Mosaic Life Review

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Mosaic Life Review

Written by Priyanka Correia
Fact-checked by Caitlin Wood

Updated August 11, 2021

Mosaic Life Review

Categories

Life Insurance Review Term Life Insurance

If your income plays a key role in covering the household bills, suddenly losing that income can be devastating to your family. But that’s precisely what can happen if you pass away earlier in life when you still have bills to pay. 

In this case, your family could be left with mounting bills that they are unable to cover on their own, and the consequences of not paying those bills can be dire. 

Luckily, you can protect your family financially in the event that you pass on earlier than expected by having a life insurance policy in place. With life insurance, you can rest assured knowing that your loved ones will be compensated with a lump sum of money to cover some of life’s biggest bills, including the mortgage. Plus, the funds received through a death benefit can be used to cover your funeral costs. 

There are several places to obtain a life insurance policy, including through Mosaic Life.

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. 

Step 1

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. 

Step 2

Based on your profile and the coverage amount you established using the online calculator, you’ll be provided with a quote right away. If you so choose, you can carry on with an application to sign on for a policy or to further personalize your policy. 

The process can take as little as a few minutes to complete if you’re young and have no medical issues to report. In some cases, you may not even need a medical exam or have to provide a blood or urine sample to prove your medical status.

Step 3

Once you’ve signed up, your policy is in effect, your family will receive a death benefit when you pass away, as long as the policy is still in effect when you die and your premium payments are up-to-date. 

You can get up to $1 million in coverage for as little as $1.50 per day, and you can make changes to your policy if your needs change along the way. If you have a change of heart within the first 30 days of signing up for a life insurance policy with Mosaic Life, you can cancel and get a full refund. 

Types Of Life Insurance Mosaic Life Offers

Mosaic Life offers term life insurance. This type of insurance is designed to cover you for a specific number of years, as opposed to a permanent policy that covers you for life, no matter when you die. 

Term life insurance is a popular option for many Canadians because it’s usually more affordable than a permanent life insurance policy. Term life insurance is meant to offer financial protection during your working years when things like your mortgage are still not fully paid off. With a policy in place, the lump sum payment paid out to your beneficiaries can be used to fully repay the mortgage so your loved ones don’t have to worry about how to keep up with mortgage payments. 

Mosaic Life offers coverage from $25,000 to $1 million, with 10-, 15-, and 20-year terms. Term policies are available all across Canada, except for residents of Quebec.  

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. 
  • Online access. In addition to obtaining a quote online and starting your application process via the internet, you also have access to your policy and profile all online on the Mosaic Life website. 
  • 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. 
  • Flexibility. You can make changes to your policy if things change in your life from the time you originally applied, and there are no fees associated with making these changes. 
  • Cancellation policy. Within 30 days of your policy going into effect, you can cancel it if you have a change of heart. You’ll also receive a full refund on any premiums paid.
  • No fees – Other than your premium, Mosaic Life doesn’t charge you any fees, administrative or otherwise. 

Drawbacks of Mosaic Life

  • Permanent life insurance not available. Mosaic Life only offers term life insurance at this time. Permanent life insurance is currently unavailable.
  • Not available in Quebec. Mosaic Life does not offer life insurance to residents of Quebec.

Check out the average cost of life insurance in Canada.

What Affects Life Insurance Premiums?

Life insurance companies charge premiums based on risk assessment. A person who is at a higher risk of dying sooner will be a higher risk, and therefore their premiums will be more expensive. 

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: 

  • Age
  • Gender
  • Health
  • Family health history
  • Occupation
  • Lifestyle
  • Smoking

Based on the above factors, an older smoker with a family history of cancer and heart disease will be considered a higher risk than a younger non-smoker who has a clean bill of health. In the case of the latter, a lower premium will be charged. 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.

Find out if your job is one that affects the cost of your life insurance.

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Premium Payments

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. 

How Much Does Life Insurance With Mosaic Cost?

It’s easy to find out how much you may be charged for a life insurance policy with Mosaic Life thanks to the convenient online calculator. To give you an idea of how much a term policy would cost you, consider the following charts:

$500,000, 20-year term policy for males:

AgeSmokerNon-Smoker
30 years$68$34.50
40 years$146.50$51.50

$500,000, 20-year term policy for females:

AgeSmokerNon-Smoker
30 years$46.50$24.50
40 years$99$38.50

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 LengthMinimum -10 years
Eligibility Canadian residents between 18 to 55 years old
CostStarts 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?

In the event of your passing, your beneficiaries have 2 ways to file a claim:

Online

Your beneficiaries can fill out a form online with the following pieces of information:

  • Name
  • Phone number
  • Email address
  • Policy number
  • Name of insured person

Once the claim has been submitted, an agent from Mosaic Life will respond within 1 business day. 

By Phone

The claims process can also be started by calling 1-855-643-6945. This number can also be called if there are any questions about the claims process. 

Mosaic Life will do their best to have the lump sum death benefit paid out to your beneficiaries within 5 business days. 

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. 

Bottom Line 

Mosaic Life makes obtaining an affordable and comprehensive term life insurance policy easy and convenient thanks to the online quote and application process. If you have debt that you don’t want to pass down to your dependents, then a term policy from Mosaic Life can help cover them financially. Within a few minutes, you can have a life insurance policy up and running through Mosaic Life, insuring you for up to $1 million in exchange for an affordable premium.

Priyanka is a marketing major who graduated from John Molson School of Business in 2018. She has experience in writing about personal finance, media outreach, and SEO. She is passionate about marketing and educating Canadian consumers about how to take control of their financial lives.

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