How to obtain the best life insurance quotes in Toronto
According to the 2016 Canadian Life and Health Insurance Facts, published by the Canadian Life and Health Insurance Association (CLHIA), in 2015, over $84.2 billion CAD in benefits were paid out to Canadians, 90% of whom were living policyholders. In addition, premium revenue grew over $103 billion CAD.
More recently, in 2019, a survey revealed that the worldwide rise in technology has increased the Canadian insurance market. Up to 60% of Canadians now believe in the safety of online insurance. Luckily, Toronto insurance agents offer a variety of online forms that make obtaining life insurance quotes in Toronto easier than ever. Do not hesitate to fill out their forms today.
Life Insurance Brokers Locations
Various life insurance brokers can be found all over the Toronto area, with a large concentration in the downtown core. The vast majority are located just north of the Gardiner Expressway, in the quadrant between Front Street West, University Avenue, Richmond Street East, and Yonge Street. In addition, many can be found near Adelaide Street West and Wellington Street West.
Further east, various brokers can be found in The Beaches, Birchcliffe-Cliffisde, Morningside, and Woburn.
Further north, various brokers are available in Markham.
For those living in the Greater Toronto Area (GTA), including the outlying suburbs of Mississauga, Brampton, and Vaughan, various life insurance Canada brokers can easily be found as well.
Types of Life Insurance
Life insurance can be broken up into several categories. These include term life insurance and permanent life insurance.
Term Life Insurance is specifically for short-term needs and is the simplest form of life insurance. It also provides the largest benefit for a small amount of premium. Sub-types of term life insurance include 10-year terms, 20-year terms, and 30-year terms.
Permanent Life Insurance provides protection until maturity, as long as premiums are paid. In addition, permanent life insurance can be further broken down into Whole Life insurance, Universal Life Insurance, Limited-Pay Coverage, and Term 100 Life insurance.
- Whole Life Insurance – Whole life insurance insures a person for their entire life, as long as premiums are paid. One can take out loans based on this policy as well.
- Universal Life Insurance – Universal life insurance provides adjustable benefits and flexible premiums.
- Limited-Pay Coverage – The most common type of limited-pay coverage is 20 years.
- Term 100 Life Insurance – Term 100 life insurance means that one is covered for life, but if they live to age 100, they will continue to be covered without having to pay premiums.
Life Insurance Quotes
Life insurance quotes are easy to obtain. Many websites offer a handy calculator that will provide one with hundreds of online quotes, quickly and easily. This will help clients avoid calling and visiting many offices, which can be quite time consuming. Best of all, they are free and no-obligation.
These free quote questionnaires will often ask for one’s term length, amount of coverage, if one is a smoker, gender, age email, and phone number. This will only take a few minutes to complete.
Once this first step is completed, one will be contacted by a professional representative, who will ask about one’s health and lifestyle. This is a standardized medical questionnaire.
After the test, the representative can offer a quote.
How to Choose a Life Insurance Policy
https://finalexpensedirect.com/insurance Choosing a life insurance policy will be a different process for everyone. Customers should ensure that they are choosing an insurance that best suits them and their needs. Many experts suggest a coverage amount of 15 times larger than one’s annual salary.
Ensure that the medical questionnaire is answered truthfully. For example, being a smoker, while declaring oneself a non-smoker, may void one’s policy.
Choosing a Life Insurance Broker
Life insurance can be purchased from a licensed insurance agent, a registered insurance broker, an insurance company, or a lender when one applies for a loan.
Choosing a life insurance provider is easier than ever. Searching the internet for reviews, as well as asking friends and coworkers for recommendations are often the best ways to find the perfect broker.
One should not hesitate to ask the broker for references from previous clients, inquire about their qualifications, how long they have been in business, and what services are provided after one purchases the policy.
Ensure that the licensed agent or registered broker is properly trained and has the resources to provide clients with their desired insurance needs. Ensure that they have passed the Life License Qualification Program (LLQP) and ask if they belong to any professional organizations.
It is perfectly acceptable to shop around to find the perfect broker and the very best deal.
Life insurance quotes can be obtained at a variety of Toronto insurance brokers. Do not hesitate to call one today.
