WHICH LIFE INSURANCE IS MOST ADVANTAGEOUS FOR YOU?
Life insurance is protection for the people you are financially responsible for. When determining the necessity of life insurance in your case, the most important question to ask yourself is « If I should die today, will my family experience financial hardship? » If the answer is no, then you don’t need life insurance. If yes, you must take quick action and find out all about your life insurance options.
When life insurance comes into play, only the financial aspect seems to matter. Many people look for a policy that costs the least in the market. This is generally based on the amounts to be paid monthly or annually for premiums and one’s budget.
However, in addition to life insurance prices, multiple criteria must be considered when seriously comparing insurance products. If you want to know more about term life insurance, the least expensive life insurance product in the market, check out this article.
These motivating factors and goals are used to target your criteria to find the best life insurance:
If you need a life insurance professional, read the text below.
Here is a very interesting solution to find your life insurance.
There are many products available in life insurance of which captive brokers of various insurers offer only the products from their own company.
Before you start considering one product over another, you need to evaluate whether you really need it.
LIFE INSURANCE: WHAT PRICE MUST YOU PAY?
If you considering the purchase of life insurance, it is essential to assess your actual capacity to pay the premiums regularly.
These premiums vary depending on the term of the agreement, gender, age, your health condition, and the type of life insurance chosen.
The « PROS » :
➢ This insurance provides, for a fixed period of time, generally 1 year, 5 years, 10 years, or 20 years, insurance coverage.
➢ Additions to improve health are offered by insurers to supplement term life insurance. These additions redesign your protection to meet your needs.
➢ The rates (premiums) start very low and increase with every renewal and as you age.
➢ A multitude of brokers or financial security advisors recommends subscribing to 10 or 20 years term life insurance and a subsequent reassessment of your needs.
➢ The ability of term life insurance to be converted to permanent life insurance is an important feature during renewal which offers you additional benefits and helps you avoid higher premiums.
The « CONS » :
|The « PROS » :
➢ An initial medical exam is required at the beginning of the policy. No renewal is necessary and you keep the original conditions of the agreement, even with increasing age or changing health status. Even when your condition deteriorates over time, you are still covered.
➢ No surprises during the contract. The price of the premiums remains the same throughout the contract.
➢ This product offers sufficient coverage to replace your income for the benefit of your loved ones and ensure the continuity of your plans and investments.
➢ Permanent life insurance honors the debts you leave behind, provide a legacy to your heirs and pays your final expenses.
The « CONS» :
Example of prices to compare term life insurance and permanent life insurance :
Let us consider an individual in his 30s, in good health and does not smoke. If he takes out a 20-year term life insurance for the amount of $250 000, he would pay approximately $25 a month.
For a whole life insurance policy (permanent life insurance) with the same amount that he would pay for 20 years, it would amount to about $290 a month, about 12 times more.*
*These prices were obtained automatically using online price generators. Do not rely on these prices.
If you wish to receive a FREE quote based on your needs, complete the short form on this page.
|The « PROS » :
➢ Opt immediately, based on your needs, for premiums that are fixed or are adjustable. There will be no increases thereafter as there is no need for renewal.
➢ Hedge funds that are not taxable due to tax laws. This can potentially pay for your premiums later on and relieve you of this financial constraint. You can also withdraw money for personal use.
➢ Due to its flexibility, universal life insurance accumulates a significant amount of cash based on your wishes.
➢ Many customers who consider cash surrender value to be important like the security of this product. In case of a sudden financial problem, you can receive the cash value (or part of it), all taxable, unfortunately. Your annual statement will indicate the amount available for withdrawal.
➢ Universal life insurance shows an adequate amount of insurance to meet any need, be it to bequeath a significant legacy or to take care of your debts (personal loans or mortgage…). To establish a profitable estate, this insurance solution is quite ideal.
➢ If your capitalization fund has adequate funds, you don’t need to pay for your premiums.
The « CONS » :
For more information on universal life insurance, here are the complete product details on our site.
|The « PROS » :
➢ If poor state of health causes a denial of coverage from all life insurance companies, guaranteed life insurance or no medical examination is the solution to your problem. Thus, you can avoid taking a medical exam, replaced by a concise form that you must fill out completely, in order for the insurer to know your physical condition.
➢ Only in rare cases will your policy not be activated automatically as soon as the insurer receives the form.
➢ Usually, some answers will be adequate to subscribe to a plan. You will receive a confirmation from the insurer upon receipt of your request.
➢ This insurance product tends to be more prevalent as a multitude of insurers offers similar policies.
➢ Scales based on complex figures determine premiums. The estimate of the risks that you pose is measured as follows: your gender, your use of tobacco, and your age. The premiums, once established, will no longer increase.
➢ You will get a lower face amount than other insurance products but this will still benefit your finances. This protection will give your family the money to pay for your final expenses. If you can get a bigger insurance amount, try to choose based on your total debt or the amount you want to bequeath to your beneficiaries.
➢ You will immediately see the benefits of acquiring life insurance without a medical examination from the many leaflets distributed and the analyses of solutions in this field. You can discover right away the advantages of using this approach due to the absence of additions or supplements to these policies which facilitate your research.
The « CONS» :
Are you in the process of shopping for life insurance?
Stop spending hours on the phone for nothing and let « Compare Insurances Online » help you!
Use this broker reference platform for price comparison (insurance brokers and insurers perform this time-consuming and confusing task for you!) and obtain a quick quote that is tailored to your needs.
A simple form and its short fields to fill out (on this page) is enough. Your request is then sent to one of our partners.
He will evaluate your needs. He will look for the best policies among insurers at his disposal and send you the most competitive quote.
This is without any obligation on your part!
Before starting your search for life insurance, you must, first of all, estimate your ability to pay for it. Indeed, a monthly premium for your life insurance must be absolutely within your budget. The payment, since it will be required through most of your life, will have to consist of a negligible fraction of your budget. The budget of each individual will thus limit his options.
|Do not cancel your policy in any situation, as much as possible. If this happens (more often than we think), your protection is gone forever and all the investment you made is lost at the same time. Paying your premiums all this time would have been for nothing.
Statistics Canada reported in July 2017 that in Canada, the average weekly salary is $970.50 per capita. The premium for a life insurance policy costs, on average, $50 monthly, just below 3% of the average monthly income. Learn about the costs of each life insurance product before making your choice.
Take a good look at the available choices based on your budget because the premiums will vary based on the term, type of insurance selected, your health condition, sex, and age.
To establish your current life insurance needs, take stock of your own finances. A financial security advisor would also recommend doing the same thing.
This expert is obliged to make a careful evaluation of your needs and budget.
To clarify your requirements regarding how low or high the amount of insurance needed, it becomes a question of determining your liabilities and your budget constraints.
Let’s do this exercise right away.
HOW TO DETERMINE THE RIGHT PRICE TO PAY FOR YOUR LIFE INSURANCE?
PREPARE YOUR BALANCE SHEET
PREPARE YOUR DOCUMENT
You will need to include:
ADD UP YOUR LIABILITIES
In the first column, list all of your debts:
Add up the amounts in this column and mark « Total liabilities» near this result.
ADD UP YOUR ASSETS
In another column, list down your assets:
Add these amounts in a new column and mark « Total Assets » near the amount.
CALCULATE YOUR NET WORTH
Deduct your total liabilities from your total assets. The resulting amount is your net worth.
If your net worth is positive, opt for a life insurance that will require investment or a lower amount of insurance to reduce your premiums.
On the other hand, if the net equity is negative, think of a life insurance policy that will cover your debts to leave less or no obligations behind to your family.
MAKE YOUR BUDGET ON A SOLID BASIS
Since you now know the desired amount in insurance, you have the option to set up a budget (a list of your monthly cash inflow and outflow).
Thoroughly inspect the margin left between all of your income and unavoidable expenses.
Always leave yourself some latitude to prevent situations beyond your control such as transient disability or damage to your appliances.
Determine a portion of your life insurance budget so that it won’t be a burden to you.
|Does your budget still seem uncertain to add life insurance payments?
Let the partners of « Compare Insurances Online » work it out for you. They are all insurers and insurance brokers.
Fill out the form on this page to receive advice from one of our partners.
He will find an insurance solution for you.
There is no obligation on your part!
It is important to choose the right life insurance which meets your financial capacity and needs.
There are several options but this online platform allows you to get assistance from our broker partners.
Simply fill out the short form located on this page.
After a careful assessment of your requirements, one of our partners will send you a quote, absolutely FREE OF CHARGE!
In addition, this does not commit you to anything so don’t let this opportunity to save money pass you by!
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