Compare Life Insurance Quotes

We know that shopping for life insurance isn’t fun, but RATESDOTCA makes the process as easy and painless as possible. Spend a few minutes filling out our simple online form, and we will show you quotes from Canada’s most trusted insurance providers.

Choose your quote and connect directly with a licensed life insurance expert of your choice. They will answer your questions and arrange for a nurse to visit you to conduct a brief medical exam, which is a standard part of the life insurance process. Insurance companies know you are busy, so the exam will happen at a time and location that is convenient to you (typically at your home).

While it sounds a bit scary, the medical exam is really nothing to stress about. The nurse will check your blood pressure, weigh you, and take a blood and/or urine sample. The whole process takes about 30 minutes. Your samples will be sent to a lab and the results are forwarded to your life insurance company. Assuming the results are consistent with your application, you will then be asked to pay the premium amount you were originally quoted, and your life insurance coverage will begin.

Generally, you should aim for life insurance coverage of five to 10 times your gross annual income. Your life insurance should be enough to cover:

• Funeral expenses
• Outstanding debts
• Recurring bills and payments
• Loans
• Mortgage payments
• Income that your dependents rely on

If you are a parent, you will also want to think about your children’s future education, college and university expenses. If you are single, without kids, perhaps you might want to leave something for a parent, or a charity. You may also choose to leave the money to your estate or to a trust. Using the payout to cover outstanding debts means your family won’t have to assume your financial burden if you pass away.

To determine how much life insurance you need, calculate the cost of a financial safety net for your family in the event of your death. How much would you need to leave them with to ensure they have a comfortable future? Some things to consider:

• Funeral costs: The average cost of a traditional funeral that includes a service, preparation of the body, cremation or interment, visitation, etc. in the province of Ontario is around $5,000, according to the Ontario Board of Funeral Services.
• Estate planning: Don’t forget attorney charges. Expect to pay anywhere from $1,500 to $3,500 for estate planning.
• Inflation and taxes: How long should the money last? Add another 3% per year to account for inflation, and calculate in 5% as the after-tax investment yield (what the return of your investments are, after applicable taxes have been paid).
• Your family’s future financial needs: Dream of sending your children to college? Based on the costs of a Canadian university education (expenses plus tuition), prepare to factor in another $10,000 to $20,000 a year per child.

The government of Canada has a helpful life insurance calculator available to help determine how much coverage you need.

This is impossible to answer without first knowing a bit about you, as insurance companies all evaluate risk slightly differently. The easiest way to find the best life insurance rates is to compare quotes online. RATESDOTCA will show you multiple rates side-by-side, enabling you to make an informed decision when choosing a provider.

A death benefit is a tax-free sum of money that is paid out to a named beneficiary following the death of a life insurance policyholder.

Following your death, the beneficiary needs to contact the insurance provider, fill out a death claim and submit it along with the death certificate of the insured. The payout usually happens 30 days after a claim has been submitted. Make sure you have communicated with your beneficiaries the key details of your policy such as the policy number, the face value, term length, and expiration date if it applies.

On all life insurance policies, there is a suicide clause exclusion. Typically, it states that if the policyholder commits suicide within the first two years of the policy being active, then the beneficiary receives none of the benefits, and in most circumstances, will be only paid a sum of the premiums paid.

Even if the policyholder commits suicide more than two years after they took out the policy, the beneficiary may still be denied their claim. It is important to understand the terms and conditions associated with your policy. If you or a loved one are considering suicide, please seek professional help. Crisis Services Canada is one organization that offers suicide prevention and support 24/7.

Accidental death and dismemberment (AD&D) is not covered by a standard life insurance policy. It can be purchased as a standalone insurance product, or as a rider on your existing life insurance policy.

No, critical illness insurance is not included as part of a life insurance policy. Critical illness insurance is a type of health insurance that provides a lump-sum payment if you become seriously i'll. The illnesses covered differs from company to company, but typically include cancer, heart attack, stroke, blindness, Alzheimer’s, organ transplants and paralysis. Coverage can also depend on the severity of the illness. Critical illness insurance is also not the same as disability insurance. These are all separate types of insurance coverage.

Yes, medical exams are part of the life insurance process. After you’ve submitted a life insurance application, an insurance representative will review your medical questionnaire. Be honest, as your information will need to be verified during the medical exam. Your insurer will send a nurse to your home to take your blood pressure, weigh you, draw blood and collect a urine sample that will be tested for glucose, cholesterol, tobacco and drug usage, as well as other illnesses. This may sound intimidating, but it is a standard and efficient part of the process.

Over the next couple of weeks, the insurance company will review your medical results alongside your application. They will decide whether to approve your original quote, or adjust it to account for any conditions that were uncovered during the medical exam. In some cases, coverage may be denied at this point if there were serious inconsistencies in your application or the exam revealed a condition that is excluded from the policy you applied for.

Assuming you were truthful in your initial application and the medical confirms that you are in good health, you can finalize your quote, purchase the policy, and rest assured that you have a solid financial plan for your family’s future.