Comprehensive Life Insurance in Ontario

As one of the best insurance providers in Canada, the Benefits Edge uses an industry software service to determine the competitiveness of the various insurers for our clients. Whether you need Toronto life insurance or other kinds of guaranteed life insurance, we have what it takes for the coverage to remain in place. We make recommendations for the type of product that will cover the risks to the business.

A common challenge that people have with life insurance in Ontario is figuring out how much they need and what type of life policy insurance to buy. For personal coverage, the rule of thumb is a multiple of your income to replace your portion of the family income for a number of years plus the total family debt plus an amount to fulfill your education goals for your children. The multiple should be large enough to allow your spouse the time to refocus on the surviving family and put a plan in place for the future.

For business purposes, affordable life insurance from the Benefits Edge can also repay debts as well as fund a buy-sell agreement between you and your business partner to buy out the shares of the other, allowing the surviving partner to be in 100% control of the company and the deceased’s family to be adequately compensated for a pre-arranged price. The death of key employees may cause financial hardship for an organization; ensuring that employee with the company listed as the beneficiary is also a good use of Life Insurance.

Types of Life Insurance

Life insurance in Canada comes in forms similar to those offered in other regions. Depending on your needs, you may need the cheapest life insurance possible, or something more costly, but we certainly have something that will help you. Here are the common types of life insurance policies available in Ontario:

Critical Illness Insurance: Critical illness insurance provides a lump sum payment if the insured person is diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. This coverage can help cover medical expenses and provide financial support during the recovery period.

Disability Insurance: Disability insurance, also known as income replacement insurance, provides a portion of the insured person’s income if they become disabled and are unable to work. It helps cover living expenses and ensures financial stability during a period of disability.

Mortgage Life Insurance: Mortgage life insurance is specifically designed to cover the outstanding mortgage balance in the event of the policyholder’s death. It ensures that the mortgage will be paid off, relieving the financial burden on the surviving family members.

Permanent Life Insurance: Permanent life insurance offers coverage for the entire lifetime of the insured person, as long as the premiums are paid. It includes several subtypes:

a. Whole Life Insurance: Whole life insurance provides a death benefit and accumulates a cash value component over time. As a form of permanent life insurance, what makes this stand out compared to the average life insurance payout is that premiums for whole life insurance in Ontario last until the end of the policyholder’s life.

b. Universal Life Insurance: Universal life insurance offers flexibility in premium payments and death benefit amounts. Policyholders can adjust these aspects based on their changing needs. Universal life insurance policies also include a cash value component that earns interest.

c. Participating Whole Life Insurance: Participating whole life insurance policies allow policyholders to receive dividends from the insurance company. These dividends can be taken in cash, used to reduce premiums, or reinvested to increase the policy’s cash value and death benefit.

Term Life Insurance: Term life insurance provides coverage for a specified term, such as 10, 20, or 30 years. If the insured person passes away during the term, the beneficiaries receive the death benefit. Term life insurance is typically more affordable than permanent life insurance but does not accumulate cash value.

It’s important to note that the availability and specific details of life insurance policies can vary between insurance providers. It’s recommended to consult with an insurance professional or financial advisor in Ontario to understand the options available and select the most suitable type of life insurance for your needs.

What Affects Your Life Insurance Premiums and Costs?

Several factors can affect your life insurance premiums and costs. Insurance companies consider these factors when determining the cost of life insurance coverage. Here are some key factors that can influence your life insurance premiums:

  • Age: Age is a significant factor in determining life insurance premiums. Generally, younger individuals pay lower premiums as they are considered to be at a lower risk of mortality compared to older individuals.
  • Coverage Amount and Policy Type: The amount of coverage you select and the type of chosen insurance policy for life will affect the cost. Policies with higher death benefit amounts or more comprehensive coverage (such as whole life insurance) tend to have higher premiums compared to policies with lower coverage amounts or term life insurance.
  • Credit History: In some cases, insurers may consider your credit history as a factor in determining premiums. A good credit score can potentially lower your life insurance costs.
  • Driving Record: Your driving history, including any traffic violations or accidents, can influence your life insurance premiums. A poor driving record may indicate a higher risk lifestyle and could lead to higher premiums.
  • Family Medical History: Insurance companies may consider your family medical history when assessing risk. A history of certain genetic conditions or diseases in your immediate family may increase your premiums.
  • Gender: Statistically, women tend to have longer life expectancies compared to men. Therefore, women generally pay lower premiums for the same coverage amount and age.
  • Health and Medical History: Your overall health, including pre-existing medical conditions, plays a crucial role in determining your premiums. Insurance companies may require a medical examination or ask for your medical records to assess your health status. Factors such as high blood pressure, diabetes, obesity, or a history of serious illnesses can increase premiums.
  • Lifestyle Choices: Certain lifestyle choices can impact life insurance premiums. Factors such as smoking, excessive alcohol consumption, and participation in high-risk activities (e.g., skydiving, scuba diving) can increase the cost of coverage due to the higher associated mortality risk.
  • Occupation and Hobbies: Certain occupations and hobbies involving higher risk levels or exposure to hazardous conditions can impact your premiums. For example, individuals working in professions like aviation, mining, or firefighting may face higher premiums.

It’s important to note that each insurance company has its own underwriting guidelines and weighting system for these factors. Therefore, premiums may vary between insurers. To get an accurate estimate of your life insurance costs, whether you need something specific like funeral insurance or something broader, Benefits Edge has you covered

Benefits of Life Insurance in Ontario

The Benefits Edge offers the best life insurance in Ontario. Its several benefits that can provide financial protection and peace of mind for you and your loved ones. Here are some key benefits of life insurance plans:

  • Business Continuation: Business life insurance can be used to provide funds for business continuation in the event of your death. It can help cover expenses, and debts, and provide liquidity to keep the business running smoothly during a transitional period.
  • Estate Planning: Life insurance can play a vital role in estate planning. It can help ensure that your assets are protected and your beneficiaries receive the intended inheritance. Life insurance proceeds can be used to pay estate taxes, legal fees, and other expenses associated with transferring assets to your heirs.
  • Financial Protection for Loved Ones: The primary life insurance benefit is providing financial security for your loved ones in the event of your death. The death benefit paid out by the insurance company can help replace the lost income and support the financial needs of your beneficiaries, such as paying off debts, covering living expenses, funding education for children, or maintaining their quality of life.
  • Paying Off Debts: No matter the cost of life insurance, it can be used to pay off outstanding debts and financial obligations, such as a mortgage, car loan, or credit card debt. This can help prevent your loved ones from being burdened with the financial responsibility of these debts after your passing.
  • Peace of Mind: Long-term life insurance provides peace of mind, knowing that your loved ones will be financially protected and supported after your passing. It can help alleviate worries about their future and provide a sense of security in uncertain times.
  • Supplementing Retirement Income: Certain types of life insurance, such as permanent life insurance, accumulate cash value over time. This cash value can be accessed during your lifetime and used to supplement your retirement income, fund education expenses, or cover emergency expenses.
  • Tax Advantages: Life insurance policies often offer tax advantages. The death benefit paid to beneficiaries is generally tax-free, providing a significant financial benefit. Additionally, the cash value accumulation in permanent life insurance policies grows on a tax-deferred basis, meaning you won’t owe taxes on the growth until you withdraw the funds.

When it comes to selling life insurance in Canada, it’s important to note that the specific benefits and features of life insurance can vary depending on the type of policy and the insurance provider. When considering to buy life insurance, it’s advisable to assess your financial needs and consult with a qualified insurance professional such as The Benefits Edge. We can guide you in selecting the most suitable policy for your circumstances.

Life Insurance

Check out our rates!

A common challenge that people have with Life Insurance is figuring out how much they need and what type of life insurance to buy.

For personal coverage, the rule of thumb is a multiple of your income to replace your portion of the family income for a number of years plus the total family debt plus an amount to fulfill your education goals for your children. The multiple should be large enough to allow your spouse the time to refocus on the surviving family and put a plan in place for the future.

For business purposes, insurance can also repay debts as well as fund a buy sell agreement between you and your business partner to buy out the others shares, allowing the surviving partner to be in 100% in control of the company and the deceased’s family to be adequately compensated for a pre-arranged price. The death of key employees may cause financial hardship for an organization; insuring that employee with the company listed as the beneficiary is also a good use of Life Insurance.

At The Benefits Edge, we use an industry software service to determine the competitiveness of the various insurers for our clients. We look at the appropriate amount of time for the coverage to remain in place and make recommendation for the type of product that will cover the risk to the business. In this way we provide the right product at the right price.

Celebrating 25 years +  in business serving our valued clients.

Are looking to protect your family and your business?

Contact us for an industry survey on Life Insurance rates!

ASK for a
QUOTE Today »