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Cheap Life Insurance Quotes Canada! We’ve Got ‘Em

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Life Insurance Quotes Canada

Life Insurance Quotes Canada: How to Find the BEST Deals TODAY

If you are looking for life insurance quotes Canada, I want to congratulate you. Doing your homework before you purchase a policy will save you lots of time and money.

Quite frankly, most people don’t do this so you are far ahead of the pack. 

The thing is, the information that’s out there is often convoluted, even misleading. 

Sure, you can find quotes that reflect how much life insurance MAY cost, but their accuracy isn’t great.

So let’s take a deep dive into why I think you should ALWAYS speak to an agent personally before you pick an insurer. 

“Term life insurance can be an important component of a financial or retirement plan,” says Mark Hardy, vice president of direct life & health, TD Insurance. “Most of us fund our financial plans through our income, and term life can help mitigate the downside risk of losing that income entirely if we pass away.”

How term life insurance can support your financial plan

 

You Should Always Speak to an Independent Life Insurance Agent 

One of the biggest purchases you make is life insurance. It’s a long term commitment and you want to make sure you get the best bang for your buck. 

Most people’s research starts with Googling “Life Insurance Quotes Canada” to get a better idea of what to expect. 

While there are a lot of online calculators and gadgets to help you navigate this process – buyers need to beware. 

Although they give you an idea of possible monthly premiums, you have to qualify for the rating used to generate the quote. 

Life Insurance Quotes Canada Policy Architects

So What is a Rating?

Ratings are categories life insurance companies developed to assess a potential clients health and determine their premiums (payments). These categories are based on risk. The healthier you are the better the rating and the cheaper your premiums. 

This is why traditional life insurance requires a questionnaire and a medical exam which provides information about your family history, lifestyle and medical condition. 

The following are typical ratings: 

  1. Standard: Average health (most people fall into this category) 
  2. Preferred: Better than average health 
  3. Preferred Plus: Superior health 
  4. *Rated: If you have serious medical issues they will rate you and premiums could cost between 100% – 200% more 

Standard rates are by far the most common, but if you are super healthy and don’t have a family history of serious illness you may qualify for Preferred or Preferred Plus. 

Unfortunately there are those who are rated, but I want clients to know this isn’t very common. Don’t be afraid of the process because most people are healthier than they think. 

The worst case scenario is denial. Again this is uncommon but it does happen. The good news is, everyone qualifies for guaranteed issue so there are always choices. The downside is that it costs more. 

Cheap Life Insurance Quotes Canada

So at the end of the day most people are looking for CHEAP life insurance quotes in Canada. Let’s be honest NO ONE wants to pay more than they have to. 

I can bang on about the importance of finding the RIGHT company, but unfortunately this falls on deaf ears.  

BUT this is so very important if you want to reduce the cost of your premiums. 

One of the worst things you can do is a little superficial searching and then sign on with the first company that looks appealing. 

The best thing to do is check out all the top insurers and determine which one suits your particular circumstances. 

That sounds great in theory, but in reality that means you have to familiarize yourself with the products of 10 or more insurers, their reputations and underwriting processes.

Underwriters are the people who analyze your questionnaire and the results of your medical exam to determine your rating. Each and every company has a different approach to to medical issues. Some are more lenient than others for specific health conditions, smoking status and height/weight. 

Now that’s a HUGE undertaking. This is why you should always use the services of an independent life insurance agent. We know all the ins and outs and will compare and contrast the top Canadian life insurance companies to find you the best coverage for the lowest cost. 

Here is an Example of What Picking The Wrong Company Looks Like 

RBC

35 Year Old Male Standard Health Class, 20 Year Term $500K of Coverage

$26.64  Per Month

35 Year Old Female Standard Health Class, 20 Year Term $500K of Coverage

$19.40 Per Month 

What If You Pick The WRONG Company? 

IVARI

35 Year Old Male Standard Health Class, 20 Year Term $500K of Coverage

$90.90  Per Month

35 Year Old Female Standard Health Class, 20 Year Term $500K of Coverage

$66.15  Per Month 

Ouch Now You Can See Just How Costly This Choice Can Be 

This is crazy. The difference is HUGE. What if you called an Ivari agent before you spoke to an independent life insurance agent? 

Ivari is an awesome company and for other clients they work a charm. But for these young people looking for 20 year term – they are a bad choice. 

Over the course of their term the male client pays 15422.40 more if they choose Ivari and the female pays $11220 more. 

Ouch! 

So If You Are Looking for CHEAP Life Insurance Quotes Canada Call Us! 

Cheap life insurance quotes are best obtained through independent life insurance agents like those at Policy Architects. 

We have access to all the best insurers in Canada. Which means we can compare their offerings across the board to see which one fits your needs the best. 

This isn’t as easy as it seems on the face of it.

Each client has very specific circumstances that impact their choice. If you want comprehensive and affordable coverage we need to know what products appeal to you, your financial circumstances, goals and medical condition.

These nuances are the key to purchasing the best policy for the least amount of money. Give us a call today so we can help. 

James Heidebrecht Life Insurance Quotes Canada

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1 comment

Can Cops Get Life Insurance and If So Are They High Risk? July 7, 2020 at 1:03 am

[…] Another issue to consider is longevity. Will you be in the police force forever? If not portability should be considered. This is another reason to consider purchasing coverage independently. Not to mention, buying an individual life insurance policy as an alternative to topping up your existing Police group coverage is almost always cheaper (see example above).  […]

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