Life Insurance

Each insurance company in Canada has its own eligibility requirements and risk assessment guidelines when determining whether an applicant qualifies for a certain Life Insurance policy. Most commonly, reasons for coverage denial include a history of serious illnesses or terminal sickness, age of the applicant and even convictions involving impaired driving.

However, the above mostly applies to term life insurance policies so you can also apply for a guaranteed Life coverage. You can contact our Insurance Advisors to learn more.

Yes. While it is less common to use Life Insurance as a means to cover business expenses after one's passing, it is still possible to name a business partner your beneficiary.

Similarly, if you have a home with a mortgage, in case of passing, the payout amount can be used towards paying it off.

While Life Insurance gives you a guaranteed payout upon insured's demise, there are a few more coverage options worth considering that can save you money should a serious emergency occur.

Critical Illness and Disability insurance coverage are typically the first go-to insurance coverage options. Both of them offer payouts in case you are either diagnosed with one or more covered sicknesses or become disabled and unable to continue earning.

Another option that not many people know about is Accidental Death coverage that offers additional premium paid out in case death of the insured person is a result of an accident as opposed to death from natural causes or illness.

Most commonly, getting a life insurance comes to mind when you have a family to provide for and/or mortgage to pay off.

Depending on the level of your income, age (years left before retirement) and health status in addition to general costs of taking care of your loved ones, amount of mortgage and the length of its term you can calculate an approximate amount of money that should be enough to cover it all.

For example, for a married 40 y.o. person with 1 child earning $85,000 a year and $400,000 worth of mortgage for 30 years, something around 1 to 1.5 million dollars should be sufficient amount of money to cover most if not all possible expenses this person's dependents will face after his/her passing. It would include paying off mortgage, supporting a child up to the age of 19 and possible paying most of tuition costs as well as it would replace the source of income for several years.

In order to set a premium you will need to pay for your insurance coverage, insurance companies must assess the risk of you passing away during the coverage period. There are a few factors at play that insurers consider before making their decision.

More specifically, they review your health status, age at the time you apply for insurance as well as your smoking status. Consequently, for young and healthy non-smoker individuals insurance premiums will be considerably cheaper compared to an older adult with a medical history, who used tobacco products within a few years before applying.

Many employers offer Life Insurance coverage as a part of health benefits you get when you work there. However, a popular misconceptions about such coverage is that a person who decides to change jobs will still be covered under such policy, which is not necessarily true.

In case you leave your job where your life insurance coverage was tied to, you will loose it. Hence, it is important to have your personal life insurance coverage in case you decide that you are better off switching jobs or take a leave for an extended period of time.