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Life insurance is a product that is offered by banks and insurance companies alike. When you purchase life insurance, you create a contract between yourself and the company which dictates that they will pay an agreed-upon sum to your beneficiary for a premium. The death benefit (money your beneficiary receives if you die) your beneficiary (usually a person who is financially dependent on you such as your children and/or spouse) receives is usually meant to cover the cost of their basic needs like rent/mortgage, food, debt, funeral costs and occasionally post-secondary education expenses or retirement funds for your spouse.
Depending on the coverage you need, you will pay a monthly fee or premium to your insurance company until your contract ends or until you pass away, whichever happens first. The contract will detail the amount of money your beneficiaries will receive. The money they receive will be tax-free and can be used according to their needs. However, be sure to always keep up with your insurance payments as missed payments can lead to your policy being cancelled or even your family not being covered if you pass.
There are plenty of life insurance providers in Canada that can offer a range of products. Here are some of the most common types of policies:
Term insurance covers you until a specific age or for a specific time, making it a good choice for spouses, young people with higher living costs, and those with fewer assets.
Click here to find out how to financially deal with the death of a spouse.
Permanent insurance covers you for the rest of your life, so it’s usually the best choice if you want your beneficiaries to receive a guaranteed, tax-free payout when you die.
Find out what happens to your bank account when you die.
This is the simplest form of permanent life insurance. You’ll have steady rate coverage until you die or cancel your contract, and can sign up for a participating policy, where you can invest in your provider and share in their profits.
Universal life insurance also allows you to invest in your provider and involves a payout that’s available in present-day cash value. However, the payout’s size is more affected by how well the company’s specific stock index performs.
Variable insurance also lets you invest in your insurer, but you can instead focus on one or two sub-accounts, such as stocks, bonds, and mutual funds. The better the investments do, the more value the accounts will accumulate.
Learn to grow your money by investing in a high-interest savings account.
As a hybrid of universal insurance, this insurance allows you to pick from a wider range of investment portfolios. You can also borrow from a CSV and use it to cover your expenses, such as mortgage payments and other debts.
Group insurance covers multiple employees and many companies offer it with their benefits packages. Typically, your employer pays the premium and the coverage you’re eligible for is largely based on your salary.
Emma is an online life insurance platform that was created in response to the challenges and lack of life insurance options available to women and young families. Through it, you can compare rates across multiple providers with a single application. Simply fill out Emma’s application form regarding your health and coverage needs to receive your quotes today.
Learn MorePolicyMe is also an online insurance solution that provides Canadians with the ability to buy affordable term life insurance and critical illness insurance in a matter of minutes. Their simplified underwriting procedure cuts through the complications of buying life and critical illness insurance, making the application process fast and easy.
Moreover, with instant decisions, Canadians can get the insurance they need without the hassle. When you apply with PolicyMe you’ll receive a life insurance policy that is issued by Canadian Premier Life Insurance Company. If you’re looking for a term life insurance policy, they currently provide their services across Canada except for Quebec, New Brunswick, and Newfoundland and Labrador.
Learn MorePolicyAdvisor is an online life insurance brokerage that provides quotes from Canada’s top life insurers. Simply fill out their online application form and compare quotes and policies. Whether you’re looking for term life insurance, whole life insurance, critical illness life insurance, disability life insurance, no medical life insurance, or mortgage protection insurance, PolicyAdvisor can find you the best deals.
Learn MoreRates.ca is another online platform where you can compare rates for term life insurance, permanent life insurance or critical illness life insurance. Through Rates.ca, you can save up to 30% on the average market rate. Simply fill out Rates.ca online application form to get your quotes today.
Learn MoreInsurance Hotline is an online comparison platform that was first established in 1994. Since its establishment, it has offered a variety of insurance options including car insurance, travel insurance, home insurance, and life insurance. By using Insurance Hotline, you’ll be able to compare policies from over 30 different insurers and receive rates as low as $12 a month.
Learn MoreWhether or not you need life insurance depends on how old you are and what kind of lifestyle you lead. Most people take out some form of it in their 40s or 50s and when they have people, such as their spouse or children, that depend on them financially.
Overall, the longer you wait to purchase life insurance, the more expensive it gets, so it’s best to get things in order before your golden years. Think about where you are now, where you will be in the future, and what could happen if you die unexpectedly.
For instance, if you’re a full-time employee at a solid company that offers group coverage, you may not need your own policy, even after retirement. Then again, that coverage may not be as adequate as individual term or permanent life insurance would be, especially if you have a family.
Remember, there are many different life insurance providers in Canada, so it can take time to find the right policy. Here are a few simple steps to get started:
As mentioned, there are a few factors that can affect the cost of your life insurance policy, including but not limited to your:
Life insurance comes in all types and costs, so it’s important to get quotes and make sure you can afford your premiums. Think about what would happen if you lost your job or experienced another financial emergency while your policy is in effect. Ask your provider about the consequences of missing a payment before you sign any contracts.
Now that you know what affects the cost of your life insurance, it’s time to figure out how much coverage you need. To determine that amount, ask yourself these questions:
Even if you’re in peak physical condition, you should consider life insurance, especially if people depend on you. After all, anything can happen. While better coverage is more expensive, it can definitely make things easier for those you leave behind.
Some policies allow you to collect your payout early or borrow from a cash-value amount. In most cases, however, the payout will be given to your beneficiaries in one lump sum. You can even ask your insurer to hand it out in annuities or installments.
Though it may primarily act as their inheritance, your beneficiaries can also use your life insurance payout to cover:
Not sure if you should find a brokerage or work directly with an insurer? This is another reason to compare several sources of life insurance before you apply. Check out these advantages of each option:
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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