How to Buy A Life Insurance Policy?

Life insurance is one of the essential parts of financial planning. You need to research to find the best one that suits all your needs. For lack of proper research, you can end up paying expensive premiums with less coverage. Read these simple tips to make your online life insurance purchasing efficient and easy. 

What type of life insurance should you buy? 

You can find two types of life insurance in Canada, term and permanent. The term insurance gives coverage to the policyholder for a pre-defined period of time, usually between 10-30 years. 

The premium is low and you are allowed to renew the policy at the end of term but within age limitations. On the other hand, permanent life insurance lasts for your entire life. You have to pay a comparatively high premium for this insurance, but you get tax benefits and a cash value component which grows over time.


Ask for a quote to find the premium cost 

Now, talk to one of the representatives of the company you are selecting to request a life insurance quote online. A calculator will show you the life insurance plans and rates that depend on the coverage you want, your lifestyle, age, gender and province. The term insurance is calculated on your annual income. Your life insurance premiums costs are calculated on the factors below:

  • Age: If you are young while buying life insurance, the premium rates will be lower as there are fewer health risks.
  • Lifestyle: Healthier lifestyle means low premiums. For smokers and alcoholics, the premiums will be almost double. 
  • Policy Type and Coverage: Longer coverage demands high premiums, and basically the reason why permanent life insurance is costly. 
  • Gender: Women have longer life expectancy than men, so their premiums might be low. 
  • Medical History: Family history and chronic diseases has a major role to play in determining the premium cost.

Life Insurance is the good sense move to make a big difference in life. Having it gives you confidence you’re doing the right thing for those you love most.

Location: 100 King St W #5600, Toronto, ON M5X 1C9, Canada

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