Are you paying too much for life insurance that may not meet your expectations?

70% of Canadians own life insurance, yet 34% are not clear about coverage, policy terms, and cost.

2 important factors determine life insurance rates, the qualifying method chosen and the predetermined term selected.

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Choosing the right type of coverage today will prevent costly mistakes over time.

There are 3 ways to qualify for life insurance:

  • no medical exam
  • guaranteed issue
  • standard issue (may require medical exams)

No medical exam life insurance and guaranteed issue life insurance policies provide insurance alternatives to persons whose medical profile or lifestyle make it otherwise difficult to get life insurance.

Online best rates calculators are not available for no medical life insurance products.

Insurance brokers compare rates, carriers and questionnaires manually. The quotes are personalised to meet your insurance needs,profile and budget.

Choosing the qualifying method that best fits your medical profile will save you money and prevent you from being denied coverage.
  • 1. Simplified issue, to qualify you’ll need to answer ”no” to a series of medical questions, no medical reports, nor medical exams are required.
    Prices vary according to the insurer’s medical questions.
    Excellent option for people with minor medical conditions which are controlled with medication. Competitive market.
  • 2. Guaranteed issue, no medical questions asked, ideal candidates, are people with important and recent pre-existing medical conditions. The premiums are expensive and a restriction most often applies. Should death occur within the first 24 months of coverage, the premiums paid will be reimbursed with interest. No restrictions apply after 24 months.
  • 3. Standard issue, depending on your age, sum to be insured and insurance carrier, the underwriting process may require medical tests and medical reports.
    Most competitive niche, the largest number of insurance options and carriers provided.
    The cheapest way to qualify for life insurance.
There are 2 groups of life insurance products:
  • 1. Term insurance,the premiums are renewable at the end of the term of the policy’s anniversary date. The most popular term options are a 10-year term, a 20-year term, and a 30-year term. Provides short to mid-term value.
  • 2. Permanent insurance, the premiums, and coverage are guaranteed for life, the premiums payable can be limited to a fixed number of payments.
    Example, a 20-year payment period, free of payments thereafter.
    Permanent insurance provides the best long-term value.

Term insurance provides cheap life insurance coverage but they do come with some risk. Choosing shorter-term insurance options are cost-effective in the short-term but are the most costly in the long-run.

Let’s say you were to extend the coverage at the end of the predetermined term, you’ll face higher costs as your age increases and your health changes.

So don’t underestimate how long you’ll need the term coverage for.


People carry mortgages longer and tend to have higher debt ratios than previous generations.
Tendencies suggest that Canadians will need term life insurance throughout their prime working years(until retirement).

Life insurance is complicated and the premiums paid over time can become costly.

When asked what’s the most difficult part of purchasing life insurance, the respondents answered:

  • Choosing the right coverage and policy terms (34%)
  • Cost/paying the premiums (15%)

The most prominent problems related to:

  • Deciding on the right kind of coverage for them (16%)
  • Deciding on the amount of coverage (11%)
  • Understanding the policy/terms and conditions (7%)
  • The cost/paying the premiums (15%)

*These are the findings of an Ipsos-Reid/RBC Insurance poll conducted from August 10th to August 12th, 2014

Are you sure about your life insurance!

Take advantage of a free phone consultation and email quotes.