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If you are looking for cheaper insurance premiums for your home or auto insurance, you have come to the right place.
We have partner insurance companies in Sherbrooke that offer competitive rates for any type of insurance you need.
You need efficient coverage from your homeowner’s insurance to avoid huge losses from theft, vandalism, or damage. Bundle your auto insurance with the same insurer and you can save even more.
Save time and money when you shop for the right insurance with Compare Insurances Online.
If you have no life insurance policy yet, NOW is the time to get one for the financial security of yourloved ones. You can also get critical illness with life insurance coverage to protect your finances incase you get a serious medical condition in the future.
Policies for home, auto, and life insurance become due for renewal every now and then. It is best to reassess our insurance coverage rather than go for automatic renewal.
Our insurance needs change over time. We make improvements to our home that may raise its value. Our family’s financial needs also change and grow due to a change in circumstances. These changes mean we have to revisit our insurance coverage to ensure that they also adjust to our new needs.
There are various reasons why you may want to change your insurance contract. Whether you are renewing your home, auto, or term life insurance, it is critical that you check your policy if it still meets your needs or to discuss it with your agent or broker.
The insurance company is obligated to send by mail a notice of renewal at least 30 days before the policy matures. For auto insurance, if you do not reply, the policy may be automatically renewed.
It is your right to decide not to renew if you feel you can find a better deal elsewhere or if you are not satisfied with your current insurer.
Here are things you need to check before renewing your insurance:
Level of Coverage
Does your home insurance cover all the risks you face? Is the insured amount adequate for rebuilding your home in case of damage? If you have done renovations or improvements to your property recently, you need to increase your coverage.
Is your term life insurance enough? If you took it out 10 years ago, your financial situation may have changed. Perhaps you need to increase or reduce the amount, depending on your needs.
Do you need to change your liability coverage from your auto or home insurance?
Cost of Premiums
Renewal time is a good time to see if you are getting the best price for your insurance. You should obtain multiple quotes to compare coverage and price. If you are offered a lower premium, make sure it is for an identical coverage. A lower premium could sometimes mean less coverage.
You can get multiple quotes, free of charge and no obligation, with our free online request form.
Limits or exclusions
Every insurance policy has limits and exclusions. When it is time to renew your policy, check these to see if you need to add an endorsement, change your policy, or increase limits.
Maybe you took out a term life insurance policy 5 years ago which is up for renewal.
Will you need life insurance for a longer time or the rest of your life? Keep in mind that every renewal means an increase in your premiums. As your health changes, your insurer may even refuse to renew your policy.
For life insurance, consider if you need to convert your term life to permanent life insurance. While the latter is more expensive, it gives lifetime coverage and builds cash value.
Canceling an insurance policy
A consumer can cancel an insurance policy for any reason at any time. You can do this by writing your insurance company. It is possible that your insurer will charge a penalty fee which may be indicated in your policy. If the remaining term of the policy is still long, the penalty may be high. Consider if it is worth pre-terminating your insurance.
An insurer can also cancel a policy for several reasons but you must be notified within 60 days if:
The Chambre de l’assurance de dommages (ChAD) gives a Questions to ask yourself when renewing your home insurance.
If you had term life for 10 years that’s now up for renewal, you can consider adjusting the face amount if you have less financial risks and obligations. You could also consider converting to permanent life insurance to lock-in great rates for a lifetime.
It is critical that insurance coverage is adequate and in tune with our lifestyle, our finances, and our needs.
Whether you need life insurance, home insurance, or business insurance, we have you covered.
Term life vs. Permanent Life Insurance
There are two principal options for life insurance in the province of Quebec – term life and permanent life insurance.
Term life has a pre-set period of coverage (5, 10, 15, 20 years). On the other hand, permanent life insurance provides lifetime protection.
You may choose term life insurance for its more affordable premiums and if you feel you need coverage for a limited time. This type of insurance is ideal for temporary needs such as covering debts like a mortgage, car loan, credit cards, or business loans.
Yet many individuals have gained huge advantages from buying permanent life insurance especially at a younger age. This type of insurance policy is in place for life with level premiums that become more affordable in value as time goes by. It also helps you build wealth from cash value and dividends. And since it is for lifetime coverage, your insurability is guaranteed even as you get older and your health deteriorates.
Your home and automobile are major investments for which you need the right insurance coverage. No matter how careful we are, accidents and disasters occur that could result in financial losses if you have no insurance coverage.
In Quebec province, auto insurance has a public and private plan. The public plan is managed by the SAAQ which pays compensation for injuries resulting from vehicular accidents. With its no-fault system, no driver can be sued for injuries as a result of a car accident within Quebec.
The private insurance plan is provided by the many private insurance companies in the province. It pays for damage caused to another person’s vehicle or property. You can also choose to get coverage for damage to your own vehicle but this is optional.
Your private auto insurance will also pay for liability (including injuries when you are at fault) for car accidents outside of Quebec.
The mandatory liability coverage is $50,000 but you can increase it based on your needs.
For home insurance, the law does not require homeowners to buy home insurance but it is highly recommended to protect your investment.
It is incredible how much people can accumulate over a short period of time. The home you bought 5 years ago may have undergone improvements or renovations that have drastically changed its value. If your property is damaged by an unforeseen risk, your home insurance may no longer be adequate to cover you for its higher value.
It is good to make a list of the contents of your home as well as improvements you have made to get a clearer picture about your home’s value.
If you feel unsure about the insurable value of your property, it is a good idea to reassess your home’s value with a professional appraiser every 5 years.
You have finally purchased a home and you already have your dream car. Both are insured as required by your lender so you feel your important assets are all covered.
What about you? Are you also covered by a good life insurance product?
When things are going great, we don’t want to think that something bad could happen. But in life, nothing is ever certain. That is why life insurance is so ESSENTIAL- to cover the unexpected.
Life insurance can provide a significant legacy to your loved ones so that they have less to worry about if you suddenly die. If they depend on your income, it is all the more important to make sure they can have the same lifestyle without your support.
Life insurance pays death benefits to your beneficiaries which can be used to pay for living expenses, loans including your mortgage, educational expenses, medical bills, and final expenses like funeral or burial.
The younger and healthier you are, the lower the cost of life insurance. Thus, it is best to buy a life insurance policy NOW rather than later.
You may be surprised to know that life insurance in Sherbrooke can be very affordable. Quebec is fortunate to have 16 life insurance companies with headquarters in Quebec, making it the second largest in the life insurance market. There are however, more than 60 life insurance companies serving Sherbrooke and the rest of Quebec.
Before buying life insurance, you need to decide on 2 important things:
Once you know the answers to both questions, finding good life insurance can be much easier.
Term Life Insurance
As we mentioned earlier, term life insurance is the most affordable life insurance in the market.
Premiums for term life insurance remain the same throughout the term. The most popular term life insurance products are Term 10 years, Term 15 years, Term 20 years, and Term 100.
When a term life insurance policy has expired, it can be renewed but the insurer will charge a higher premium. The price increases because you are older and, therefore, represent a higher risk of death due to illness or other reasons.
If an insured dies within the term of the policy, the designated beneficiaries receive a lump sum payment, also called death benefits, tax-free.
If the policy expires and is not renewed, you lose coverage and entitlement to any benefits.
This type of life insurance is pretty simple and the price is the most affordable. No wonder it is the most popular type of life insurance among Quebecers.
Your personal circumstances have a big impact on the cost of your term life insurance namely age, occupation, lifestyle (smoker or non-smoker), and your health. The price can also vary based on the type of life insurance product and who you buy from.
The best way to know the right price for term life insurance that suits your budget is to compare life insurance quotes using our short online form, free of charge!
Permanent Life Insurance
Unlike term life insurance, permanent life insurance never expires as long as premiums are paid. Benefits are paid regardless of when the insured person dies.
It comes mainly in two types – whole life insurance and universal life insurance.
While permanent life insurance has more expensive premiums, those who can afford it benefit from living and death benefits. While the insured is alive, the policy can generate dividends from an investment component.
People who want to have a passive approach can choose whole life insurance for tax-deferred cash value accumulation. Individuals who want more control of their investments can choose universal life insurance.
The mechanics for these 2 types of policies in terms of the investment component may differ but they both offer tax-free death benefits and tax-deferred accumulated savings.
If you buy permanent life insurance while you are in your 20s or 30s, the premiums can be significantly lower.
Whether you are single or married, you have financial obligations. You may have a mortgage, credit card debts, a car loan, or business liabilities.
These financial obligations can become a huge burden to your spouse, other family members, and to your business partner.
Temporary or permanent life insurance are ideal solutions for providing financial protection in the short or long term.
Term life insurance is more affordable and offers short-term insurance protection, specifically during periods when you are exposed to huge financial risks. You can obtain term life insurance for 10 or 20 years, until such time that your mortgage is paid and your children are independent.
If you want lifetime coverage, you can opt for permanent life insurance and take advantage of savings or dividends, depending on your policy type.
The benefits from life insurance have tax advantages and would be a welcome respite to loved ones should something bad happen to you.
Life insurance is not for you – it’s a gift you make for the people you care most about.
We know you are busy but there’s no need to postpone looking for the best insurance. At Compare Insurances Online, it only takes 3 easy steps to find the best insurer.
Fill-out our online request form with the information needed to get your free insurance quotes. Your information is sent to 3 insurance companies in your area who then assess your insurance needs. Once you receive your free insurance quotes, you can compare insurance benefits and prices to choose the right insurance company for you.
Best of all, there’s no cost or obligation on your part. We just want to provide you with as much information as you need to be able to make a smart choice for your insurance coverage.
You can get lower premiums for your life insurance or home insurance in 5 minutes.
Our insurance partners provide innovative insurance products at very affordable rates anywhere in Sherbrooke.
Take advantage of better coverage and affordable premiums for your home, life, or auto insurance from our partner insurance companies in Sherbrooke.
Compare Insurances Online is an online bid solicitation service for insurance brokers and direct insurers. Our network of partners covers Quebec: Montreal, Quebec, Laval, Longueuil, Sherbrooke, Trois-Rivières, Gatineau, etc. All types of insurance are available for all kinds of budgets.