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Monday, September 20th
Arbetov Insurance has been around since 2007 and is an independent agency based in Vancouver, BC. While their specialty is health and travel insurance, this service also offers life insurance policies to residents of all provinces except Quebec, Newfoundland and Labrador.
BBB gives company an "A+"
Despite having a website with a slightly less professional look (with a few typos and other issues), Arbetov Insurance has a good reputation. The Better Business Bureau gives the company their highest rating, with only one complaint filed in the last three years. We also found a small number of positive reviews throughout the internet, though none of them were related to life insurance. It's easy to see that this coverage isn't Arbetov's bread-and-butter product, compared with travel insurance.
Basic life insurance info
The Arbetov Insurance site also has some good, basic information about life insurance coverage. If you have questions about different insurance types, how much coverage you need, or the overall steps of getting a policy, you'll find that here.
No response to online customer service chat
Unfortunately, we had a very hard time getting a hold of anyone using Arbetov Insurance's provided online tools. Even though the online chat system said that agents were online and we made the attempt during their posted business hours, we got no response - neither through the direct chat on the site nor by using the "login with Facebook'' option. Considering that they only offer life insurance quotes by connecting with an agent, Arbetov should be paying more attention to the channels they offer to prospective customers. You might have better luck by calling them directly or requesting a callback, but it's easy to see how this lacks the convenience of many rival services that provide instant quotes online with just a few pieces of information.
Better options elsewhere
While Arbetov Insurance strikes us as a decent, reputable company overall, they don't have much to praise when it comes to getting life insurance policies quickly and easily. With no ability to get a quote online and no response from their online chat contact system, Arbetov comes up very short when you look at rival services. If you like the idea of working over the phone with a smaller agency, you might want to give Arbetov Insurance a call. On the other hand, if you like the efficiency and relative anonymity of getting quotes online from multiple companies at once, you'll need to choose a different life insurance service.
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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