Life insurance quotes Canada for Quebec residents
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Life insurance provides financial security to your loved ones by providing them with a tax-free benefit after you die. The amount of life insurance you buy and the type of coverage you choose will depend on your financial situation needs and budget. Life insurance premiums will be calculated based on age, gender, lifestyle and medical profile.
Here are the questions most frequently asked regarding life insurance:
How much life insurance do you need?
Will your family members be impacted financially if something happened to you? If your answer is yes, then life insurance is an essential part of a sound financial plan.
To determine the sum insured needed, ideally, you want to cover your major expenses, such as outstanding loans, income replacement and funeral expenses. To do so consider your income, net worth, family needs, debts, and life insurance you currently own.
What are the different types of life insurance products?
There are 2 basic types of life insurance products, term, and permanent insurance-and each has its benefits.
Term insurance offers protection for a set period, say 20 years, while permanent insurance (whole life) doesn't expire- provides lifetime coverage.
Term insurance provides cost-efficient financial protection throughout your working years.
Universal life insurance provides both permanent life insurance and a savings component, so your financial security will be protected both today and tomorrow.
What is the difference between term and whole life insurance?
Rule of thumb: term insurance, one of the less expensive types of life insurance, offers guaranteed protection now that can help you prepare for your future.
Term insurance goes beyond protecting your family for a set period- it puts you on a path towards financial preparedness in the future. Term plans lock in your immediate protection and gives you access to important policy features like converting to permanent insurance or an exchange of term options. This helps you achieve your financial goals at every stage of life.
Permanent life insurance provides lifetime coverage at a fixed rate. Whole life insurance policies provide an added feature, a savings component, a significant way to save for the future. The cash value of your policy grows tax deferred, and the dividends provide an opportunity for the cash value to grow even more.
Universal life insurance provides permanent insurance coverage with an investment component, so you can protect your family while investing in your family's future.
For more information, you can view an article by Sun life on the different types of life insurance.
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How does life insurance work?
Life insurance pays out a death benefit on the policyholder's death, typically in the form of a lump sum.
It works like this:
Term insurance will only pay out if you die within a predetermined term, for example, a 20-year term.
Permanent insurance provides lifetime coverage- doesn't expire. Participating policies and Universal life Insurance provide an added feature, a savings component.
Decide who you want to receive the proceeds upon your death. Could it help your spouse pay off the mortgage and household expenses, or help you leave money to your children?
Protecting your loved one's starts with you!
You're ready to take the next step in protecting your family and planning for the future. Whether you still have questions or ideas on what you'll need, our professional financial security advisors, duly licensed in Quebec, can help you better understand your unique financial situation and options.
Groupe Financier Unibec
Insurance Of Persons Quebec Agency Since 2004
We are a Montreal based insurance firm representing the largest number of Canadian life insurance companies servicing Quebec.
We provide the following insurance products to Quebec residents: life, critical illness, disability, health & dental and travel insurance.
Now more than ever our role as Financial Security Advisors becomes all the more important, providing clients guidance, expertise, commitment, and independence.
We do not work for a particular insurance company, but rather work with numerous insurance carriers, giving us a free hand in presenting clients with the best insurance proposals that reflect their specific needs and budget.
