Life insurance can be used to cover the expenses of many important things. It can cover funeral costs, pay off existing mortgages or help put your kids through college. To learn more about life insurance in Ontario, continue reading…
At Kanetix, the most popular life insurance product is the Term 10 life insurance, which accounts for almost half of all life insurance policies sold. Term 10 life insurance is quite popular due to its low price and the fact that the premium will not increase for 10 years. Term 10 life insurance is great for those who are looking for short-term coverage. Kanetix touts that this policy will cost you less than $1 per day. For a female who is 40 the premium will cost $128 per year, at 45 years old $152 and $200 when she reaches 50. For a male who is 40, 45 and 50 the premiums will be $151, $193, $255, respectively. These policy quotes are based on non-smokers. Kanetix also offers Term 20, Term 30 and Term 100 life insurance policies. Obviously the price will increase as the amount of time is increased.
Canada Insurance Group offers competitive rates on life insurance. Simply fill out their online form and you will instantly get a quote. They also offer discounts for those who do not smoke. All of the insurance brokers who work for Canada Insurance Group are paid on salary so they will not pressure you to purchase anything you do not want.
State Farm’s website will allow you to get a life insurance quote, as well. If you do not know how much life insurance you will need, they offer you a calculator where it will ask you to put in your current debts, and final expenses and educational costs. For example, if you need $50,000 and choose 5 year term life insurance your premium would be about $16 per month or $182 per year. For a smoker with the same information the premium would be $20 per month or $221 per year.
You do not want to purchase too little or too much life insurance so chat with an insurance broker if you are not sure of the amount to purchase. People who smoke will have a slightly higher life insurance premium than those who do not smoke. This is because smoking can cut years off of your life. People who are in good health and do not smoke will have lower life insurance rates. Some insurance companies will give the non-smokers rate to those who have quit recently.
Life insurance is good to have no matter what your age. Monthly premiums are quite low compared to other types of insurance. Before buying life insurance be sure to look at several different companies or call an insurance broker for a quote.