Choosing a Toronto Life Insurance Policy: The Right Questions to Ask

No matter where you live in Ontario, whether it be a small town or a big city like Toronto, a life insurance policy is meant to protect the people who depend on you for financial support. Should the time come when you are no longer able to provide for them, life insurance can help fill some, if not all, of the financial void. A USA Today news article details the importance of Life Insurance:

Life insurance ranks at the top of the list of things consumers know they probably should buy, but get no personal enjoyment from whatsoever. There’s just no happy way to look at life insurance.

But while life insurance isn’t all that much fun to buy, much less talk about, it’s a critical part of many people’s financial plans. A life insurance policy is a pact between you and the insurance company. As long as you pay the bill, or premium, the company will be there to pay a death benefit to your beneficiaries if you pass away, giving them cash to get by.

The piece of mind consumers can get from owning a life insurance policy to protect their families from untimely death can be hard to quantify, but an important one nonetheless.” More

Life Insurance Brokers in Toronto Can Help with Insurance Cost Savings

Raising children, earning money every day, making plans for the future, buying a home are all dependent on you being around. Funding your plans for the family in the event of an untimely death is the main purpose of buying life insurance.

Dave Roos of explains the importance of buying life insurance.

“Life insurance is meant to replace your “value” to your family once you’re gone. For a working parent, a big part of that value is your salary. If you die, you’ll want your family to receive enough money to replace your salary for at least the next five to seven years.”

“Life insurance should really be called “death insurance.” Like other types of insurance, life insurance is protection against the unknown. When you buy life insurance, you’re paying for the peace of mind that your family will be taken care of in the event of your sudden demise. Life insurance is the life jacket in the fishing boat, the air bag in the car. You hope to never have to use it, but it’s nice to know it’s there.”

Once you have determined that you need or want insurance the first step is researching rates and products. This is very easy, be sure to find a life insurance brokers in Toronto that has a website capable of giving you information on the various products available as well as quotes. It is important to deal with an insurance broker that offers products from a wide variety of top tier life insurance companies so that you get the best price for your age and lifestyle.

how life insurance works

The cost of life insurance primarily depends on its type, either term life or whole life. By its name, term life insurance means it covers a temporary or specific period, typically 10, 20 or 30 years, the premiums are fixed for that entire term. As a result, term life insurance premiums are more affordable than whole life (permanent insurance).

Meanwhile, whole life insurance plans are designed to be with you for your entire life. Premiums start off much higher than term insurance but remain level for your entire life. Unlike term insurance you can count on this money as being a part of your estate. You will die someday and when you do, your beneficiaries (your children, spouse or favourite charity) will get these funds.

The cost of life insurance and options between the various life insurance companies can be quite different. Certain companies have better rates for smokers; others have better rates for pilots or people involved in scuba diving or other extreme sports. Still others are more forgiving of high blood pressure and diabetes. Some give preferred rates more readily or often for healthy individuals. Some have a higher incident of declining people they feel present a risk too great to insure. Each insurance company decides what they will charge for each age and condition. For this reason consider asking a knowledgeable Toronto life insurance broker like Insurance Advantage to help you compare rates and choose the best type of insurance for your specific situation.

(Article Information and Image from: How Life Insurance Works,

Life Insurance on Mortgage in Canada: Advantages and Disadvantages

According to Michael Babad of The Globe and Mail, many Canadians are now burdened with a huge mortgage debt, which contributed to the increase in household debt per capita for the second quarter of 2013.

“According to Statistics Canada, mortgage debt stood at about $1.1-trillion by the end of the second quarter, up by $18-billion, while other consumer credit hit $500-billion.”

For Canadians in the Greater Toronto Area (GTA) most household debt can be attributed to mortgage debt as a result of buying a home. A quick way to reduce debt would be to sell your home or not buy one in the first place and simply rent. There are a lot of people who make a strong case for this stating many advantages and savings. There are a lot of expenses associated with homeownership like maintenance, taxes, interest etc. These saved funds could be redirected to RRSPs and other savings vehicles. This would take a lot of discipline of course but it is a strategy that has its merits. More

When Securing Life Insurance in Toronto and through-out Ontario FSCO recommends consumers to shop around

The Financial Services Commission of Ontario (FSCO) is a regulatory agency of the Ministry of Finance that regulates insurance, pension plans, loan and trust companies, credit unions, caisses populaires, mortgage brokering, and co-operative corporations in Ontario. More

Before It’s Too Late: Why Consult Toronto Life Insurance Brokers?

There’s a stigma that’s attached to the term “life insurance” and it keeps some individuals from heading in the right direction with regard to their finances and future. For some, life insurance is bad karma and the thought process that comes with it is, “If I buy it today, I’ll need it in the near future”. There are also those who don’t see the need to have it now, especially those in their prime years, thinking that they have many more decades ahead of them. More

Toronto Insurance Brokers Offer Affordable Life Insurance in Oakville

Toronto, Ontario (December 16, 2013) — Backed by their desire to provide the Greater Toronto Area residents with cost-effective life insurance, the online brokers at Insurance Advantage are now offering affordable life insurance in Oakville, Ontario. Along with life insurance packages, the company also provides critical illness, disability, and long-term care coverage plans for individuals. More

Insurance Advantage Offers Low Group Life Insurance Rates in Toronto

Toronto, Ontario (December 16, 2013) — Insurance Advantage is trying to make an impact on the local group life insurance market by providing packages from Ontario’s leading insurance providers at affordable prices. Offering their corporate clients incredible service and some of the best group life insurance rates in Toronto, the company hopes to emerge as a leading broker in the Greater Toronto Area. More

Insurance Advantage Offers Dependable Life Insurance on Mortgage Plans

Toronto, Ontario (December 16, 2013) – Insurance Advantage is offering life insurance on your mortgage for people who want to make sure they leave no debt behind. With this type of policy, an outstanding mortgage can be completely paid off in the event that the insured passes away.

Generally, banks offer insurance to individuals who get a mortgage through the bank. Most people readily accept the policy being offered without much thought or hesitation. Unfortunately, there are risks involved in accepting these offers, as explained in a CBC Marketplace episode entitled “In Denial.” The serious pitfalls include denied coverage as a result of post-event underwriting on the part of the bank. Post event underwriting means the bank only asks a few questions during the application process and then when a death occurs they begin investigating how the questions were answered by combing through your medical files. If they find inconsistencies they can and will deny the claim and deem your policy NULL AND VOID. Two more considerations are: coverage only lasts to age 65 or 70 depending on the bank and the cost of insurance increases due to the fact premiums remain level while the mortgage decreases with every payment. More

Canadians Should Learn More About Life Insurance in Toronto Online

Beneficiary, term life insurance, underwriter, premium, preferred risk. Do you know what these terms mean? If not, you may be among the majority of Canadians who have little or no idea about the basics of life insurance—it is easy to get a basic understanding. Try visiting the Canadian Life and Health Insurance Association website at http:/ or just Google: online life insurance in Toronto and find a top insurance website like Insurance Advantage where you can read about each type of insurance available and go through their FAQ (frequently asked questions) for answers. More