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How to Get Cheap Life Insurance in Canada?



If you are a family am, then you definitely need a life insurance policy. Nobody knows what will happen tomorrow. It is a common courtesy on your behalf to leave some financial means for your beneficiaries to not only give you a proper burial but also remain financially stable after you. The problem is that most of us are working middle-class people who don’t happen to have extra income sources for paying insurance premiums. So the thing is to look for the cheapest and most affordable life insurance. Follow our three-step guide along with sub-steps that will surely help you to find Cheapest and most affordable insurance policies.

  • Shop for life insurance
  • Deciding how much overage you can afford:-

You must first decide how much coverage you can afford to pay for each month. The following steps can help you calculate that.

  • Calculate all the debts and assets along with the expenses that your family is going to need after you pass away.
  • You can also add in unexpected life expenses like the tuition for your child’s education in your life insurance policy as well. This will be paid by your coverage.
  • Comparing Term and Whole Life insurance policies:-

There are many types of insurance policies but Term and Whole Life Insurance policies are the most common. Term insurance usually ends after a certain term of years while whole life insurance lasts until your entire life. It will only expire once you stop paying premiums.

Term insurance is the most opted option as it is not only cheaper but also administrative costs are low as well. Whole life insurances are expensive as a result of mortality rates and saving of the individual.

  • Check for your employment policy offers:-

You might not know but you might already have low rates paid y your employers already. In addition to health insurance by major corporations, they also offer life insurance policies and they often pay part of these insurance policies themselves.

You can contact your company’s HR department for information regarding this company provided life insurance policy.

  • Compare rates online:-

Like shopping for big brands you must also compare rates for Life Insurance policies as well. Many renowned insurance companies offer online insurance quotes from people. You can also call them to have quotes as well.

  • Check reviews of different insurance companies:-

Similar to investing in a new venture or buying n expensive item, read the review of the company that you are going to buy insurance. Consumer reviews of such companies will give you a better understanding. If the company has multiple consumer complaints then leave it.

  • Be a good candidate for an insurance policy
  • Purchase it while you are young:-

As long as you are healthy and young, your premium rates will be low. To tap into lower rates you must buy an extended term. These types of policies will add to the mortality element for each passing year of the term. This will save you considerable money while paying premiums as with old age, comes high premium rates.

  • Stay healthy for insurance:-

If you have a healthy lifestyle and are in particularly good health, then your starting premium rates can be low. You can also reapply for premium rates if you managed to get your health in shape. A proof of doctor in these cases is always the most beneficial. Following lifestyle changes can give you substantial life insurance discounts.

  • Losing weight
  • Quitting smoking and drinking
  • Controlling cholesterol levels
  • Avoid anything thing that can put your life at risk:-

If you have dangerous and risky hobbies like rock climbing or flying planes, you are a risk client in eyes of insurance companies and they might not even take you as a client. You can still get an insurance policy but premiums are going to be sky-high.

  • Have a clean driving record:-

Driving record is also an important factor when it comes to buying insurance policies. If you have multiple parking violations on your name or even have more than one DUI, then you are a risk in eyes of insurance companies.

  • Have a good credit score:-

Most insurance companies also factor in your Credit score as well. Although a poor credit score does not mean that you will not get the insurance policy, instead the premiums will be definitely high. A high credit score shows the responsibility of the insurance applicant.

  • Be prepared for the medical exam:-

Some of insurance companies tend to have a through medical exam of the insurance applicants. It is mandatory for them before issuing the policy. This decision of insurance issuance is dependent upon your age, domicile and contents of your application along with the amount of policy you have applied for. Insurance agents of these companies usually provide forms for you and your doctor to fill out.

  • Know tips and tricks of the trade
  • Make annual payments:-

One better way to save money is by paying entire year’s premium altogether. Just like monthly car payments, there is slight increase in paying smaller premium amounts each month. In case, your particular insurance company does not allow for yearly payments, then contact your insurance agent.

  • Apply before birthdays:-

It is common rule that insurance policy premiums increase with every year you get older. It is always better to apply for insurance policy before your birthday.

  • Consider bundling insurance policies

Some insurance companies also offer a Bundling option which allows for placing all the insurance like car, health and house insurance in one insurance policy. This allows you to save a substantial amount in administrative costs. Word of caution, do check for the bundling rates before opting for it.

  • Ask for reconsideration of rates in case of situation changes:-

Always ask for a change of rates based upon your situational changes. This does not mean that you have gotten younger. Instead, it refers to your health being better than before or moving to a safer job.


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