Don’t be let down from getting a life insurance policy just because of life insurance quote misconceptions! According to the 2020 Insurance Barometer Study, if a healthy 30-year-old woman chooses a term life insurance policy with a death benefit of $250,000, she only needs to pay no more than $150 a year. This amount is not as high as many may think and even much lower if you know how to compare quotes for life insurance products from different carriers to pick the best one with the most attractive rate.
Factors that Impact Life Insurance Quote
Life insurance quote is the rate estimated for your policy provided by a potential life insurance carrier or a broker. Quotes are varying according to how much information you provide. The insurers or brokers need to know how risky it is to insure you to give a more exact quote. The more risk you may pose, the higher your quote may be. Below are what the carriers or brokers often ask you before giving a life insurance quote.
The Policy & Coverage
The life insurance policy you select, and the coverage amount you need determine your quotes for life insurance. Different insurance policies such as term-life, whole-life, or universal life insurance differ in the coverage and premium rates. For example, a whole life insurance policy gives you lifelong coverage or extra support when you retire; hence, this policy is more costly. That’s why the quote of whole-life insurance is often high.
Age & Gender
These are the personal characteristics that determine your life insurance costs. All things being equal, when you are older, you are certainly riskier to insure in the eyes of insurance companies; thus, you usually must pay more. Regarding gender, women often have an average longer life span, so a policy’s quote for a female is lower than that for her counterparts.
Below are some of the 2021 best companies’ quotes based on gender.
Best Life Insurance Quotes from Top Insurance Companies
$500,000 coverage for 20 years
| Life insurance recommended for | Insurance Company | Average monthly price (Male) | Average monthly price (Female) |
| Best life insurance for high-risk individuals | Canada Protection Plan | $85.1 | $60.3 |
| Best Joint Life Insurance | Manulife | Male/Female: $60.55; Male/Male: $69.68 | Female/Female: $55.1 |
| Best life insurance for smokers | IA Financial Group | $89.1 | $69.05 |
Health Conditions
Another factor that the insurance company may ask you to give an insurance quote is your health conditions. If you have underlying conditions related to heart diseases, high blood pressure, etc., or you are a smoker, you may receive a higher life insurance quote. It makes sense when the carriers must insure the risks of your life-threatening health issues.
Hobbies & Occupation
Your hobbies and job are also factors that affect your insurance’s cost. Specifically, any job and recreational activities with high risks, such as divers, firefighters, etc., lead to increased life insurance quotes.
Best Ways to Get Life Insurance Quotes Online, and In Real Life
Contact Insurance Brokers
Typically, you should get at least three insurance quotes to have an overall assessment of what is available, cost range. A straightforward way to get quotes from different companies is to contact insurance brokers. The brokers represent not one but many insurance companies at once. They can use their expertise and experience to analyze your insurance needs and solicit the best insurance carriers to give you the best quotes. One of the best insurance brokers on the market in Canada is Insurance Direct Canada (IDC).
Call Insurance Carriers
Instead of working with an insurance broker, you can directly contact the insurance company to ask for a quote. But among different insurance companies, which one should you reach out to? A tip for you is to spare a few minutes glancing through reviews of the best insurers to pick out the best one to contact.
Then, spend a few minutes providing the necessary information to the insurance agent, and you will typically receive an estimated rate. It’s worth noting that an agent often represents only one insurance company. Unlike brokers, who often represent life insurance purchasers, agents or “captive” agents work more for the carriers. They only have exceptional knowledge for their company products and may use harsh language for their rivaling companies.
Make Use of Online Quotes Comparison Tools
There are tools for you to get life insurance quote online. They are comparison tools which can act as a helping hand in insurance purchases. With such tools, you must pick the type of insurance, input your information, and obtain quotes from many carriers. It is timesaving to have a quick comparison with this tool. Comparing carriers will help you determine the quote range of an insurance policy to make a better decision. You can then proceed to contact an insurance company yourself or ask for more advice from the brokers.
The Final Thoughts
Purchasing life insurance is a critical decision which you should not rush making. It is advised to compare life insurance quotes right at the beginning by contacting insurance brokers such as IDC or Life Insurance Quote Online as mentioned above if you’re living in Canada. Don’t forget to make use of the online tools to get quotes before picking the policy with the most competitive price.
Frequently Asked Questions
What coverage should I expect from the quotes?
Of course, insurance providers vary in their plans; however, we believe that their plans can range from $50,000 to $10,000,000.
The time can also be different among insurers, and you can get coverage for a 10-year term, a 20-year term, or even longer – 100-year term whose costs never change, and you get insurance for a lifetime.
Please compare different insurance companies’ quotes before you finalize your decision since buying an insurance plan is important and certainly not some throw-away money.
How do I find licensed insurance companies in Ontario?
You can access this information via the Financial Services Commission of Ontario’s database. Here you will find out which agents are authorized to conduct insurance-related business. This is a legal database so you need not worry about its credibility. The abovementioned agencies can also help you with geo-specific quotes, information.
What do I have to bear in mind when shopping around for the best quotes?
It is important that you compare life insurance quotes from different providers to find yourself the best deal out there. However, be cautious when you fill out too many questionnaires asking for quotes from companies. This can raise a red flag which results in you having to pay more expensive premiums or being refused coverage.
Imagine it is like when you apply for numerous credit cards, this can certainly signal the banks and negatively impact your credit scores and references.
What other information should I consider when looking for insurance quotes?
You should consider your current liability and assets. This can help you find out how much you can leave behind for your beneficiaries and the amount of insurance coverage you will require.
Other than that, some other factors we have mentioned in our main article include your age, current health conditions, and lifestyles. These can all affect your package.
Once I have received a quote, what do I need to apply?
When you are ready to apply for your chosen insurance provider and policy, prepare some of the following documents:
– Identity (passport, birth certificate, social insurance number, driver’s license)
– Income (paychecks, bank statements, labour agreement/ contract)
– Address (mortgage bills, utilities, property tax statement, tenancy agreement)
Consult with your agent and read the application requirements carefully to make sure you have all the necessary proofs.
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