Best Term Life Insurance Quote in Canada
When it is time to think about life insurance, start with a little research to find the best term life insurance quote for you.
Everyone knows they need life insurance, especially if they have a family. Every new milestone in your life makes you think more and more about buying a life insurance policy.
What would happen to your family if they suddenly didn't have your income to rely on? Would they lose their home? Would they be able to pay for your funeral? The average funeral costs about $10,000.
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Do you have that much in your savings? If your family spends all of your savings on the funeral, what will they use for food, clothes, or household bills?
These are the questions that prompt people to buy life insurance. No one wants to leave their family homeless and utterly destitute. But you need a policy you can afford.
Finding Affordable Term Life Insurance Quotes in Canada
When searching for affordable term life insurance quotes, keep these things in mind:
- The best term life insurance quote is generally much more affordable than a whole life policy. You get more coverage for less money. Term policies don't have a savings component, but the premiums are lower, so you can save or invest the difference yourself.
- Try to avoid guaranteed issue policies. These do not usually require a medical exam, and that generally makes them more expensive. This type of policy is for people who cannot get insured any other way.
- Only buy the coverage you need, to protect your family from huge financial problems in the event of your death, to get the best term life insurance quote for you. Consider what you owe, your mortgage, car loan, and credit card debts. Those are the first things you want covered. You will want the cost of the funeral to be covered, although it is much better to have a prepaid funeral. That takes a lot of stress off your family, plus avoids conflict in cases where the family can not agree on the arrangements. You may want to provide education funds for your children and an income for your spouse. Most experts will tell you that your coverage should be about five to ten times your gross annual income, plus debts (like the mortgage, loans, credit cards balances).
- Look into two-for-one policies. If you and your spouse both want insurance coverage, you may be able to buy just one policy that covers both of you, like a Joint First to Die or Joint Last to Die Policy. This costs more than one policy, but is much cheaper than two separate policies and may work out to be the best term life insurance quote you get.
- Pay your premiums annually instead of monthly. Monthly payments may be more convenient, but the insurance company charges extra for this convenience.
- Look into several different companies. To find the best term life insurance quotes, you have to do a bit of research. When dealing with a broker, he will usually do this research for you, but it is still a good idea to look into various companies a bit yourself. Many companies offer extra benefits that are incorporated into the premiums. It is important to compare apples to apples.
- Preferred rates, which means smaller premiums, are offered to extremely healthy people that live a clean, risk-free lifestyle. Making a few small adjustments in your life is the best way of decreasing term life insurance quote. Don't smoke, and don't participate in high-risk activities, and you may be able to lower your premiums quite a bit.
What is Term Life Insurance?
Term life insurance is a policy that remains in effect for a set number of years. People usually buy term life insurance for five, ten or 20 years at a time. Some Canada life insurance companies will offer terms of any length unusual length, like eight years, or 17 years, etc.
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If the insured person dies, the beneficiary of the policy receives the face value of the policy. If the insured person lives longer than the term of the policy, he may renew for another term at a higher premium.
The best term life insurance policies will allow you to convert some of your term life insurance to a permanent policy, without any additional medical exams or qualifying questions.
Term life insurance is also risk protection for your family. It protects them from financial hardship in the event of your death.
No Savings Are Built
A term life policy does not build cash value; it is generally designed for short-term protection.
Many people will buy a policy when they buy their first home, or have their first child. They hold on to the policy until the house is paid off and the child goes to college, and then stop buying life insurance altogether.
It is assumed that by middle age, you will be in the position to no longer need insurance protection. Without a mortgage or child to raise, you will be able to save more money, and create your own financial protection.
You may never be able to save $250,000 before retirement, which is what the average term policy pays out. But without any financial burdens, your spouse does not need that much money anyway.
Term life insurance does not build cash value. All of the premiums you pay go to the insurance company and you can withdraw the money or use your policy as collateral.
It is basic, affordable insurance protection that you hope you will never need, but you feel much more comfortable knowing it is there, just in case.
The affordable premiums make term life insurance very attractive for young families. As you get older the premiums can get quite steep. That is why term life policies are considered short term. They are not designed to last for your entire life, just until you are financially set and don't need insurance protection anymore.
Contact Us For a FREE Consultation
We're waiting to help you! Click here to ask any question about the best term life insurance quote for you. We'll contact you with your answer, or to make an appointment, free of charge.
Remember, the best term life insurance quote is affordable, and offers you the protection you need.
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