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People are increasingly turning to the internet to explore their life insurance options. And why not? Traditionally, shopping for life insurance involved long meetings with agents or salespeople. Instead, people can shop for life insurance from the comfort of their home, whenever they feel like it.
Life insurance is one of those things you don't often think about until it's too late. Why is it important? The right policy can provide financial support to your beneficiaries - usually, your spouse and/or dependents - helping them cover expenses like final arrangements, replace your income, and continue to meet financial obligations in a worst-case scenario.
Friday, March 1st
Emma is a standout addition to Canada's life insurance market, focusing on young families and offering a speedy 20-minute online process for coverage. With an emphasis on user-friendly customization and eliminating medical tests, Emma customizes packages based on individual needs and recommends extra coverage only when necessary. Backed by Humania Assurance Inc., Emma has gained popularity with over 1,000 five-star reviews for its fast, easy, and enjoyable service, making it a top contender and earning a 5-star rating.
Serenia Life offers a distinctive approach to life insurance, assuring some of the most competitive prices in the industry along with a 25% discount for your first year of coverage. Their coverage options include Term Life, Whole Life, and Term to 100. While their services are currently available only in Alberta, British Columbia, Ontario, and Saskatchewan, the lower-than-average prices and high praise from customers earn this company an excellent rating.
PolicyMe operates as an impartial life insurance broker, focusing on term life plans and providing quick applications in about 20 minutes. Offering coverage from $100,000 to $5 million with various benefits, including a 10% discount for couples, PolicyMe is a fan favourite overall. We really would have liked to get a more detailed quote online, but still PolicyMe earns a high rating and is worth your consideration.
PolicyAdvisor presents itself as a modern life insurance solution, combining technology and human expertise, but it's currently limited to four provinces, affecting its competitiveness. The platform offers instant online quotes from various insurers, with positive customer feedback, but glitches in the system prevented a quote during our testing. Despite a solid reputation and user-friendly interface, the restricted coverage area and technical issues bring their rating down a bit.
RatesDotCA is a rebranding of two Canadian companies, Kanetix and RateSuperMarket. This service connects you with many different insurers, as long as you live in one of the 8 provinces in their service area. You may be redirected to a third-party insurance agency while using the site, but you'll still find a good range of life insurance policies at competitive rates.
Arbetov Insurance, established in 2007, offers life insurance though its primary focus is health and travel insurance. Despite a slightly cluttered website, the company provides helpful information, a new online quote form, and responsive customer service. While lacking in detailed policy information, Arbetov Insurance maintains an "A+" rating from the Better Business Bureau and a 4.8-star average on Google Reviews. However, due to some of the outdated designs and cluttered interface, the company earns a middle-of-the-road rating overall.
Insurance Hotline is a broker that assists Canadians in finding competitive insurance rates. While effective, the website proved less user-friendly than its sister site, RatesDotCA. Coverage is available for various term lengths and amounts, but the process involves interactions with third-party sites. Despite operational challenges, Insurance Hotline maintains a solid reputation with an "A+" BBB rating and zero complaints, earning an average Trustpilot rating of 4 stars. However, concerns about outsourced services and customer service led to a cautious rating from us.
Sun Life, with over a century of history, offers its own life insurance but has a more limited selection compared to brokers. The streamlined application process provides quick quotes, but the coverage options are restricted, ranging from $5,000 to $1,000,000, with higher-than-average premiums. While the company holds an "A+" BBB rating, customer reviews highlight dissatisfaction with customer service, leading to a lower rating in our review.
Determining the right amount of life insurance involves considering various factors, such as your annual income, number of dependents, outstanding debts, and anticipated funeral expenses. However, there's a cap on the amount of insurance you can secure. Referred to as "insurable interest," your coverage must align with your net worth and income. You can't, for example, acquire a $10 million policy if your net worth is $100,000 and your annual salary is $75,000. Thankfully, many of the modern quote processes on insurance sites and brokerages will walk you through the process and only show you coverage options that are relevant to your financial situation.
Some employers offer life insurance as part of a package when you're hired. But even if you have coverage through your employer, you may want to assess whether it's sufficient. Despite a record-high number of Canadian households having life insurance coverage, a recent LIMRA study revealed that many policies were inadequate to cover remaining mortgage payments in the event of death.
In essence, having life insurance doesn't necessarily mean you have enough coverage. This is where individual life insurance plans come in. There are plenty of options that you can select to bolster or replace any insurance you might have with an employer.
Affordability is another crucial aspect to evaluate when deciding how much insurance to get. Larger policies come with higher premiums, and your age at the time of coverage initiation impacts the cost too.
The type of life insurance you choose is also a factor. In Canada, the main types are term insurance, generally more budget-friendly but limited to a specific number of years, and permanent life insurance, lasting your entire life with potential cash value but higher premiums.
Exploring insurance options online is a convenient way to discover available policies, determine your eligible coverage, and get an estimate of potential premiums. While a medical exam is usually required before your policy takes effect, initiating the process online is an efficient first step.
As you shop for life insurance in Canada you might get overwhelmed with the many sites and brokerages out there. We totally understand. So, here are several criteria to keep in mind, to guide your decision-making:
To help you make the best decision to provide financial stability for your loved ones down the line, Top Consumer Reviews has reviewed and ranked the best sources of life insurance policies in Canada. We hope this information helps you find the right provider so you can have the peace of mind that comes from knowing the future is taken care of, and your loved ones will be covered by the policy you're setting up today!
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