need. To understand everything about life insurance under 60 seconds, a boring detailed life insurance guide, life insurance quotes platform, and how to buy term life insurance. Along with options if you have health challenges.
What is Life Insurance? Life insurance is a legal contract between you and your insurance company, designed to provide financial protection and support to your loved ones in the event of your passing away. In exchange for paying regular monthly or annual premiums, your insurance company agrees to provide a sizeable tax-free lump sum payout, known as the death benefit, to your beneficiaries.
Life insurance and living benefits protects yourself, your family and business against illness, death and taxes
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Three steps to buying life insurance.
Choose a Policy
Pay Premiums
To maintain your policy, you pay regular monthly or annual premiums to the insurance company. The premium amount is based on factors such as your age, gender, health, lifestyle, and the type of coverage amount you've chosen
Death Benefit
In the unfortunate event of your passing while the policy is in force, the insurance company pays out the death benefit to the beneficiaries you've designated when you purchased the policy. This payout is a tax-free lump sum cash amount
Life insurane basics
What is term life insurance?
Term life insurance provides cheap temporary coverage, to pay off your debts, replace income during working years, and provide funds to pay for the education of your children.
Term insurance is designed to provide simple affordable financial protection for 10, 20 or 30 years. You can pay the same fixed premiums monthly or annually (also called level premiums). Basic term life insurance with no additional features, riders and benefits is the most cost effective form of life insurance available. Term life has no cash accumulation value.
Term life insurance is the most affordable type of life insurance.
What is permanent life insurance?
Permanent life insurance provides lifelong coverage to age 100, estate planning, providing for final expenses, paying taxes and as an investment and savings tool.
Each type of whole life insurance has its own set of features, benefits, and considerations. Many whole life insurance policies offer both a tax free cash payment (death benefit) to your beneficiaries and a cash value component that accumulates over time. This allows you take money out of the policy or a tax free loan using the policy as collateral.
Permanent life insurance
provides coverage for your lifetime
How to buy life insurance
If your age, gender and health profile are young and healthy buying a fully underwritten term policy is the cheapest. An underwritten policy requires a nurses visit, medical exam, blood and urine samples, and your health file from your doctor. Applications are web-based electronic signature. Policies are issued electronically. Lowest cost policies with easy options up to $2,000,000. With a few health challenges a more expensive simplified issue term life insurance policy with no nurses visit might be the way to go. With health issues a no medical guaranteed issue permanent life insurance up to $50,000 at age 50 is the last option.
Term life insurance is the most affordable type of life insurance.
How much life insurance do I need?
Most family's in todays inflationary economy need a minimum of $500,000 to $1,000,000 term life coverage. You can add disability and critical illness term coverage riders. Many policies include renewal and insurable guarantees so you'll have coverage as long as you need it. Ands can get more coverage if you decide that your want some.
Term life insurance is the most affordable type of life insurance.
How much does life insurance cost?
Depending on your age, sex and health profile you can spend anywhere from $9.99 per month to $99.00 per month. For a few dollars extra per month, ($3.00 to $9.00) you can add benefits to cover you for more than just your life
Term life insurance is the most affordable type of life insurance.
How much does my family get if I die?
Your family will get your policy coverage amount. Most people take a policy for $500,000 to $1,000,000 that will pay out during the term of your term life insurance policy. Or your family could receive significantly more cash if you own a permanent participating whole life policy
Term life insurance is the most affordable type of life insurance.
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Which type of life insurance is more cost effective?Term life insurance is the most cost effective with lower premiums but for a fixed time period.
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What is the most common type of term life insurance?Term life is the most common type of insurance. The benefit payment amount and monthly or annual premium stays the same for the life time of the insurance contract
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How does age affect life insurance rates?Between the ages of 18 to 50 term life premiums are usually affordable. Premiums for men over 50 start to significantly increase in cost
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How does sex affect life insurance rates?For women between the ages of 18 to 50 term life premiums are around 30% cheaper than men's and very affordable. Premiums for men over 50 start to significantly increase in price
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What is the average amount of Life insurance in Canada?Most life insurance claims are in the $200,000 to $300,000 range
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Does Life Insurance cover accidental death?Yes both accidental death and death from natural causes are covered
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Does Life Insurance cover accidental death?Yes both accidental death and death from natural causes are covered
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What happens if you start smoking after your Life Insurance policy is issued?You need to notify the insurance company that you started smoking. They will amend your policy terms and increase your premiums to smokers prices. Then reissue your policy documents or issue an amendment to your current policy
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Do I need Life Insurance if I already have Mortgage Insurance from a bank?Consider purchasing your own term or whole life insurance policy to maintain level lump sum payouts. Mortgage insurance has declining lump sum payouts
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Is 50 too old to get life insurance?No 50 is not too old to get life insurance. If you are in good health you may get preferred premium rates. If you have health issues you can purchase guaranteed issue with no medicals up to $25,000
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Is 55 too old to get life insurance?No 55 is not too old to get life insurance. If you are in good health you may get preferred premium rates. If you have health issues you can purchase guaranteed issue with no medical exam up to $25,000
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What happens at the end of term life insurance?For most term life insurance you'll receive a notice that the policy contract will expire. Prior to that you'll likely get a call from your broker asking if you'd like to extend your coverage under the no medical required renewal guarantees. When the policy ends you have no death coverage
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How to find the best life insurance in Canada?Use a life insurance calculator to complete a life insurance needs analysis to decide how much coverage you need? Decide on how much you can afford? Decide why you want life insurance. Either meet with an insurance broker or use some of the free online life insurance quotes
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What type of life insurance policy should I choose?Term life policies are for temporary needs such as a mortgage, loan or credit card debts. Whole life policies are for funeral expenses, paying capital gains taxes at death, supplement and to support disabled children that require ongoing support. Consider layering life insurance coverage
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