Getting Toronto Life Insurance Rates to Suit Your Lifestyle and Budget

There are many factors that go into determining life insurance rates in Toronto and elsewhere through-out Ontario and Canada. Age, gender and health are the obvious factors but insurance companies also look at things you can actually control. In the industry they are called Lifestyle choices. Lifestyle choices are things like smoking, extreme sports, weight, driving records etc. Lifestyle choices can affect your insurance premiums both negatively and positively. For example if you workout, eat right and are fit you may be offered cheaper Preferred rates, conversely if you are a mad extreme sport maniac that smokes you will likely be rated, meaning you will have to pay more than standard rates.

Life Insurance

There are ways to lessen life insurance rates: Sheryl Smolkin writes for The Star:

“Purchasing a life insurance policy is an important way you can financially protect your family in the case of your premature death, but life insurance premiums can take a chunk out of your budget. But there are ways to keep the cost down.

Your insurance premiums are generally based on the type and amount of insurance you buy and your chance of death based on your age, your medical conditions and your family health history. However, lifestyle factors under your control like smoking, drinking, your weight and your driving record also significantly impact the cost of life insurance.

You may be surprised to learn that even after you have purchased a life insurance policy if you can show that you have eliminated certain risk factors for a year, your insurance company will re-calculate your premiums, saving you considerable money over the life of the policy.”

Insurance brokers can help you shop the market for a policy that is the best choice and price for your lifestyle choices. Not all companies determine rates and pricing in the same manner and there are real differences that your broker can help you find. For example there are companies that will give smokers, NON smoking rates for the first 2 years. These policies are great for smokers that are planning to kick the habit. When the 2 years is up, if you can show you no longer smoke the NON smoking rates will continue. This can add up to a substantial savings on your monthly insurance costs and can be a strong motivator to quit.

Part of the services of brokers is to make you aware of your available choices. Start by getting free Toronto life insurance quotes by expert, knowledgeable brokers like Insurance Advantage. Online life insurance quotes from a wide variety of top Canadian insurance companies are only a few clicks away and can be a valuable resource in finding life insurance you can afford, without cutting corners on your coverage.

(Source: How to save money on life insurance, The Star, January 28 2014)