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Everything you need to know to buy Life Insurance
This guide has everything you need to understand and assess your life insurance needs then find a life insurance quote. This guide will help you get started with term life insurance and most whole life insurance quotes. No personal details required to run your own comparative term life and whole life insurance quote.
Understanding what life insurance is and how it works is an important step in your personal life insurance shopping and buying process. Scan through the links below The "really long and boring life insurance guide" and "How does life insurance work explained in 60 seconds"
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What are the main types of life insurance?
Most comparative online life insurance shopping websites recommend term life insurance. When your deciding what type of policy choose a policy that suits your needs, budget and circumstances. There are 4 main types of life insurance: term life, term 100, whole life and universal life. Each type of policy has different coverages, duration, benefits and monthly premium costs
Four main types of life insurance to consider
Many of the comparison websites and brokers recommend a fully underwritten cheap term life insurance policy. The reality is that many people have insurability challenges due to previous or ongoing health issues. Then, you were refused simple term life because you don't qualify for that affordable 10 year term life insurance policy. Its our duty of care as licensed professionals to you as prospective clients to share all of the options that are available. So that you can decide for your self.
Term Life
Term life provides temporary death benefit coverage for limited period of time. Lower premium costs make term life more affordable for all of us. There is a saying buy term and save and invest the difference in a TFSA. If your on a tight budget buy term 10, term 20 or term 30 with no riders, no extras from one of the reputable major life insurance companies
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Term 100
Term 100 life insurance provides permanent coverage until you are 100 or pass away before the term is completed. Term 100 costs 2 to 3 times more than regular term life. Term 100 costs less than whole life insurance. Try our free online insurance quote to help you get the cheapest rate in Ontario
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Whole Life
Provides permanent coverage until you are 100 years of age. With an accumulating cash value dividend of 5% to 6%. Cash value offers more options for either buying more life insurance increasing your coverage amounts or accumulating cash and taking out tax free policy loans. Is generally the most expensive but offers more tax free cash back opportunities And, flexible options to build a custom policy.
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Universal Life
Universal life insurance provides permanent life insurance with a side investment account to age 100 that allows you to choose and manage your own investments in a tax free policy contract. Costs more than most other forms of life insurance and offers the ultimate FLEXIBILITY out of all the various forms of life insurance cs.
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3 policy options when applying for life insurance
If you were previously refused life insurance and or have health challenges you should take a look at the following three types of life insurance. Decide which type of life insurance you would like to apply for? Are you having difficulty buying insurance? Will you qualify for term life insurance? Do you want to avoid a medical? OR are you healthy and ok having a full medical, doctors file and underwritten policy?
The three types of policies are: are a fully underwritten policy, a simplified issue policy and a guaranteed acceptance life insurance policy
Underwritten Policy
Underwritten Policy: Always requires a nurses visit, medical exam with vitals that include blood pressure, height, weight, blood and urine samples. And a full report and health file from your doctor. Most applications are web-based using electronic signatures. Policies are issued electronically. If there are no medical issues flagged during underwriting then these are usually the lowest cost policies. Full underwriting and medicals for life insurance policy applications will minimize your costs
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Simplified Issue Policy
Simplified Issue Policy: Short applications asks a few pages of medical questions. No medical requirements depends on your age and health at the time of application If you have no health issues and are a non smoker the policy will be approved then issued over the web. Costs more than an underwritten policy. Most life insurance customers purchase typical policy amounts in the $200,000 or $500,000 range using the simplified application and policy issue process. Simplified issue policies are available up to $750,000
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Guaranteed Acceptance life insurance
No Medical - Guaranteed Issue Policy: Short application's with minimal questions. Only 15 companies offer these. Policies offer lower coverage and higher premiums. Most policies issued are in the $10,000 to $15,000 and will go up to the $50,000 coverage. If you apply when your 50 you can get up to $50,000 in coverage. If your older than 50 you can get up to $25,000 coverage
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Benefits of life insurance explained
Financial protection that replaces lost income and ensure your loved ones can maintain their lifestyle, pay off debts such as mortgages, loans, and credit card balances, and cover everyday expenses.
You'll have a peace of mind knowing your family will be taken care of
Protect your insurability by purchasing life insurance at a younger age to lock in coverage and premiums, safeguarding future insurability even if health conditions change
Provide liquidity to pay estate tax avoiding the need to sell assets quickly
Whole life or universal life, both build and provide access to cash value, a source of additional savings over time.
You can leave a significant charitable donation to a cause or organization that you care about
Fund your children's education, or help payoff a student loan
Pay for final expenses coverage, funeral costs, medical bills and lawyers fees
Estate Planning to provide additional money to cover probate fees, estate taxes and protect tax free wealth to pass on to your heirs
Equalize inheritance to ensure that all heirs receive a fair and equal inheritance, particularly if certain assets are difficult to divide equally
Death benefit payouts provide tax free benefits
Whole life or universal life, both build and provide access to cash value, a source of additional savings over time.
Most whole life (participating life) insurance policies pay dividends to policyholders based on the insurance company's financial performance.
You can leave a significant charitable donation to a cause or organization that you care about
Life insurance policies such as annuities, provide a source of additional retirement income
Life insurance can provide income replacement for a non-working spouse who may not have individual income but contributes to the family's well-being