Canada Term Life Insurance Quote
Getting by in today's world is particularly difficult. Having a family makes it financially much more challenging. Just keeping money coming in to pay the day-to-day expenses is overwhelming, with both parents working.
If you are a single parent going it all alone, the prospect of your kids losing you is downright distressing.
If you or your spouse were both taken out of the picture, how would your kids maintain any standard of living? The simple answer is you would have the foresight to purchase term life insurance. It is the least expensive and most straight forward of all life insurance products on the market.
Typically the idea is to buy coverage for the time period you would be a parent, or during which your kids would be your financial dependents. For instance, you have a 10-year-old son and are finally getting around to buying life insurance. A 10-year term policy would cover from now until your son is 20.
That would provide for the lost income of you and your spouse, which ideally would cover college costs, living expenses and everything else in between.
The rule of thumb for buying term life coverage is to see out a policy that pays anywhere from five to seven-fold your annual salary. If you are still confused, read about life insurance basics.
Determining how much coverage to buy is the easy part. Once you input your information to get a Canada term life insurance quote, you might feel overwhelmed by all of the quotes. The key is to make sure you are comparing apples to apples.
Be sure to use the FREE comparison tool located at the top of this page to start your search!
Decide What You Need
- Take your salary and multiply it by five to seven times, to determine the death benefit
- Seek out plans that last as long as your kids are financially dependent on you
How to Decide Among Many Insurers
The difficult truth is that there are plenty of insurance companies that supply a great product at a competitive price. Then, how do you choose among them? Look first for financially stable companies who have excellent credit ratings. What that means is the insurance company has the means to pay out death benefits, as promised in your policy.
In addition, find out what other consumers' experiences have been with your top contenders. People will let you know if they have met with any resistance when they go to file a death benefit claim.
Do your research now, because it is the difference between your children living the lives you prepared for them or one loaded with further struggle and disappointment.
Consider how you want to pay the insurance company. Are you a consultant whose money comes all at once. Maybe you need more flexible payment plans, the chance to change up how much you pay and when you pay, based upon your less-than-consistent income situation.
Typically, if you lapse in payments more than 30 days, any life insurance plan terminates your coverage.
If you need to find out more about companies that are in good graces, check your province's insurance council. For instance, Alberta Insurance Council provides a good deal of quality information for consumers shopping for life insurance.
Look for the following:
- Flexible payment plans that work with you.
- Financially solvent insurance companies that have the money to pay claims
- Insurance carriers who honour their agreement with you and pay out on claims as agreed in your policy.
Other Perks to Seek
What if you lost your job tomorrow and only had your wife's salary to carry the family? Would you be able to survive for years, months, if at all? That's why some families look for insurance carriers who provide flexible types of insurance plans.
For instance, there are contrarians who only buy a five-year term life insurance policy, even though they have a newborn baby. The reason is simple. They may have plans to convert their policy sometime during the duration of their five-year term life plan.
Converting makes sense for people who want to transition from a cash death benefit to a hybrid policy. Such hybrid policies pay out a death benefit but also build in cash value over the years. Just seek insurance companies who have a variety of policy types, from universal life insurance to variable life insurance.
Learn more before you invest, by reading up on life insurance.
Insurance Plan Details
In the unfortunate event that your family has to claim your death benefit, here are more details about the policy. The death benefit is paid out to your beneficiaries without tax penalty.
In addition, traditional term life insurance policies pay the face value of the the policy.
Some policies include extra benefits for funeral arrangements and burial along with some medical payouts as well. That's why it is so vital you read the quoted information carefully. Otherwise your family or dependents could miss out on some excellent benefits.
Look at the following when comparing term life quotes:
- Death benefit payout
- Funeral and medical payments
- Annual premium costs
- Evaluate added insurance company fees
- Flexible payment plans.
Keep in mind that a death benefit alone should be sufficient to pay for funeral and medical costs. In other words, do not automatically buy a policy because it advertises that it covers some portion of medical expenses. Make sure that you compare the actual death benefit amounts, period.
Be wise and compare as many quotes as you can to ensure you get the best deal for your money and family.
Buying insurance is a daunting task and especially unpleasant when it involves planning for death. Term life insurance is a vital component in a financially healthy household, especially where minors are involved.
Make sure you plan the best you can for the unexpected events that life may send your family's way.
Use the FREE search tool below to start comparison shopping today!