Best Life Insurance Companies In Canada
Unlike health insurance, car insurance, etc. life insurance is not at all mandatory in any part of the world, including Canada. If you are young and single, where is the need to go for life insurance? You should buy the life insurance as and when you need the same. Nowadays , people have understood the importance of insurance policies, especially life insurance policies.
Life Insurance. When the necessity arises?
When one has no dependants and if he or she dies, no one will be affected financially. But, when the same person is getting married and subsequently is going to have kids, the importance of life insurance is strongly felt. When something untoward happens and the head of the family dies at the early stage of his or her life, it is not right to allow the rest of the family members to suffer financially and struggle for leading the future life. There are a number of best life insurance companies in Canada that offer different types of life insurance policies to the public.
It is not that that you will die before your children are grown to a level, but you have to make sure that your wards do not suffer financially in the future. It is also not possible for you to earn so much money by that time your kids have grown to a level. Therefore, you have to guarantee a foolproof future with financial assistance for them, at any cost. There are many reputed top life insurance companies in Canada to serve you better.
How to find best life insurance company?
You can get a list of Nationwide Canada life insurance companies and do a research in finding the best one based on their track records, capital investments, number of policy holders with them and the like. At the same time, you cannot ignore local and regional insurers, who offer best insurance coverage.
Criteria for best life insurance companies:
1) It is a fact that not every insurance company actually owns the product it sells. Some companies merely service other’s policies making them unnecessary middlemen. When you are in need of changing or cancelling my policy, this type would not be convenient, as this arrangement is an extra layer of separation. It is always better to have direct contact with any insurance company.
2) You have to select a company that will do the needful in claiming your policy at the need of the hour. The company should be able to honor your claim instantly. Financial strength ratings collected from independent agencies are the best indicators to identify the best insurance company. There are different gradations to decide on the performance of the insurance companies.
3) It is also essential to choose a company that provides guarantee for renewing your existing policy without forcing for another medical examination. Most of the companies will feel that your health condition is worsening during the time of the end of the policy or when you approach them for renewal of the old policy. Otherwise, you can get a new and cheap policy with a medical examination. You must also be aware that term policies operate on a year to year basis and your premium will witness an upward trend for every successive renewal.
Categories of life insurance policies:
There are two basic types of life insurance namely term policy and permanent policy. Term policy will be in force for a certain specified period and permanent policy is yours for your entire life period. But, most of the people would like to have term life insurance policies. This is because permanent life insurance policy is much more expensive when compared to term policies. The premiums of permanent policy will be about ten times more than term policy. That is why people always opt for term policies.
As far as term policy is concerned, it is hoped that the insurer will outlive the term of the policy and the company’s cost will be much less. Whereas, on the claim of the permanent policies, the insurance companies are aware that they have to pay out eventually.
Term life insurance policy is simple and easy to understand than the permanent policy. With this term policy, you can guard against uncertainty by securing a sumptuous death benefit against a little premium amount to be paid by you in the course of time.
Permanent life insurance policies will make sense in some cases. For instance, if you have earned enough wealth and your heirs will need to pay an estate tax, then permanent life insurance will be helpful to your heirs in the event of your death.
Age and physical health are the primary factors that decide the premiums of a life insurance policy and it is always better to take a life insurance policy at a young age in order to get lower premiums. You will be medically examined when you start the coverage and then the company will utilize the population data to project your average age of dying during the course of your policy. This helps them to decide on the quantum of the monthly or quarterly or annual premiums as the case may be.
There are relevant website to determine on the Canada life insurance quote and term life insurance quotes, Canada. You can make a research on the quotes of the top life insurance companies in Canada and choose the best one that suits your needs.
Before taking a life insurance policy, you have to pose the following questions to you and decide accordingly.
1) How much life insurance you have to choose?
2) If you have kids, how much insurance do you need?
3) What are the best life insurance companies in Canada?
4) What type of life insurance do you need?
However, you need not strain much on the above mentioned points. There are many experienced brokers and agents of the top insurance companies and you can explain your needs to them and in turn, they will be able to suggest the life insurance policy, you need, and which company will fulfill your needs.
There is a list of best life insurance companies in Canada:
1. Manulife Financial
2. Great-West Lifeco, Inc
3. Sun Life Financial
4. IA Financial Group
5. RBC Insurance
6. Empire Life
Even though, life insurance is not mandatory, it is wise to go for a suitable life insurance policy keeping in mind the financial liabilities you and your family have to face in the course of your life.
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