Have you ever stopped to think about what would happen to your family if you passed away suddenly?
This has been on my mind a lot lately, mostly because I now have a mortgage to pay. I do not have any children. So I don’t have any dependents who are heavily or entirely dependent on me. But I do have a house that requires two incomes to upkeep.
Without my income, my partner would be left with all the bills. And vice versa.
This is precisely why life insurance has been at the top of my to-do list for a while now.
There are a lot of life insurance providers to choose from in Canada. The options are almost endless and definitely intimidating.
This is where I’m going to try to help. And I’m going to start with Dundas Life. So let’s take a deeper look at the life insurance options they have to offer us.
Who Is Dundas Life?
Firstly, if you’ve never heard of Dundas Life, here’s what you need to know.
Dundas Life is a life insurance company that strives to offer clients a more customized, transparent, and convenient way to include a life insurance policy as a core part of a financial plan. Buying life insurance through Dundas Life is quick, simple, and can be done completely virtually.
The company eliminates the time-consuming and cumbersome process that is typical of obtaining life insurance. Instead, Canadians can get a policy in place quickly and conveniently while still benefiting from the lowest rates from a trustworthy firm.
Types Of Life Insurance At Dundas Life
Choosing the right type of life insurance can seem complicated, I know it does to me. So that’s why I like that Dundas offers two types. Plus they provide pretty detailed explanations of what each type entails directly on their site. I don’t know about you, but no one taught me the difference between term life and whole life insurance.
Term Life Insurance
A term life insurance policy offers protection for a finite length of time. If you choose to renew your policy after the term expires, your premiums will increase. This type of life insurance plan is best suited for those who want to ensure coverage for a specific period of time. For example, while your children are young or while the mortgage still has to be paid.
Since these policies are for a fixed term, they’re more affordable than lifelong coverage. As such, term life insurance is ideal for those who are on a budget but who still want to make sure they are covered while life’s biggest bills are still on the table.
Term life insurance pays out a death benefit in the event that the policyholder passes away. No changes to the death benefit are allowed during the term of the policy.
Whole Life Insurance
Unlike term life insurance, a whole life insurance policy lasts for the duration of the policyholder’s life, regardless of how long that is. In exchange for lifetime protection, whole life insurance is more expensive than a term policy. Premiums never increase throughout the entire time that the policy remains in effect. That said, whole life premiums could eventually be cheaper than premiums associated with a term policy that’s been renewed more than once.
A whole life insurance policy is best suited for anyone looking for long-term coverage. Even after your kids’ college tuition and mortgage have been paid off. Long-term needs are covered, including things like retirement, estate planning, final expenses, and funeral costs. The death benefit has the potential to grow over the years. Plus, the policy comes with a built-in cash value that can be tapped into if the need to borrow money arises.
How To Get A Quote From Dundas Life?
Truthfully, I’m looking for a quick option when it comes to getting a life insurance policy. And this is one of the features that I think Dundas Life does best. You can start the process of getting a life insurance quote in six short steps.
Let me emphasize the term short here. It took me maybe three minutes to get to a list of options I could choose from. If you called one insurance company you would likely be on hold for more than three minutes. Before you even spoke to anyone or got any options.
The Dundas Life Insurance Quote Process
I took screenshots of the whole process so you would know what to expect.
Step 1
Click on a “Check my price” button on the Dundas Life website. Then fill out your birthdate and indicate your gender.
Step 2
Next, you’ll be asked about your relationship status, whether you have children, your homeownership status, and your income.
Step 3
Next, you’ll need to answer four quick questions about your lifestyle.
Step 4
For step four, Dundas Life wants to know why you’re interested in life insurance.
Step 5
Step five is where you’ll choose your coverage amount and then be shown multiple options to choose from. You can choose which option makes the most sense for you based on the policy length.
Step 6
For the final online step, you create a profile and then set up a call with a Dunda Life insurance expert to confirm all the details and get a personalized quote.
How Much Does Life Insurance With Dundas Life Cost?
Cost is probably what we’re all most interested in when it comes to choosing a life insurance provider and policy. Is the price going to be worth it? Can I easily fit the cost into my budget?
But, I want to point out that the monthly or yearly cost of life insurance should be compared to the benefits or even peace of mind of having the protection.
The cost of a life insurance premium is a fixed monthly or yearly expense. One that you can budget and plan for. The costs associated with a loved one’s death? Hard to plan for and ultimately could lead to real financial issues.
What Affects The Cost Of Life Insurance?
There are a lot of factors used to determine the cost of a life insurance policy. My cost, as a thirty-something woman with a common law partner and no dependents. Is likely going to be significantly different from a 65 year-old man with health or lifestyle risks.
The more risk an insurance company assumes the more they’ll charge their clients. When it comes to risk, many factors are considered, including the following:
Age
The younger you are when you take out a policy, the lower your premiums will usually be for life insurance. That’s because you statistically have longer to live compared to an older person. Not only does age dictate how much you’ll pay in premiums, but also how much coverage you may qualify for.
Gender
Women tend to live a little longer than men, so their life insurance premiums are usually a bit lower.
Overall Health
A healthy person has a better chance of living longer than a person with chronic ailments. That’s why you’ll have to complete a questionnaire about your health when you take out a life insurance policy.
A physical exam may also be warranted to verify your health. If you’re healthy when you take out a life insurance policy. Your premiums will be lower than they would be if you sign on to a plan when you’re dealing with medical issues.
Family Health History
Not only is your health taken into consideration, but so will any medical conditions that run in your family. For instance, if cancer or heart disease runs in the family, this could have an effect on your health in the future. As such, your premiums may be affected.
Health Habits
If you lead an unhealthy lifestyle, your premiums could be increased to offset the risk taken on by your life insurance company. For example, if you smoke, drink excessively, or regularly use drugs, your lifespan could be shortened. This may mean higher life insurance premiums.
Lifestyle
Like your health choices, your habits may also dictate how much more likely you are to die earlier in life. Activities like skydiving or scuba diving are considered risky behaviours. Also high on the danger scale are certain jobs, like the construction industry. If you also have a criminal record or a history of reckless driving. You may be considered high-risk, in which case your life insurance premiums could be higher.
Type Of Policy
As mentioned earlier, a whole life insurance policy is more expensive than a term policy because it provides lifelong coverage.
Coverage Amount
The more coverage you want, the more you’ll pay for your policy. A $500,000 life insurance policy, for example, will cost you more than a $250,000 policy given the payout amount involved.
Benefits Of Dundas Life
Besides cost and how easy it is to fill out an application. Here are the main benefits I think can help you decide if Dundas Life is the right insurance provider for you.
- Instant quote. I’m busy, you’re busy. An instant quote seems like a really appealing feature to me. Dundas offers a quote within minutes by answering a few short questions online.
- Get your policy entirely online. You can submit an insurance policy application completely online from the comfort of your home.
- Have an advisor review your application. Just because you’re not dealing with an agent face-to-face doesn’t mean you’ll be sacrificing service. When you apply online with Dundas Life, a professional and experienced advisor will review your application to ensure you’re getting exactly what you need.
- Trusted names. When you apply for life insurance through Dundas Life, you’ll have the opportunity to obtain a policy from one of many large insurance providers across Canada, including the likes of RBC, Manulife, CPP, and Empire Industrial Alliance.
Why Life Insurance Might Actually Be Important For You
If you’re childless or young, life insurance probably doesn’t seem that important. That’s the boat I was in. But, when you think about what would happen if your partner dies and your family income is cut by half or more. Life insurance starts to look like a great idea.
Let’s use me as an example. I fall into the 30-34 age range. According to Statistics Canada, 1 per 1000 people die within that age range. If I were to die, my partner would have to pay for our full mortgage payment, house insurance, car payment, and car insurance. Not to mention all the other smaller less important expenses we split. Ultimately, life insurance can help protect you and your loved ones from the financial burden of your death. It’s a harsh reality, but one that’s important to face.
Final Thoughts
Overall, Dundas Life provides a quick and simple way to get the life insurance process started. The six-step process to get a quote takes minutes, you can do it on your lunch break (that’s what I did), or in between work calls. And I was able to set up a call to finish the process at a time that worked best for me. If convenience is what you’re looking for above all else, Dundas Life is a great option.
