Having proper life insurance coverage is one of the most important things you can do to protect your family, financially speaking. However, studies suggest that the vast majority of Canadian adults are severely underinsured. Consider this. PolicyAdvisor.com recently completed a survey that found that almost 50% of Canadians with dependents have never purchased life insurance before. Their research goes on to conclude that as many as 91% of Canadians are underinsured, based on standards set by the Financial Consumer Agency of Canada (FCAC).
Fortunately, it’s easier than ever to get a quote for life insurance coverage. Thanks to a number of online tools, you don’t even have to leave the comfort of your living room. By the end of this article, you’ll know how to get an instant quote, and even apply for life insurance online, but first, let’s take a closer look at why all of this matters.
Why Life Insurance Is so Important
Simply put, life insurance protects your loved ones and dependents should you pass away. There are several ways in which life insurance can help. It can cover final arrangements, such as funeral or burial costs. It can pay off the mortgage on a home, or other debts. Perhaps most important, life insurance can serve as an income replacement for your spouse and any dependents, when you’re gone.
Consider your own situation and the life insurance coverage you currently have. What funds would be available to your family if they suddenly needed to survive without you, and without your income? Would your spouse be left to pay a big mortgage? If so, what sacrifices would they have to make? Would they be forced to downsize the home, or find a second job? All of these are questions you will want to consider when shopping for life insurance.
Is Life Insurance Expensive?
There’s a misconception that life insurance has to be expensive, but that’s not the case at all. Of course, the price you pay will depend on a number of factors, which is why it’s so important to get a life insurance quote and to shop around. Premiums will vary depending on the amount and the type of insurance you buy, your age, and other potential risk factors. But generally speaking, if you’re young and in fairly good health, life insurance is extremely affordable. In fact, not having life insurance could turn out to be a much costlier proposition.
Where to Go For Life Insurance Quotes
To obtain quotes for Canadian life insurance, I recommend two online sources; PolicyMe, and PolicyAdvisor. Both companies will connect you with life insurance providers across Canada. When you obtain a quote through them and proceed to purchase life insurance, they receive compensation directly from the insurance company, making their service completely free for you, the customer. Currently, PolicyMe is available to residents in 5 provinces, including B.C., Alberta, Manitoba, Ontario, and New Brunswick. PolicyAdvisor is only available in Ontario, however, both companies plan to expand their service across Canada in the near future. Let’s take a closer look at what each has to offer, and how they can help you find a life insurance policy that’s right for you.
PolicyMe is dedicated to providing you with an unbiased life insurance quote. I like that they don’t dabble in other areas, like mortgage rates, or credit cards. Not only that, but you don’t have to be an insurance expert when you arrive at the PolicyMe website. They have a wealth of educational resources on their blog, with articles on just about everything life insurance-related. They even have a section titled Life Insurance 101, which is a great place to get started. Another thing I like about PolicyMe is that while they offer in-depth advice tools designed to help you find a customized insurance solution, you can head straight to their insurance calculator for an instant quote.
For example, I used the PolicyMe calculator to get a quote on a $300,000 life insurance policy, 10-year term, for a 40-year-old male, and female, both non-smokers. Instantly, I received a quote from 4 different providers. The lowest premium quoted was $17.55/month for female, (the lowest male was $20.79/month), all the way to $40.77/$49.68 per month (female/male), with no medical requirement. The entire process took less than 15 seconds. For your own PolicyMe quote, you can access their calculator here.
PolicyAdvisor is another solid option for obtaining a quote for life insurance online. What I don’t like as much about their website is that it feels a lot busier. The site supports several types of insurance, including life, disability, critical illness, and mortgage insurance. All of these are important, but if you’re just looking for life insurance, it can be a bit overwhelming.
When I tried to complete an instant quote, I ran into a couple of snags. For starters, they tried to steer me towards a 20-year term for insurance, by including a checkmark on that option. The gesture seemed a bit biased, which I didn’t care for. Ultimately, my attempt to obtain a quote failed, due to the fact that I’m not a resident of Ontario. If you do happen to live in Ontario, however, PolicyAdvisor can be considered an alternative to PolicyMe. Here’s the link to obtain an instant quote.
The Best Online Life Insurance Quotes
If you’re shopping for life insurance, I highly recommend gathering quotes from a number of companies online, and PolicyMe, as well as PolicyAdvisor, are both great places to start your search. There are simply too many choices available to contact each insurance company, one at a time. Another advantage of doing your research online is being able to educate yourself on the various types of life insurance. This will help you find a policy that’s right for your family. After all, they’re the ones you want to protect.