Where to Get Life Insurance in Canada

Where to Get Life Insurance in Canada

Knowing where to shop for life insurance can save you many thousands of dollars in premiums. There’s no question that finding the right carrier can mean not only lower premiums but better service and a company that has a proven track record in the industry. What’s often forgotten in a discussion of the subject is that consumers also need to check the reputation of companies as closely as the companies scrutinize policy applicants.

When you look for solid coverage from a trustworthy institution, where should you begin? It’s crucial to know that you can purchase directly from a company, obtain quotes and buy online, or simply work with an agent you already know and upgrade or change a contract that’s already in effect. Here’s a closer look at where to get life insurance if you live in Canada:

Purchase a Policy Direct

Some consumers prefer to do research on companies first and then make a short list of worthy candidates. That’s one way of going about the task. That strategy has the distinct advantage of narrowing down your options rather quickly and letting you find the most reliable organizations to deal with. The only possible drawback to this method: unless you know the industry well, you’re likely to miss out on some options from companies that you are simply unfamiliar with. Working from a list of all sellers can be maddening because there are literally hundreds of entities that sell policies to Canadians.

Get Online Quotes Before Buying

Canadian life insurance quotes are available online, and the result? Your work can be a lot easier if you want to try this method. Either make a short list of carriers who meet your criteria and get online quotes, or visit a website that lets you compare quotes from all sellers. This strategy allows you to obtain numerous quotes, all tailored to your age, health status, type of policy you desire and many other details.

Tips for Saving on Policy Premiums

Is there a secret way to save money when shopping? In this case, there are several. When you set out to obtain a life policy, you’ll get much better rates if you decide to take on this task at a young age. Young adults often miss the boat on this built-in advantage they have. In fact, rates on whole or term policies can be astoundingly low if you buy when you are under the age of 35. After that, you can still get great deals but the gigantic discounts will begin to evaporate with each passing year.

Another tip: always reveal the full story of your health status when you decide to buy. If you are evasive or provide false data on an insurance form, not only will the coverage be worthless to you but your agent won’t be able to match you up with a carrier that can offer you the lowest rates. Always disclose every detail of your physical health before you sign. Also, remember to quit smoking as soon as possible. Otherwise you’ll be locked into higher rates.

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