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FAQs: life insurance quotes

What do you need to get a life insurance quote?

To give you a quote for your life insurance premiums, life insurance companies will ask you for some personal information like your age, gender and smoking status. This information establishes a base rate, and then your premiums might increase based on your medical history.
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They use this information to calculate the potential risk of insuring you.

You should also keep in mind things like your desired policy type, amount of coverage, and policy length, so you can decide during the application process. This is put together with your personal information to give you a quote on your monthly premiums.

What is a life insurance beneficiary?

A life insurance beneficiary is a person that receives a death benefit in the event of the policyholder’s passing.

You can name more than one person as a beneficiary for your life insurance policy, like your partner or kids.
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The Financial Consumer Agency of Canada explains, “You can name your spouse, another family member, friend or charitable organization as beneficiary.
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[...] If you [name multiple people], your insurance company will divide the death benefit among them. You may assign different proportions of your life insurance benefits to each beneficiary.”
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Life insurance is a tool to protect people that depend on you financially in the worst-case scenario. To decide who you should name as your beneficiary(ies), ask yourself if the person would be able to support themselves without you.

How are online life insurance rates calculated?

Online life insurance rates are calculated by life insurance providers on the likelihood that they'll pay out the claim. Every life insurance company will have a different way of calculating this rate, but the goal is to assess the risk in covering the applicant.

In essence, the life insurance company will predict future claims, using your application information (like your age, gender, smoking status, family medical history, etc.) to make an educated guess on whether a death benefit would be paid out.

What is the cheapest form of life insurance?

The cheapest form of life insurance is term life insurance. As the name suggests, a term policy is a type of affordable life insurance meant to cover you during a specific amount of years.

What is considered "cheap" will differ from household to household in Canada; but term life insurance is a lot more affordable than most people think. For example, PolicyMe's term life insurance rates start at around $22. This is a great premium rate for the peace of mind of having financial protection in place for your beneficiaries.

The types of life insurance that tend to be more expensive would be a permanent life insurance policy, a universal life insurance policy, or a “no medical” life insurance policy. The latter is a type of life insurance that does not require a medical exam, but will always be more expensive than a term policy.

Can I get life insurance online in Canada?

You absolutely can get life insurance online in Canada. And it is indeed safe to do so, as long as you do your research. For example, PolicyMe is one of Canada’s leading online life insurance providers. Our policies are backed by industry heavyweights, Canadian Premier and Securian Financial, and are federally regulated.

Taking the process online makes it all the more convenient for Canadians to get a life insurance policy – and can often result in more affordable premiums by cutting out unnecessary steps and administrative costs.

Why should I compare online life insurance rates?

Comparing rates is an important step to getting the right policy for you, at the right price.
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There are many factors that go into calculating the cost of your life insurance premiums. And each life insurance company has different methods for weighing out the risk of insuring someone, but here are the main things that impact your rate:

Age
Lived gender
Smoking status
Personal health
Driving history
Risky hobbies

Because every life insurance provider has a different approach to calculating the risk of covering you, rates will vary. On top of this, for some companies, rates can trend higher because of the administrative costs and advisor commissions.

PolicyMe’s licensed advisors don’t receive commissions. Our promise is to never pressure or upsell more coverage than you require. In fact, we'll even tell you if don't require life insurance.

Who has the best life insurance rates?

PolicyMe has some of the best life insurance rates in Canada in comparison to other traditional life insurance providers. How is PolicyMe able to provide some of the most affordable premiums in the country?

Our life insurance policies are fully underwritten with the same quality protection that your family deserves, but at a lower monthly premium. Using technology for good, we’ve cut out unnecessary costs in the process of getting coverage and pass those savings back to our customers.

Do I have to pay for a life insurance quote?

You should not have to pay to get a life insurance quote. It’s true that some companies make it harder than others to get an estimated quote, but it should never come at cost to the applicant.

We make it as easy as possible for Canadians to get an instant life insurance quote in just a few clicks, all without any pressure to buy. In contrast, some companies will require you to fill out lengthy forms or even wait for a call back to learn what your quote estimate will be. So while you don’t end up paying for the quote, you pay for it in the resource of time spent.

How can I tell if my online life insurance quote is reasonable?

It might be hard to tell if your online life insurance quote is reasonable without getting quotes from different companies for the same type of coverage. We asked Certified Life Insurance Advisor, Erik Heidebrecht, what advice he would give on the topic of term life insurance quotes:

“As a rule of thumb for term life insurance rates; if a 30-something with generally good health has been quoted more than $50 for their monthly premiums, I would start asking more questions.

But if you are older or have health issues (or both) – more than $50 might be expected. The key here is to compare quotes from different life insurance companies so you are as informed as possible.”

What factors affect your life insurance rates?

The factors that affect your life insurance rates most commonly include:

The policy type and coverage amount you’re getting quoted for, as well as the period of time in which you'll require life insurance coverage (term length).
Your age, because the older you are, the more likely that the life insurance provider will need to pay out a death benefit.
Your gender, as women tend to be in better health than men and will then have lower premium payments.
Your health history, along with your family history is used to assess the likelihood that you get a serious illness while covered. This is sometimes through a simple medical questionnaire or with a medical exam.
Your lifestyle and smoking status are also used to determine if you are a high-risk applicant and the probability of something life-threatening occurring. You can expect these questions to be in your life insurance application.

These are some of the factors that life insurance companies will look at to calculate the chance of having to pay out the tax-free death benefit in a lump sum payment. And ultimately the cost of your life insurance premiums.

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FAQs: life insurance quotes