- Insurance 101
If you have been delaying life insurance, because it may be expensive, think again. Life insurance is more affordable than most people think. In fact, you could save up to 30% on your life insurance premium if you compare life insurance quotes online before you apply for coverage.
However, it could get tedious to reach out to every provider, wait on quotes and deal with pushy agents that are commissioned to sell their product. What’s the solution you ask? We’ve got you covered.
Let’s go through the basics of life insurance first, so you can make a well-informed decision about your policy & coverage.
- What is life insurance?
- What type of policy do you need?
- How much life insurance do you need?
- Why compare quotes?
- Why Life Simpli?
- Get FREE, personalized advice from a non-commissioned advisor.
Life insurance is essentially an agreement between you and the life insurance provider. You make regular payments known as ‘premium’. In return, the insurance providers pays out a lump sum, non-taxable amount to your family after you pass away. This amount is known as ‘death benefit’ and can be used by your family however they deem appropriate. Life insurance helps financially protect your family and their future. Learn all about life insurance in Canada.
What type of policy do you need?
In Canada, there are mainly two types of life insurance – term insurance and whole insurance. Term insurance protects you for a set period of time – 10,15, 20 or 30 years. In exchange for the premiums paid during your term, your policy will provide financial protection to your loved ones if you were to pass away within the timeframe. A term policy is generally more affordable, especially if you buy it when young.
On the other hand, whole or permanent life insurance will provide financial protection to your family whenever you pass away. This type of policy also builds a cash-value that can be accessed during your lifetime as a policy holder.
The type of policy you should get is based on your current financial situation as well as your financial goals. Learn more about Term Vs Whole insurance.
How much life insurance do you need?
The amount of life insurance you need is based on several factors like your income, assets, the amount you would like to leave behind for your family and so on. Life Simpli’s intuitive life insurance calculator does all the work for you. All you have to do is insert your details and let the calculator tell you how much coverage you require. Learn more about how much life insurance you need.
Why compare quotes?
Your life insurance premium will depend on several factors such as your overall health, pre-existing conditions, age, and much more.
However, no two policies are created equal and different providers could charge a different premium for the same amount of coverage. Thus, if you don’t do your research, you could end up overpaying! To avoid this, it is essential to compare life insurance quotes online.
Life Simpli directs you towards suitable policies at the best rates around, providing you with peace of mind before you even sign up.
With Life Simpli, you can self-calculate your life insurance requirements, compare rates from 25+ leading insurers in Canada and apply for life insurance or critical illness insurance in minutes.
Why Life Simpli?
Life Simpli is a 100% transparent and jargon-free platform to compare rates and apply for life insurance coverage. Till date we have helped 10,000+ Canadians get affordable coverage based on their needs.
Our advisors are non-commissioned which means that the financial advice you receive is genuine.
Will using Life Simpli cost me money?
Absolutely not! Our platform is FREE to use. It will not cost you any money to use Life Simpli.
However, comparing rates on our platform will definitely save you $$$ by finding the most affordable policy out there.