Cheap Life Insurance in Canada

The people who need life insurance the most are often the ones who let it go or who put it off. In most cases, these are young families with children at home, and they put off buying a life insurance policy because money is tight for these families. Unfortunately, the results can be tragic, when one parent or provider dies unexpectedly and leaves a young family with a drastically reduced income, not to mention hospital, funeral home, and burial expenses.

For families such as these, the best route is not to skip life insurance altogether. Clearly life insurance is a necessity, not a luxury. But the realities of their economic situation may dictate that they buy the cheapest, most economical plan available to get the coverage they need.

There are two considerations in looking at cheap life insurance plans. First, you have to look at what kind of life insurance is cheapest for you, and second you have to look at which companies can offer you the best deal on that kind of life insurance.

What kind of policy to buy

In terms of the sheer cost of monthly premiums, comparisons show that in almost every case, term life insurance is the least expensive. This is because it is more often purchased by younger, healthier people who are less likely to require a payout by the insurance underwriter. Fortunately, it is also the kind that best serves the needs of young families. You can purchase term life insurance for both parents for a predetermined period that covers the stage of life when you have dependents—perhaps 15, 20, or 25 years.

However, your needs may not be best served by term life insurance. If you have no dependents, or if you are looking to buy a policy that will last the rest of your life, or if you don’t need much coverage, you may find that whole or guaranteed life insurance suit you best. Again, in terms of sheer monthly premiums, term is cheapest for the same amount of coverage, but with one of these other kinds of policies, you may be buying far less coverage than you would if you bought term. If you are single or your kids are independent, and you can buy less coverage than a young family would buy, you may find that it is cheaper for you to go with some other kind of policy.

Who to buy from

Of course, once you have determined what your needs are, you then need to determine who to buy from. There is only one way to find the cheapest plan that gives you the coverage you need. You must do your research. The best way is to get online. There are several websites that compare life insurance rates for companies all over Canada; start checking into several of these. You only have to offer some basic information about yourself to get preliminary quotes, and these sites can show you dozens of companies and the rates they offer. Then you can be sure you have gotten the cheapest life insurance.