Buying Life Insurance in Canada

Buying Life Insurance in Canada

In the past couple of decades, it has become much easier for Ontario residents to find and buy life insurance. You no longer have to rely on word of mouth and your phonebook to help you find a great Canadian company that is able to provide you with a great life insurance policy. Now that you have so many different options when it comes to buying your policy, you need to find the best way to get started. The following are the best ways to get your policy started after you’ve determined what company you want to choose.

 

The Internet is probably the simplest way to start buying your policy. Just as you used the web to research all of those companies for your life insurance policy, you can now use it to buy your policy. Many of the companies with an online presence will let you buy your policy online. While this is definitely the fastest way to get your policy, it does come with some drawbacks.

 

The biggest problem with buying online is that you aren’t going to have someone to explain all of the features of the policy. You will have to read them and try to understand them on your own. If you’ve never had a life insurance policy before, it can be easy to get lost in the terminology. In addition, you might not see all of the options that the company can provide.

 

Another option is to buy the insurance through a call center. While this is also a simple way to buy, it also has pitfalls. You will have a person that you can speak with when you are buying the policy, but you aren’t going to be able to get all of the answers you need. It can be difficult to get all of the information that would help you with your decision.

 

Agents at the company that interests you could be an option as well. However, they are often captive agents, meaning they can sell only the products from that company. They could pressure you into a policy that’s simply not right for you.

 

The best option for buying your insurance is to choose an independent broker. These brokers are able to look through all of the companies and policies, and they will be able to find the one that’s right for you. It makes it easier on you, and they will be able to explain the policies so you understand what it is that you are buying.

 

We at YourInsuranceGuy.ca are experts in explaining the the various types of life insurance that could protect the entire family. Please feel free to contact us at aman@yourinsuranceguy.ca or at 1 416 509 2540. Please visit us for a no obligation quote or advice.

 

Buying Life Insurance as parents

Being a parent is actually the happiest thing that can happen to us.  They are a bundle of joy and as they grow, life becomes increasingly wonderful. Interestingly, the act of parenthood is all about responsibility and hence comes with a lot of demands. As parents, we wish to do all that we can that is the best and sustainable for the child’s bright future….

 

Cover all members of your family…A family insurance plan

A comprehensive approach to life insurance is also about insuring all members of your family. Each individual in a entire household is adding intrinsic and extrinsic value to the family’s well being. hence if any member passes away or falls ill, there could be difficulties experienced by the remaining members of the family.

 

Life Insurance protects your estate from a tax liability

Life Insurance is a tax free benefit to the beneficiary and hence can provide liquidity to your estate and the tax free benefit could offset tax liabilities in the future. When the first spouse passes away, there is a tax free roll over of assets to the surviving spouse. However, when the second spouse passes away, there is a roll over to the next generation and that could result in a tax liability. Therefore, assets like stocks, bonds, investment real estate is subject to a capital gain tax where the gain from the initial cost base is only taxed by 50%…

 

Buying Insurance is a very important financial step taken by new immigrants – Video

Taking Life and Health Insurance are some of the important steps to be taken especially when you are new in a country. You have taken this huge step to make this land your home.

 

Prepared by:  Aman Kapur

 

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Cathy n Doug LamarreCathy and Doug L. ( Thorold ON. January, 2013)

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