Finding the right life insurance policy is a very important process. The outcome of your search might yield a reasonable premium and ultimately a payout that assists your family in a time of need – but it could also result in a headache if you don’t choose carefully. Some life insurance policies are only good for a specified term, while others can go on indefinitely so long as the premiums are up to date. While some policies grant you a guaranteed claim amount, some others will invest a portion of your premiums. Because of the variety of policies, finding the right insurer in Canada might seem difficult. Fortunately, there are ways to start narrowing down your options. Here are three ways to begin your search for the right life insurance policy.
Many life insurance companies in Canada will offer an online quote for life insurance. These quotes can offer you a good ballpark figure for what your monthly premiums will be, if not an exact number. Write down the quotes from each insurer, including how much your monthly premiums will be and how much coverage you’re offered. Compare each quote objectively, looking at how much your monthly premium will be, for how long the policy is guaranteed, and how easy it is to add or remove a beneficiary. Some insurance sites may allow you to compare quotes between different companies, doing a lot of the comparison work for you.
If you are unfamiliar with insurance, shopping online may be an overwhelming experience for you. When that’s the case, you may be better served to visit an insurance broker. Brokers are well trained in the different life insurance options in the Canadian market, and can help you cater just the right policy given your personal circumstances. Brokers can compare different policies for you, and you will have the ability to ask questions or get some subjective opinions about what is best – things you can’t get from an Internet site. Going through a broker also means you will be working with someone who will know the best ways to get discounts for good health or affiliations with certain employers. An insurance broker can also help you down the line if you decide to change your life insurance policy.
Family and Friends
Word of mouth referrals are another good way to start your search for life insurance. Colleagues may be able to speak to their experience of your employer’s policy, and personal friends may also be able to provide a good recommendation. Likewise, people you know may be able to shed light on insurers or types of policies that they think should be avoided. Pay special attention to the experiences of those people who have actually had to file a claim for life insurance, as they will have the most knowledge of the insurance of which they speak.
Life insurance policies are not one size fits all, so finding an insurer should not be taken lightly. Reaching out to someone else for advice is a good idea unless you have past experience with such policies.
Jeff Noble is a life insurance agent. He enjoys blogging about the various aspects of life insurance. Find over 100 companies in Canada that provide life insurance, visit the link.