Now you should be ready to begin the quote process. Using the information that you gathered in PART 1 you should have a general idea of how much insurance you need and for how long. Using this info to get some quotes will let you know how much your life insurance coverage will cost. If you haven’t read Part 1, Click HERE.
1. Compare multiple companies’ quotes for your life insurance.
It really does pay to shop around, but CanadianLifeQuotes.com can save you lot of time. Just complete the thirty-second form and let us provide you with at least 10 quotes from top Canadian insurers ranked by price. You can also contact us directly at 1-877-755-9293 to go into more detail and to get fast responses to your questions…without any sales pressure.
2. What rate are you being quoted?
There are two basic rate groups that you should be aware of; Standard rates and preferred rates. “Standard” life insurance rates are the rates the majority of Canadians qualify for. It’s the average rate. Preferred life insurance rates are offered to exceptionally healthy people who have a very good family medical history. Preferred rates are only offered only after the results of the medical information and tests are known. It will depend on a number of things other than family history…your blood pressure, cholesterol levels, height, and weight.
When comparing life insurance quotes be sure you’re comparing standard rates to standard rates. If you’re not sure, ask the broker directly which rate you’re being quoted. There are some agents out there that quote preferred rates to appear cheaper than the competition and thereby “win” your business. In the end most people are offered standard rates and are disappointed. They accept the coverage but are lead to believe that it’s their fault (because they’re not healthy enough) and not the advisors. The advisor should have been diligent enough to inform the client of the likely outcome of a higher premium.
3. How available is your advisor?
Have you tried calling the broker? How long does it take for him/her to respond? What are their hours of operation? Whether it is through a website, over email, or over telephone, the broker should be reasonably accessible to you. Do they have a toll free number and are they available at times that are convenient for you?
The advisors at CanadianLifeQuotes.com are available almost all the time and will take the time necessary to move at your pace without sales pressure of any kind.
4. How much medical information do you have to provide?
For a life insurance policy that asks few or no medical questions, the price will most likely be much higher than for a policy that requires more disclosure. Depending on the life insurance company, the amount of coverage you’re applying for, and your age; you may be asked for blood and urine samples. Don’t worry, you don’t have to do these yourself (phewwww!). To obtain the samples, a registered nurse will visit your home at a time that’s convenient for you. This will not cost you anything and is fully paid for by the insurance company – regardless of whether you accept a policy from them or not.
5. What other options does your new policy have?
In Most cases the premium that you are quoted should be a fixed amount for the length of the policy (i.e. 10 or 20 years, or to age 100). But in the case of term insurance, what happens at the end of the term? Will it renew automatically without requiring more medical evidence? What will the renewal premium be? If you decide that you would like to have permanent coverage, can you modify your policy to make it so?
6. Check to make sure that your life insurance policy can be cancelled without penalty
Term life insurance policies can be reduced or cancelled without a penalty, but double check to make sure that there aren’t any surprises. Also, if you are buying permanent insurance, make sure that the surrender value and costs are fully explained to you. When will your policy be free of cancellations fees?
Do you trust your broker?
Keep in mind that if your family should need to make a claim, your advisor will be helping them in the midst of a very difficult situation. It this person a professional and will he/she provide the level of support and service that your family and loved ones will require. Will this person keep you informed of key dates like policy expiration dates and renewal dates?
Give us a call today and see the kind of difference that a friendly, professional insurance advisor can make. We’re thankful for each call and will take all the time necessary to assist you.