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Life Insurance explained in under 60 seconds

Life insurance provides a cash safety net that ensures your family's well-being and financial stability, when you're no longer there to provide for them. Life insurance provides money during times when it’s needed the most.

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Agile Financial Services | Life Insurance Quote Canada
Agile Financial Services | Life Insurance Quote Canada
Agile Financial Services | Life Insurance Quote Canada
Agile Financial Services | Life Insurance Quote Canada
Agile Financial Services | Life Insurance Quote Canada
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What is Life Insurance ?

Life insurance provides a cost efficient financial life boat to keep your family afloat when your no longer there.

  • Life insurance works by creating a legal contract between you the policy owner and your insurance company. In exchange for paying regular monthly or annual premiums, your insurance company agrees to provide a tax-exempt lump sum payout known as the death benefit, to your beneficiaries.

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How does life insurance work?

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$287.00

How much does Life Insurance cost?

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Depending on the coverage amount your age gender and health profile life insurance costs start at $9.99 per month going up to  $1000's per month. Most people pay between $9.99 per month to $249.00 per month.

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We will ask you to sign these three documents, give you a copy and keep a copy on file

The size of the death benefit depends on the amount of life insurance coverage you purchase. Higher amounts cost more. Death benefits (coverage amounts) range from as low as $10,000 to many millions of dollars.

Is it worth buying life insurance?

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Yes, in general its worth buying some form of life insurance. Deciding whether to buy life insurance depends on your individual circumstances, financial goals, the needs of your loved ones and your budget.

  • The size of the death benefit depends on the amount of life insurance coverage you purchase. Higher amounts cost more. Death benefits (coverage amounts) range from as low as $10,000 to many millions of dollars. 

  • Life insurance (firm) quotes are based on your policy illustration and application at the time you buy a life insurance policy.

  • All life insurance policy premium costs are determined by your current health, sex, height, weight, age, and family medical history.

  • Each beneficiary named on your insurance policy receives either a specific dollar amount OR percentage allocation of the death benefit

How much does Life Insurance cost?

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Depending on the coverage amount your age gender and health profile life insurance costs start at $9.99 per month going up to  $1000's per month. Most people pay between $9.99 per month to $249.00 per month.

Calculate how much life insurance you need?

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How to calculate how much life insurance coverage you need:

Calculate your current and anticipated debts (loans, credit cards and final funeral expenses)

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Plan for future income for a number of years (7 yo 10 years x your current annual income)

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Amount owed on your mortgage

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Consider insuring your current debts as a minimum. If your budget allows then include additional coverage for future debts and income replacement​

Insure future education costs (estimate of $100,000 per child)

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How much life insurance should I get?

You should only get the amount of life insurance that you need. You can easily save 30% by buying the most basic of term life insurance coverage. Generally speaking most younger Canadian families opt for $400,000 to $1,500,000 term  life insurance for term 10 term 20 or term 30 coverage.

10 tips - How to save money buying life insurance?

Term life insurance is cheaper than permanent life insurance. Read term life insurance vs whole life insurance? Which is better?

Buy life insurance as soon as you can afford to. Buy when you are  younger or when you need the protection offered by life insurance

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$287.00

How much does Life Insurance cost?

Depending on the coverage amount your age gender and health profile life insurance costs start at $9.99 per month going up to  $1000's per month. Most people pay between $9.99 per month to $249.00 per month.

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If you add lots of riders you can in some cases double your premiums. Its pays to understand these and the pro's and cons so you can make an informed decision

Height and weight effect your premiums. If you are very overweight you can pay as much as 250% to 500% higher premiums

Use our free life insurance quote platform that requires no broker or online comparison website input or personal details until you are ready to make a decision about applying for a policy

Always buy a fully underwritten policy with full medical and medical file from your doctor if you are healthy

Non-smokers always save 250% on their premiums. Smokers rates are 250% higher than non-smokers Your driving records can also double your premiums if you have accidents and speeding tickets

If any broker, magazine  or online comparison web site tells you to purchase only 1 type of life insurance take it with a grain of salt. There is no one size fits all when it comes to life insurance

Make sure you fully disclose everything about your current state of health. If you lie or forget to add key information on your life insurance application your claim may be declined

Most of the online comparison platforms also sell home and auto insurance, mortgages and investments recommend not working with life insurance brokers who only sell life insurance

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After you know how to navigate the life insurance product universe you'll be ready to shop for an agent to help you purchase a life insurance policy ​

After deciding how much life insurance you want to purchase then its time to go shopping?

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Use the completely free and open life insurance quote platform we've made available for your use. Most of the online life insurance websites ask for a lot of personal information including contact information.

 

The open life insurance quote engine will provide you with over 40 different types of base policies. From which you can decide the lowest cost , cheapest life insurance policy online.. The secret to buying life insurance is to obtain quotes from all the life insurance companies using an online life insurance quote platform. This allows you have a good basis for comparison. ​

 

How and where to get started when shopping for life insurance may seem a little daunting at first. Take a few  minutes to scan the detailed guides on life insurance, term life insurance and whole life insurance you'll be ready to search the life insurance quoter to compare term policies.

Compliance requirements Its the Law

We are required to:

  • offer you a complimentary life insurance needs analysis to calculate how much life insurance you need

  • disclose all those insurance companies we work with. This includes beneficial relationships where there is additional compensation paid to the sales agents for recommending specific life insurance companies products on a tiered incentive system. This includes complimentary travel sales volume and financial incentives to recommend certain types of products over others

  • provide you with a reason why letter that describes why we recommended a policy to you

We will ask you to sign these three documents, give you a copy and keep a copy on file 

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How to buy life insurance?

  1. Only buy the life insurance that you need

  2. Each life insurance company only sells their own life insurance and investments

  3. Brokers and online comparison platforms provide quotes for most major life insurance companies

  4. Everyone in the industry has to follow the prices set by the life insurance companies

  5. Your financial history and credit score can also add more cost to your premiums

  6. Take the time to understand your options then make your own informed decisions.

  7. Layer your term life policy with different overlapping terms of 10 years, 20 years, or 30 years

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