Canada Life Insurance Quotes (Compare Instantly)
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63,364 Families Quoted Since January 2017
BBB Rating: A+
Since March 2017
As of 11/16/19
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So, What Is Life Insurance?
As we like to say, "In Plain English," it is simply, protection against the loss of life over a specific period of time. Term life is going to be the most affordable type of life insurance that you can purchase and the most simple. You can choose coverage options from 2 years all the way up to 30 years and coverage amounts from $50,000 up to $25,000,000+
Term Life Insurance Policies
Term life gives you coverage for a specific amount of time and ends once the term period is over. It is going to be the most affordable type of coverage you can purchase. Below is a sample of how term life works.
Gender: Male
Age: 32
Health Rate: Preferred
Smoker: No
Length of Coverage: 30 Years
Coverage Amount: $250,000
Monthly Life Insurance Rate: $21.63
Whole Life Insurance Plans
Permanent life insurance is going to be more expensive on a monthly basis and will cover you for your entire life. It can build cash value and is usually for people with a high net worth. Below is a sample of how whole life works.
Gender: Male
Age: 32
Health Rate: Preferred
Smoker: No
Length of Coverage: For Life
Coverage Amount: $250,000
Monthly Life Insurance Rate: $145.00
Plan Rates and Insurance Option Provided by Principal Life
Types of life insurance
Check out this quick summary of all of the different types of life insurance.
Need more information? Learn more about term life vs whole life.
| Term Life | Whole Life | Return Of Premium Term Life | Universal Life |
|---|---|---|---|---|
Duration | 1 - 45 Years | Your Entire Life | 20 - 30 Years | Your Entire Life |
Guaranteed Death Benefit | Yes | Yes | Yes | Yes |
Guaranteed Cash Value | No | Yes | No | Cash value can be depleted |
Monthly Premiums | Premiums can go up or be guaranteed level. | Premiums are guaranteed level. | Premiums can go up or be guaranteed level. | Premiums are usually determined by the customers. |
Policy Notes | Policy cancels or has to be renewed at the end of the level term. | Policy pays out at the end of the term along with any additional cash value. | Policy returns all the premiums paid into the policy at the end of the term. | Policy growth is based on market index rates. |
Simply Insurance recommends a term life or return of premium plan for most of our shoppers over any whole life or universal life insurance products.
How much life insurance do I need?
Most insurance companies allow you to purchase up to 30x your annual income, but we recommend that you have at the least 10x your annual income in life insurance.
So if you make $50,000 / year, a policy for $500,000 would be our suggestion. Just remember to buy life insurance that you can afford.
We created a nifty life insurance calculator that you can use to better understand exactly how much you need.
If the life insurance premium of 10x your annual income is too expensive for you, go down to 5x your income, just make sure you can cover your beneficiaries life insurance needs.
When you are looking at any of our quotes for term life, you can always start off with the lowest term length for the maximum amount of coverage.
Myths About The Cost Of Life Insurance
The biggest myth about life insurance cost is that it's too expensive.
A recent study from LIMRA found that 63% of people said they wouldn't get life insurance coverage because of its cost.
However, the same study found that life insurance policy quotes are 80% LESS than what people thought they were.
Didn't think you could get cheap life insurance? Guess Again!
Company | A.M. Best Rating | S&P Global Rating | Fitch Ratings | BBB Ratings |
|---|---|---|---|---|
Canada Protection Plan | A (Excellent) | N/A | N/A | A+ |
Questions people Commonly Ask Us:
1. How Does A Term Life Policy Work?
2. Will Buying Life Insurance Affect My Credit Score?
3. What Does A Term Plan Cover?
4. Can I Get Life Insurance Online?
our Reviews Of The Top life insurance companies In Canada:
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