A Beginners Guide to Life Insurance - Whitehorse Financial - Insurance Broker, Life Insurance Mississauga, Best Life Insurance Rate

A Beginners Guide to Life Insurance

life-insurance

Are you considering getting life insurance? If you are, then that is great. This article is a great start to understanding the concepts of life insurance, basic insurance cost, and the different types of life insurance policy. If you are ready to proceed, please continue reading.

Luckily, in this article, you will find almost everything that you need to know about insurance. If you are ready to proceed, please continue reading.

8 mins read

This blog covers:

What is Life Insurance?

What are the Different Types of Life Insurance?

Who Needs Life Insurance?

How Much Life Insurance Do I Need?

How Much Does Life Insurance Cost?

What Is No Medical Life Insurance?

Best Life Insurance Companies in Canada?

 

What is Life Insurance?

Before anything else, let us first discuss what exactly is life insurance. Life insurance is very similar to other types of insurance. It works by mitigating financial risk for many people who pay into a fund or pool.

Think of a life insurance policy as a contract between you and the insurer. In this contract, you agree to pay a fee (usually paid monthly), which is called a “premium,” in exchange for the insurer paying your estate or beneficiaries a set amount of money upon your death.

What are the Different Types of Life Insurance?

Permanent life insurance cost is generally more expensive than term life insurance. The benefits of having a term life insurance is that this type of insurance is generally cheaper. Also locks in insurability for you if you want to renew later or upgrade to a bigger policy without proof of insurability in most cases.

There are two main types of life insurance. Here are they:

Temporary Life InsurancePermanent Life Insurance
Term life insurance is a type of life insurance that guarantees death benefit payment during a specified term. You can pick your term as the number of years you want to be covered for starting from 10 years and up.Permanent life insurance does not expire within a specific term and covers you for a life time.

If you are interested to know more about the different types of term life insurance, request a term life insurance quotes Canada here or call 416.836.5305

     

    Who Needs Life Insurance?

    A Life Insurance investment is ideal for individuals who have dependents. Usually, “dependents” refer to your children, spouse, senior parents, sibling or anyone who you want to secure financially when you are not around.

    You may require a Life Insurance Policy for the following reasons:

      1. Cover a Mortgage
      2. Cover a Line of Credit
      3. Other Long-Term Debt
      4. Cover Funeral Expenses
      5. Want protection for your children until they make their own money
      6. Want to leave behind a legacy for your children
      7. Build up a cash value
      8. Save and Invest
      9. Make a gift to charity

    In many cases, many people purchase life insurance when they get married, especially if the policy owner is the breadwinner of the family.

    Getting life insurance is also a good idea if you have a mortgage in your name. For example, your mortgage is for 30 years, but you died before that, some specific life insurance coverage will ensure that the loved ones you left behind will not lose the roof over their head.

    How Much Life Insurance Do I Need?

    There are several considerations to make to answer the question of how much life insurance you need. A life insurance broker will help you determine the appropriate amount of life insurance after factoring into consideration your debts, net worth, annual income, and existing life insurance.

    Speak to a WhiteHorse Financial advisor about a 50 000 term life insurance policy or other permanent life insurance products to get a better idea of how much life insurance you need.

     

    How Much does Life Insurance cost?

    The cost of life insurance Canada will differ from one insurer to another. Several factors affect the stipulation in your life insurance policy. These may include your age, medical history, gender, and even weight. But, generally, the first step on how to get life insurance is to get life insurance advice from a professional. To have a better idea of the rates, request permanent life insurance and term life insurance quotes today!

    The best time to buy Life Insurance is NOW. Age is big factor that determines the cost of your Life Insurance Premiums. Buying Life Insurance at a younger age is generally cheaper. See below for an illustration of how rates are affected with age. Request a life insurance quote Ontario from a WhiteHorse Financial Advisor, for a more accurate estimate for you!

    See below for an illustration of how rates are affected with age. Rates displayed below are based on a healthy, non-smoker female.

    TERM 20 Quotes $100,000 $250,000 $500,000
    Age 20 Male $10.90$18.68$31.95
    Age 30 Male $11.67$18.90$32.62
    Age 40 Male $16.47$27.45$47.61
    Age 50 Male $37.50$70.30$127.44
    Age 60 Male $105.39$238.38$427.50

    Ask for life insurance quotes Ontario, for a more accurate estimate for you!

    What Is No Medical Life Insurance?

    Health is one of the biggest factors that affect the terms and cost of life insurance. However, there is life insurance without medical checkup needed. This enables individuals to avail of coverage without an extensive medical examination.

    These types of life insurance are less time consuming and more accessible. It is also an option if you already have a pre-existing medical condition. However, the downside of this is that it can be more expensive than regular life insurance because insurers fully evaluate your health condition.

    Best Life Insurance Companies in Canada?

    There are many companies in life insurance Mississauga and other parts of Canada. This makes choosing where to get your policy a challenging task.

    But, the good news is that there are several good options for you, such as Manulife. It is the largest insurance company in Canada, and they collect a total of $20 billion yearly premiums. Other big insurance companies in Canada are Industrial Alliance, Canada Protection Plan, Desjardins, Sun Life, and Canada Life.

    You can also consider bank-affiliated insurers such as TD insurance and CIBC Insurance. Aside from that, you might also find what you are looking for in companies La Capitale and SSQ, who recently merged, making them the 6th largest life insurance company in Canada.

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