The Cost of Life Insurance in Canada
Is Within Your Reach - With IDC
What is the average price of life insurance and how does one determine the cost of life insurance in Canada?
For Canadians, determining the cost of life insurance can be a complicated matter. You may have some idea of how much life insurance you can afford, but will you qualify for Preferred Insurance rates or even standard life insurance rates?
It’s alarming to know that a high percentage of Canadians with existing life insurance policies may actually qualify for a better health class rating, which could noticeably reduce their cost of life insurance.
Check Out Our Life Insurance Calculator
Average life insurance costs are confusing since the cost of life insurance may vary greatly among Canadian insurance companies. You may want to choose an affordable life insurance policy with the right amount of coverage, but whom can you trust to provide you with accurate information about life insurance costs in Canada?
Ask us about life insurance in Canada; we offer Free, instant, life insurance quotes for Canadians.
Instantly Compare the Cost of Life Insurance
from 35+ Canadian Insurance Companies
IDC – Managing General Agents (MGA)
Insurance Direct Canada (IDC) is a Canadian life insurance brokerage company; an Insurance Managing General agency (an MGA insurance company) and/or an Associate General Agency (AGA) serving all of Canada.
As managing general agents, IDC knows and represents the majority of the Insurance Companies in Canada. IDC can help you compare the cost of life insurance from all Canadian life insurance companies and find the best insurance coverage for your needs with the most affordable life insurance rates possible.
We can also broker cost-effective medical coverage and other types of Canadian insurance such as Long Term Care Insurance, Disability Insurance Plans, and Critical Illness coverage.
Determining the True Cost of Life Insurance
Would you know if the cost of life insurance that you are paying is more than it should be? One way to avoid getting an overpriced insurance plan is to compare the cost of life insurance online. Like most insurance companies, IDC offers online quotes by using a simple form that you can complete in a matter of minutes. IDC’s online life insurance quotes are backed by quality service and professionalism you can trust.
Compare the Cost of Life Insurance Now!
Determining Which Type of Life Insurance is Right for You
Another aspect that dictates the cost of life insurance is the “type” of life insurance policy. There are several different available types of life insurance to choose from including:
Permanent Life Insurance includes Whole Life Insurance and Universal Life Insurance (see our article on Difference Between Universal and Whole Life Insurance)
Temporary Life Insurance is a Term Life Insurance policy.
The cost of life insurance for each varies and each type of life insurance policy has different benefits.
While the cost of life insurance may be a determining factor, the best way to find out which type of life insurance may best suit your individual needs is to consult with an insurance broker or an IDC managing general agent.
A trained insurance broker knows what questions to ask in order to determine what the best insurance coverage may be to suit your life insurance needs. Once you select the right type of life insurance policy, the next step is determining how much life insurance coverage is appropriate to accomplish your end goal.
Deciding on the Right Amount of Life Insurance Coverage
To determine the cost of life insurance that you can afford, it will be necessary to examine your family’s financial situation (without your income). This will help you to decide what the right amount and type of life insurance coverage will be to begin with. A trained IDC managing general agent can help you determine how much life insurance coverage you need. For instance:
- What legacy do you want to leave your family – house paid for, income so mom can continue her role in the family, education fund, retirement fund for surviving fund, pay off lines of credit – personal or business etc.
- Certain types of life insurance policies allow for part of your insurance premiums to be invested in investments that perform like mutual funds, which may allow for a greater yields or returns many years later.
- Other policies are designed for funeral expenses and simply to provide money to help pay for burial expenses with possibly some money left over.
- Business owners look for coverage to offset the cost of replacing a key employee who dies, funding a buy-sell agreement, providing for their spouse – completing a retirement plan for them, covering a line of credit, or providing for a tax favoured retirement plan.
The cost of life insurance may vary between insurance policies, but an IDC insurance broker can help you sort through the many types of life insurance plans available and find one that fits your budget and needs.
One of our other advantages as managing general agents is that we do a lot of business with various life insurance companies and there are significant differences in underwriting and ease of issue which might make one company that is a few percentage points more expensive a better choice.
How Much Should Canadian Life Insurance Cost?
The cost of life insurance is determined by your individual needs and budget. Consulting an insurance broker or managing general agent and obtaining online life insurance quotes for various types of life insurance policies will help you make an informed decision. It will also ensure that you get a low-cost life insurance policy with enough coverage to meet your needs.
Let an IDC managing general agent show you the many low-cost life insurance options available including term insurance, universal insurance and whole life insurance policies.
Insurance Direct Canada services residents of Ontario, British Columbia, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador, Yukon, Northwest Territories, and Nunavut.
Contact IDC for More Info About the Cost of Life Insurance
Contact an Insurance Direct Canada broker today for more information about the cost of life insurance in Canada. Call IDC at Toll Free at 1-866-238-9271 to speak with a life insurance specialist or visit our Online, Instant Life Insurance Quote section to get a free estimate on the cost of life insurance for you and your family.
| 
