Fact CheckedIf you are looking for life insurance quotes Canada, I want to congratulate you. Doing your homework before purchasing a policy can save you time and money.
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.
You can find quotes that reflect how much life insurance MAY cost, but their accuracy isn’t great.
So, let’s examine why you should ALWAYS speak to an agent personally before picking 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.”
It’s best if you always speak to an independent life Insurance agent
One of the most significant purchases you make is life insurance. It’s a long-term commitment, and you want to get the best bang for your buck.
Most people start their research by Googling “Life Insurance Quotes Canada” to understand better what to expect.
While many online calculators and gadgets help you navigate this process, buyers need to beware.
Although they give you an idea of possible monthly premiums, you must qualify for the rating used to generate the quote.
So, What is a Rating?
Ratings are categories of life insurance companies developed to assess a potential client’s health to 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 provide information about your family history, lifestyle, and medical condition.
The following are typical ratings:
- Standard: Average health (most people fall into this category)
- Preferred: Better than average health
- Preferred Plus: Superior health
- *Rated: If you have serious medical issues, they will rate you, and premiums could cost between 100% – 200% more
Standard rates are 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, some people are rated, but I want clients to know this isn’t very common. Don’t fear 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, 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 go on about finding the right company, but unfortunately, this advice falls on deaf ears.
But this is very important if you want to reduce the cost of your premiums.
One of the worst things you can do is do a little superficial searching and sign on with the best-known company.
Always compare all the top insurers to determine which suits your particular circumstances best.
That sounds great in theory, but you need to familiarize yourself with the products of 10 or more insurers, their reputations, and their underwriting processes.
Underwriters are the people who analyze your questionnaire and the results of your medical exam to determine your rating. Each company takes a different approach to medical issues. Some are more lenient than others regarding specific health conditions, smoking status, and height/weight.
It’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 compare and contrast the top Canadian life insurance companies to find the best coverage for the lowest cost.
Picking the Wrong Life Insurance Company Is Costly
The difference can be MASSIVE. What if you contacted an Ivari agent before speaking to an independent life insurance agent?
For example, Ivari is a great company and serves some clients well. However, it may not be the best option for young people seeking 20-year term life insurance. Choosing Ivari under the wrong circumstances could lead to clients paying over $10,000 more over the insurance term.
Ouch!
So, If You Are Looking for CHEAP Life Insurance Quotes Canada, Call Policy Architects
Cheap life insurance quotes are best obtained through independent life insurance agents like Policy Architects.
We have access to all the top insurers in Canada, so we can compare their offerings to see which best suits your needs.
This isn’t as easy as it seems on the face of it.
Each client has particular circumstances that impact their choice. If you want comprehensive and affordable coverage, we need to know what products appeal to you, your financial circumstances, your goals, and your medical condition.
These nuances are the key to purchasing the best policy for the least amount. Give us a call today so we can help.
