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Wednesday, August 4th
PolicyAdvisor earns high marks for being one of the few life insurance providers in our review that actually offers easy access to quotes for both term and permanent coverage. Clients praise this service for being easy to use and helpful, and we found their premiums to be on par with even the biggest names in the industry. Unfortunately, PolicyAdvisor is only available to residents of Alberta, Manitoba and Ontario.
Arbetov Insurance is an independent insurance agency that specializes in travel and health coverage, but they also offer life insurance policies. While the company has a positive reputation, they don't make it possible to get a quote online and you'll have to contact them directly. Frustratingly, their online agents never responded to our messages, leaving us without any information about their life insurance coverage.
If you're not fortunate enough to have coverage through your employer, you're wise to consider purchasing life insurance privately. Why? The right policy can help your beneficiaries, usually your spouse and/or dependents, to cover the costs of final arrangements, replace your salary and continue to pay the bills, or even have enough money to fund future expenses like university tuition.
Even if you have a policy through your job, are you sure you have enough coverage? Although a 2019 LIMRA study showed that nearly 13 million households in Canada had life insurance coverage - an all-time high - further research demonstrated that most policies weren't enough to pay for remaining mortgage payments at the time of death.
In other words, many Canadians have life insurance but are still underinsured. For that reason, some consumers choose to purchase individual policies even though they have a group plan through their work.
How much life insurance do you need? That depends on many factors, such as your annual income, your number of dependents, your debts and your anticipated funeral expenses. But, before you decide to buy millions of dollars in coverage, you should be aware that there's a limit to the amount of insurance you can have. Known as "insurable interest" , your coverage has to match your net worth and your income: you can't buy a policy for $10 million if your net worth is $100,000 and your salary is $75,000 a year.
Plus, you'll need to evaluate how much insurance you can afford. The bigger the policy, the higher the premiums - and the older you are at the time you initiate the coverage, the more you'll pay as well. Your premiums will also be affected by the type of life insurance you choose, and in Canada there are typically only two types: term insurance, which is usually less costly but will only insure you for a predetermined number of years, and permanent life insurance, which lasts for as long as you live and often has a cash value against which you can borrow but with higher premiums to match.
Reaching out to an insurance agency online makes it easy to find out what policies are available to you, how much coverage you can get, and how much you can expect to pay in premiums. You will likely need a medical exam before your policy goes into effect, but starting the process online is a great way to get the ball rolling.
As you shop for life insurance, how can you tell which provider is the right choice? Here are several criteria to keep in mind, to guide your decision-making:
TopConsumerReviews.com has reviewed and ranked the best sources of life insurance policies in Canada. We hope this information helps you find the right coverage, to give you the peace of mind that comes from knowing your loved ones are taken care of in the event of your passing.
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