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Getting the best life insurance is easier than you think

Life insurance helps you protect your family in the future when you are no longer able to do so. It gives you peace of mind to know they will be financially protected. There are several distinct types of life insurance available to you. We can help you select the right coverage for you depending on your life stage, budgetary constraints and your goals and dreams for your future.

Life insurance is an important part of your financial security now and into the future. These are the advantages you get when you have proper coverage:

Build tax-advantaged savings
Financial stability to your family and loved ones
Access to money quickly in the event of an accident
Create an estate for your family
You can bequest to a charity you value

ThinkInsure works with the leading life insurance companies in Canada. Our advisors can compare quotes and plans to find you the best life insurance rates and coverage. Speak with an advisor to learn more about the various life insurance products available to meet your needs. We'll do the shopping and find you great rate for your life insurance policy.

What is life insurance?

Life insurance is a form of financial protection for you and your family. It is a contract between you and your insurance provider. In exchange for paying a monthly or annual premium, you will be paid out a predefined lump sum to your named beneficiaries upon your death. This is known as a death benefit.

A life insurance policy helps to ensure your beneficiaries are financially taken care of after you pass. There are many types of life insurance products available. Each has different terms, conditions, fees, and benefits.

How does life insurance work?

How life insurance works generally depends on the type of policy you select. Plans work like other types of insurance in the sense that you are responsible for a monthly or annual premium.

Each policy has specific parameters for what and how much is paid out. You will choose the details when selecting your plan. Generally, here is how it works:

You select life insurance that meets your financial needs.
The type of insurance you select will affect what is covered and for how many years.
You compare life insurance quotes
You choose the limit or payout amount. This amount will affect your premiums.
You name your beneficiaries. These are the people who will receive the payout.
Upon your death, a claim will be filed to start the payout process.
Your beneficiaries will receive a payout.

Some products also have living benefits. This means you can draw against the policy if you are diagnosed with a terminal, chronic, or critical illness.

How to get life insurance quotes

We can help you search for the right life insurance to meet your current needs. Follow these steps to get a life insurance quote:

Tell us about your needs

What type of protection are you interested in?

We’ll shop for the best quotes

We’ll compare quotes from the top life insurance providers in Canada.

Get the best rate and protection

Get the best price and a policy that protects your family and yourself.

What are the types of life insurance?

There are many types of life insurance. Your life stage, your dreams and your future plans all influence the type of coverage that’s best for you. Here are the main types:

Term life insurance

Term life insurance offers high, short-term protection at the lowest cost for a set timeframe. It’s an affordable option, suited to young families on a tight budget or homebuyers holding a large mortgage.

Whole life insurance

Whole life insurance protects you throughout your lifetime together with a tax-advantaged savings element. It provides a death benefit and a cash surrender value.

Universal life insurance

Universal life insurance provides both permanent life insurance and a tax-advantaged investment component. The increasing cash value of your policy can increase your death benefit.

Term 100 life insurance

Term 100 life insurance is permanent coverage that is designed to cover you for a long period. You have a guaranteed premium payout until you turn 100 years old.

Other types of life insurance

We are a full-service provider. Solutions we offer include:

Living benefits
Critical illness
Long term care
Disability insurance (income protection)
Group benefits
Guaranteed life
Healthcare spending accounts
No medical life insurance
Mortgage life insurance
And many more

Speak with one of our life insurance advisors to discuss the best policy based on your lifestyle.

What does life insurance cover?

What is covered can be broken down into two main categories – the causes of death and expenses covered by the policy.

Types of death covered

Most types of death are covered under your policy. However, there are exclusions that you need to be aware of. Here is what is covered:

Natural causes: Old age, heart attacks, and a variety of common diseases as listed in your plan.
Accidental death: Auto accidents, choking, drowning, slip and falls, and other accidents.
Homicide: If the policyholder is the victim of a homicide.
Suicide: This is usually covered after a certain grace period. This type of death is covered after you’ve had it for over 2 years.

Types of expenses covered

Beneficiaries have the authority to spend the death benefits as they deem appropriate. They are often used for:

Funeral expenses
Mortgage and auto loans
Credit card debt
Tuition for surviving children
Other everyday expenses

What is not covered by life insurance?

All insurance policies have exclusions. Here are the things that are not included in your life insurance:

Coverage after your term expires: If you have a term plan and it expires, it will not be valid until you get approval for a new policy.
Claim after missed payments: If you miss payments, you could have a claim denied.
Fraud and lying: If you are found to have lied on your application this is considered fraud and you will not receive your benefits.
Illegal activities: If your death is a result of criminal acts, you will not be covered.
Potentially dangerous activities: If you pass away because of engaging in dangerous activities (skydiving, bungee jumping, etc.) your death benefits may not be paid out.
Suicide: Most policies have a suicide clause. This typically states that if you die because of suicide within two years of your policy being issued, you will not qualify.
Contestability period: If you pass within two years of getting a policy, your insurer has the right to investigate to ensure you did not misrepresent yourself or your health during the application process.

Why do you need life insurance?

Young mother and daughter working in the farm

If you have liabilities and dependents or if you are seeking to build a legacy or a nest egg, life insurance is right for you.

The type you choose or the combination of policies and other products vary greatly. You can be sure that the ‘mix’ you and your advisor design, will provide maximum protection with maximum returns.

The type of product that makes sense for you will depend greatly on where you are in your life and your overall financial objectives. The plan you choose will depend on if you are:

Launching your career
Getting established
Broadening your horizons
Looking to achieve greater security
An accomplished entrepreneur or business owner

What can I use life insurance for?

What you want to use life insurance for can play an important role in determining how much protection you should get. Some of the things that people use it for include:

Protecting your family’s financial future: Ensuring your family is cared for when you are no longer around to provide for them.
Protecting your estate: Make sure you have the resources to pay off your mortgage if you pass.
Funding your child’s education: Ensuring money is set aside for your child’s post-secondary education.
Enhancing your retirement income: Improving your living standards upon retirement.
Investing and gaining access to cash: Using your policy as a vehicle to build your finances.

How much life insurance should you get?

To find out how much you will need, many Canadians fill out a needs analysis questionnaire. Filling this out and answering questions and using a life insurance premium calculator, can help you to accurately assess your needs and how much coverage to get.

Here are some of the questions to determine how much you will need:

How much money will your family need to cover expenses in the event you pass away?

You will need to calculate the following:

The cost of final expenses
The amount to cover your mortgage
The amount to eliminate other loans
Emergency savings
Cost to cover your children’s education

How much money will your family require to keep their current lifestyle?

Ask yourself :

How much money does your family need to cover monthly expenses?
How much do they need to live comfortably?
How many years will they need to rely on this income?

What are your current assets?

Ask yourself :

What investments, savings, and cash will be accessible?
Do you have protection through your group benefits?

Answering these questions will help you determine the total amount of life insurance required to ensure your family is cared for. Talk to one of our advisors today! We are happy to walk you through the process.

How much does life insurance cost?

Premiums can vary greatly based on you. How much you pay per month can be as low as $15 - $20 per month or over $200 per month depending on your policy type and many other factors.

In general, a younger individual with no health issues will pay less than an older person with pre-existing conditions. As with other types of insurance, insurers calculate your level of danger in filing a claim.

What factors impact life insurance premiums?

happy woman sitting with a drink at home

Life insurance is based specifically on your lifestyle and characteristics. Some of these factors you can control, and others you cannot. Here are the main things that will determine your premiums:

Age: Your age is one of the most important things that will determine your premiums. Your rates generally increase as you age.
Current health: Like age, your health has a direct correlation to how much you will pay. As your health deteriorates, there is a greater likelihood of a claim. Things like your body weight, health conditions, and past health issues all matter. The healthier you are, the less you will pay.
Family health history: Insurers are interested in your family medical history. They want to know if your family members are predisposed to or have certain medical conditions. If they do, it increases the chances you could develop them as well. This could increase your premiums.
Policy type: There are a lot of policies you could choose; each one will have an impact on costs. The amount and type of benefits, term length, riders, and other elements all matter.
Gender: Women have a longer life expectancy than men. They are less of a threat and as a result, will pay less.
Occupation: What you do for a living will affect pricing. Those with more dangerous careers will pay more than those who work in low-risk positions. For example, a construction worker would typically pay more than someone who works in an office.
Smoking: If you smoke, your premiums will be significantly greater.

How do I get the cheapest life insurance in Canada?

It’s important to get affordable life insurance, but you also want to make sure you choose a product that serves your financial requirements. Here are things you can do to save:

Buy it when you are young
Purchase it when you are healthy
Shop around for the best rates
Choose a term policy over permanent
Pay your premiums annually instead of monthly
Quit smoking
Only purchase the amount you need
Adjust your plan as you age
Improve your credit score
Bundle (home, auto) if possible

Focus on finding the right plan rather than shopping based on price alone. Look for something that offers you the best value and protects your interests.

Why choose ThinkInsure for your life insurance?

Life insurance can be complicated and you want to get the right blend for your age, life stage and needs. We’ve helped individuals and families achieve their financial and insurance goals for over 45 years. Our knowledgeable, licensed advisors first assess your unique situation and then offer you unbiased, professional advice. With ThinkInsure, you’ll receive :

Wide-ranging options: ThinkInsure works with many different insurance companies. You’ll have numerous plans and mixes of products to select from. Compare life insurance quotes to view your options.
High-level of expertise: Many providers offer a wide variety of options. We give our customers unbiased, professional advice.
Customized plans and solutions: We’ll customize your policy to ensure your financial goals are met.
It's easy and affordable: We’ll do the research and make suggestions based on your budget and limits.

Life insurance FAQs

Is life insurance worth it?

People often ask if investing in life insurance is worth it. Whether or not the product is ideal for you largely depends on your situation. It is generally believed that it is worth it if your death would put your spouse or children in financial peril. It is worth it if you want to ensure your beneficiaries are set up financially once you are gone.

Is life insurance taxable?

Most life insurance policies in Canada are tax-free. You will receive your lump sum beneficiary payment without having to claim it on your income tax. There are some situations where life insurance is taxable, such as if the estate is the beneficiary.

What are the benefits of life insurance?

Canadians invest in life insurance because it provides several great advantages. They include:

You can ensure your dependants are cared for after you are gone
You can cover final expenses
Policies can help to supplement retirement income and savings
Payouts are tax-free in most cases
It is available for terminal and chronic illnesses
You have flexibility in the type of plan you choose

What are the three main types of life insurance?

While there are a lot of diverse options available, there are generally three major types of life insurance – term, whole, and universal. There are also many variations of these types of coverage, allowing you to customize your plan according to your financial situation and needs.

What is the best kind of life insurance?

It depends on your objectives. There is not a specific policy that is best or better than others. They are just different. Each type of life insurance product is different in how it works, who it is targeted for, and the types of options it offers. Speak with an advisor to match a plan to your financial objectives.

How many life insurance policies can a person have?

There are no specific rules that limit the number of policies you can have. There are a lot of Canadians that have more than one. Insurers are more concerned about the total amount of benefits you have in total with your policies, not how many you have under your name.

What is a life insurance beneficiary?

Life insurance beneficiary rules in Canada are straightforward. A beneficiary is an individual who will receive the payout of your life insurance. You can name anyone you want as the beneficiary. Most commonly it is a spouse, children, or family member. Some people name a charity as the beneficiary. You can name more than one and break down how you want your death benefits divided.

Is life insurance paid out in a lump sum?

Yes, it can be paid out in a lump sum. However, they can also be set to be paid out in installments, it can be converted into an annuity, or payout over a defined period.

What are the best life insurance companies?

The best life insurance companies for you depend on the type of plan you want, where you are located, and your current financial situation. There are plenty of top insurers to consider including:

Canadian life insurance stats and facts

The Canadian Life & Health Insurance Association provides a snapshot of Canadian life insurance:

The average life insurance protection per household in Canada is $442,000.
22 million Canadians have some form of life insurance with a total of $5.1 trillion in coverage.
Life insurance accounts for 20% of the $123 billion in premiums collected by life and health insurers in 2020.
Companies collected $24.1 billion in premiums in 2020.
82% of policies are purchased by individuals. 18% are through group plans.
Individual term insurance is the most common type of policy, making up 39% of policies in effect. This is followed by individual universal life (13%) and individual whole life (12%). The remaining are group plans (36%).

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Protect your family’s future with life insurance. Compare life insurance quotes from the top insurers in Canada. Speak with our advisors to get assistance with choosing the best policy for you.

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