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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
Most of us don't realize that life insurance creates money during times when it’s needed the most. We sometimes look at those monthly premium payments on our bank statements wondering all kinds of things like will the company payout? Is it good value for money? Yes it pays out and is good value for money
What is Life Insurance ?
Life insurance is there when you need it
Life insurance provides a cost efficient financial life boat to keep your family afloat when your no longer there.
Life insurance is a contract that promises to pay your family cash after you die
Life insurance is a savings account that allows you to take a loan or withdraw cash
Life insurance provides a way to manage financial risk in your family or business
Life insurance is like having your own private bank in your time of need
How much does Life Insurance cost?
How does life insurance work?
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How much does $500,000 Life Insurance cost?
Coverage amounts, your age, gender and health profile determine premium costs for a $500,000 20 year term life insurance for a male NS start at $30.15 for ages 21 through 31. For a female NS $500,000 20 year term life costs $20.70 per month
Most people pay between $9.99 per month to $249.00 per month.
Life insurance claims
Most life insurance claims payout in 14 to 30 days
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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 payout a tax-exempt lump sum amount known as the death benefit, to your beneficiaries
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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
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Life insurance (firm) quotes are based on your policy illustration and application at the time you buy a life insurance policy
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All life insurance policy premium costs are determined by your current health, sex, height, weight, smoker or non smoker, age, and family medical history. Life insurance premium costs are set by your life insurance company
How much life insurance should I get?
You should only buy the 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.
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Each beneficiary named on your insurance policy receives either a specific dollar amount OR percentage allocation of the death benefit when you submit a claim
Is it worth buying life insurance?
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.
Consider insuring your current debts as a minimum. If your budget allows then include additional coverage for future debts and income replacement​
Calculate how much life insurance you need?
How to calculate how much life insurance coverage you need include, Debts, Income, Mortgage, and Education:
Calculate your current and anticipated debts (loans, credit cards and final funeral expenses)
Plan for future income for a number of years (7 to 10 years x your current annual income)
Amount owed on your mortgage
Insure future education costs (estimate of $100,000 per child)
How to buy life insurance
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
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. Consider layering your term life policy with overlapping terms of 10 years 20 years or 30 years
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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.
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. Take the time to understand your options then make your own decision
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. Life insurance premiums are set by each insurance company, brokers don't offer discounts
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
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. Your financial history and credit score can add more cost to your premiums.
Most of the online comparison platforms also sell home and auto insurance, mortgages and investments. Is it better to work with life insurance brokers who only sell life insurance?
Shop for no personal details online quotes to get an idea of cost and coverage
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?
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:
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offer you a complimentary life insurance needs analysis to calculate how much life insurance you need
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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
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provide you with a reason why letter that describes why we recommended a policy to you
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We will ask you to sign these three documents, give you a copy and keep a copy on file
