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Mosaic Life Review
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Life insurance is an important product that can help financially protect the ones you love in the event you pass away. It typically helps cover any debts you may have, funeral costs, and day to day expenses for your loved ones. While life insurance has many benefits, it can be expensive and difficult to find an insurer that best meets your needs. That’s where Mosaic Life comes in; an online insurer that has simplified the process of obtaining life insurance.
Who is Mosaic Life?
Mosaic Life is an online insurance company that is owned and operated in Canada. They are a life insurance company that is backed by the First Canadian Insurance Corporation and SCOR. Mosaic Life was created because of the lack of life insurance options available for young individuals. The Mosaic Life team found that current life insurance options were too complicated and didn’t provide the right coverage for younger individuals. As a result, Mosaic Life was born; an online life insurance company with flexible options and a fast application process.
How Does Mosaic Life Work?
Getting life insurance from Mosaic Life is as easy as 1-2-3, especially if you’re young and healthy.
- Based on your situation choose your policy term length and the coverage amount you need. If you’re unsure about how much coverage you need, simply use Mosaic’s online calculator to see how much you should buy. It will calculate your insurance coverage needs by asking about your mortgage, debts, assets, and need for insurance to come up with the best policy for you.
- Once you have an idea about your insurance needs, you’ll be required to answer a few more questions regarding your health and lifestyle. If you’re young and healthy you won’t have to provide a medical exam or blood/urine samples.
- Once you’ve completed the questionnaire, you’ll get an instant offer which you may choose to sign up for or to customize further.
All in all, it can take as little as 10 minutes to get insured if you’re young and healthy.
Benefits of Mosaic Life
Finding the best life insurer can be difficult with the plethora of companies that currently offer life insurance. To help you in your decision-making process, we’ve listed out some of the benefits that come with obtaining life insurance with Mosaic Life.
- Convenience – One of the best advantages of getting life insurance with Mosaic is that it is fast and easy. You can be insured for the next 20 years (or longer) with a simple 10-minute long application. All of which can be done from the comfort of your home.
- No medical check – If you are a young and healthy individual you are unlikely to need a medical exam or provide a blood or urine sample. However, if you have some medical conditions or are older, you may be required to undergo a medical exam.
- Direct insurer – Many online life insurance providers are brokers who have partnerships with certain providers. Meaning they’ll recommend those providers over others in order to get a commission. Mosaic Life, on the other hand, is an online insurer which means they don’t work on commission and simply offer the best solution for your situation.
- Affordable – When you purchase straight from an online insurer, you won’t have to pay commissions to a broker or agent.
- No fees – Other than your premium, Mosaic Life doesn’t charge you any fees, administrative or otherwise.
Cost of Mosaic Life Insurance
Mosaic life insurance premium can cost as little as $1.50 a day for up to $1 million in coverage. However, rates are dependent on a number of factors including your:
- Smoking habits
- Personal and family medical history
- Policy length and coverage amount
Your premiums will be fixed during the length of your policy term, however, if you choose to renew or apply for an additional mosaic life insurance policy, your premium will change.
You can make your monthly premium payments by credit card which can be managed through your online account on the Mosaic Life website.
All payments must be made in full by the due date to keep your account in good standing. Missed payments will have a 31 day grace period where you can make up your payment. If you are unable to make your payment, your contract will automatically end with Mosaic Life and you will no longer be covered.
Who is Eligible For Mosaic Life Insurance?
To be eligible for Mosaic Life, you must be a Canadian citizen or resident who is between the ages of 18 to 55.
Overview of Mosaic Life Insurance
|Type of Life Insurance||Term life insurance|
|Coverage Amount||$25,000 – $1,000,000|
|Term Length||Minimum -10 years|
|Eligibility||Canadian residents between 18 to 55 years old|
|Cost||Starts as low as $1.50/day for up to $1 million in coverage|
|Availability||All provinces other than Quebec|
How To Make a Claim With Mosaic Life
To start a claim, you simply need to fill out Mosaic’s online form with your name, contact information and the name and policy number of the insured. Once you submit your claim, a Mosaic Life agent will respond within 1 business day with further information.
Is Mosaic Life Safe?
Mosaic Life is safe as its policies are backed by the First Canadian Insurance Corporation; a life insurance company that has been providing Canadians with protection since 1988. Moreover, Mosaic Life is backed by SCOR; a top-tier reinsurance company for property and casualty and life. It was founded in 1970 and is now one of the leading reinsurers in the world.
Mosaic Life is a great life insurance option for younger Canadians who have debt they need to have covered or dependants they want to financially protect in case they pass away suddenly. With Mosaic, you can get affordable life insurance policies that can cover you up to $1 million within 10 short minutes. For a small premium, you can rest assured that your loved ones are protected financially in the event you pass away.
Rating of 5/5 based on 1 vote.
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