Individual life insurance in Canada:
As an individual, you may think a life insurance policy is unnecessary. This may well be, but if you have anyone who relies on you for support, whether you are a single parent or have aged parents, then you need to think about how they will cover their expenses once you are gone. Also, if you want to leave a legacy, for instance, a charitable donation, life insurance is an effective way of doing so.
Most aged parents or children from single homes usually have more than one person taking care of their financial needs. Still, if something should happen to one of them, their financial support may be considerably reduced. This can have a devastating effect on their lifestyle and, for young adults, can mean the difference between studying or not. In older parents, it might affect their healthcare costs.
Life insurance can help you ensure the people who rely on you will have support, whether you are there or not. In exchange for the death benefit your beneficiaries receive, you pay monthly premiums. If your policy is active when you die, they receive a tax-free lump sum to spend on anything they want.
You may also opt to have life insurance for individuals in Canada if you want to make sure your funeral expenses are taken care of or to make a gift to a charity of your choice.
Is There a Good Time to Buy Life Insurance?
The younger you are, the lower the cost of independent life insurance is. However, if you have no dependents, you may believe life insurance is pointless because no one will be affected by your inability to earn an income. Nevertheless, if you plan to build a family in the future, it is still quite sensitive to purchase life insurance when you are still young and healthy.
From the moment you have dependents, you need to consider life insurance even if you are single. Remember, the longer you leave it, the more expensive it becomes, especially if you develop health problems later in life.
What is the Best Life Insurance for Individuals?
Term life insurance and permanent life insurance are two types of life insurance policies you can opt for. You decide to buy will depend on your coverage needs and the time you want to be covered for.
Term individual Life Insurance in Canada.
Most people opt for term life insurance because it covers them for the years it is needed most. Term life insurance means that it has a set length of time. When the life insurance term expires, so does the life insurance policy. Therefore, you won’t be paying any premiums, and your beneficiaries will not receive any death benefits. If you die during the term, your beneficiaries receive the death benefit, and it is tax-free.
Term life insurance is usually bought for 10, 20, 25, or 30 years, and because you are choosing to pay for coverage only when you need it, it is much cheaper than permanent life insurance.
Permanent Individual Life Insurance in Canada.
With permanent life insurance, you are covered for the rest of your life. This may not be viable if you only have aged parents. But if you have young dependents, this may be an excellent way to ensure you leave them something, even if you live to a ripe old age.
The life-long coverage offered by permanent life insurance makes it more expensive, and that is why most people in Canada opt for term insurance.
How do the rates differ for individual life insurance in Canada?
A 30-year-old male with a coverage of $250,000 can expect to pay a monthly premium of $14.40 for term (10) insurance and $127.24 for permanent insurance. For females of the same age, the premiums are slightly less at $11.25 or $106.56, respectively.
The premiums for the same coverage increase as you get older. A 50-year-old male can expect to pay $38.25 a month for term (10) insurance and $327.60 a month for permanent insurance. For females aged 50, the premiums are substantially less at $27.23 and $279.45, respectively.
All the individual life insurance quotes are from Foresters Financial.
Finding the best Individual Life Insurance in Canada.
These are the three most important things to look at when choosing an individual life insurance plan in Canada:
- Even though you don’t have to worry much about this one in Canada, you still want to make sure that the insurer you choose is financially strong. This will ensure your beneficiary will receive the money if you die.
- Since the Covid-19 pandemic, this factor is significant for those who seek individual life insurance in Canada. Look for an insurer that offers you coverage with the least effort. There are companies where the whole application and delivery process is done online.
- Choose a company that offers you the lowest price while ensuring reliability and rating because different insurers’ life insurance products are quite similar and competitive. However, we strongly recommend making a comparison just in case.
Whatever your reasons for choosing to have individual life insurance is, Canada has many insurers who offer life insurance policies at affordable prices.
AplusWealth Inc. is here to help you find the right individual life insurance in Canada.
An expert advisor is the best person to help you secure your family’s financial future and guide you to compare different individual life insurance in Canada and find the best life insurance type. A financial advisor or insurance agent will assess your financial needs, look at the existing life insurance policies you may have. They will find a way to cover all your life insurance needs within your budget.
Life insurance and the covid-19 pandemic process are done entirely online. Thanks to our expert advisers who are entirely comfortable with the online life insurance & investment platform, you can take advantage of their expert opinion about if nothing has changed by taking your age and health, liabilities, and goals into consideration. At Apluswealth, you can get a quote, compare the life insurance pricing, and find the life insurance quote you feel comfortable with. Our life insurance advisors will provide you with quotations and the most suitable policy types. Contact our expert advisers today and find out which is the best life insurance for you.
Email: Contact@apluswealth.com
Tel: 1-888-461-6120