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Top 10 ways to Save on Life Insurance
1. Make sure that you are Shopping the Market at least every 24 months as Life Insurance Rates fluctuate and Insurance companies drop their rates from time to time to stay competitive!
2. Always use a Life Insurance Broker that is contracted with all major Canadian Life Insurance Companies, so you can do a proper comparison!
3. Don't fall in love with your last policy. Your circumstances change and so do your needs, what you bought a few years ago may not be appropriate today!
4. Don't just try to shop it on your own, you will get so much more value if you actually talk to an experienced Life Insurance Broker, I have spoken to so many people that did their own research and decided to buy a certain policy, only to find out that there is better and less expensive ways. Just face it- you are not qualified to make that decision on your own!
5. This here is a good one here because everybody has so many different policies and are paying a little here and a lot there... Add up all your life insurance policies' face amounts (how much it pays if you were to die), then add up the premium that you are paying for all that. After you have recovered from the shock, run a quote for that amount on our Life Insurance Calculator above, and compare the premiums. Very often You will save a bundle.
6. If you bought your last term policy more then 5 years ago, chances are very good that you will save money, because Insurers have been reducing the rates over the last 20 years dramatically, but guess what... they don't tell you, you need to figure this out on your own. Again, compare-compare-compare.
7. If you are a non-smoker, take advantage of the preferred underwriting and try to qualify for the preferred health rate, you will save up to 30% off the regular premium. How do you do that? Well, it's a little complicated, but an experienced Broker (Me) can help you, because of the vast experiance I have with all the insurance companies I will be able to match you up with the proper Insurer where you have the best chance at qualifying.
8. If you are a smoker, same thing applies, you really need to try to get the preferred smoker health rate. Call or email and let us help you save money.
9. If you have a health condition that you think may prevent you from being insured (maybe you have been declined already), you most definitely need to talk to us. There are a lot of specialty products out there, but getting the right one for you is key, because I see a lot of people buy the wrong policy, here are some examples:
- One 60 year old man with Diabetes applied for a policy that required a medical. After a 2 months evaluation, he was rated 250% and the premium was just out of reach for him so he declined the offer. Had he talked to us first, we would have recommended a policy with CPP, who actually can insure a diabetic that is not on insulin without a medical exam, and no waiting period.
- Another lady I spoke to did the opposite, she thought that she couldn't get insurance because of her high blood pressure and high cholesterol, so she bought one of those guaranteed issue plans on TV, which was extremely expensive, and she was not covered for the first two years. What we did is applied at a couple of companies for her after (yes, she did need a medical for that), but one of the Insurers gave her a regular health rate because all her medical problems were well controlled with meds, and she saved a lot of money, and had coverage starting right away (no waiting period).
So you see, because of so many variables, knowledge and experience is key, and we have it, so take advantage of it!
10. I get a lot of questions about Joint first to die policies, are the a good deal? Well, I think they are, if you buy it from the right company. See, JFD is many times up to 10% less expensive for 2 people , for the same amount of coverage, so that could be a lot of money. The draw-back , there is actually two, first, should you both die at the same time , most companies will only pay one time the death benefit, so if you had a 500,000 policy, the 500,000 would be paid to your heirs. There is good news though, because some companies will pay out 2X the death benefit if both people die within a 30 day period, so if you get insured with that particular company, you can have your cake and eat it too.
The other problem (perceived problem) is that on the first death, the death benefit is paid out, and the survivor has to now take a new policy. Well, I don't see that as a problem, because first of all, he/she was just paid a whole bunch of money, and second, if it is a term policy, the term would have expired soon anyway and you would have had to renew at a higher price. And besides, the survivor has a guaranteed insurability built in, so in reality, it's a good deal.
I really hope this helped some of you to save some money and feel good about buying Life Insurance, again, please call us to get more info and advice, I promise, we are very low key, and there will be no sales pressure what-so-ever!
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