Tips to Buy Life Insurance Online the Smart Way 

Are you planning to buy life insurance and don’t know where to start? 

Life insurance is one of the major parts of financial planning and needs research to find the best fit for your needs. Nowadays, buying life insurance online is as easy as buying groceries but without proper research, you can end up paying expensive premiums with less coverage. In this blog, we will provide you with simple tips to make your online life insurance purchasing efficient and easy. 

Step 1: What type of life insurance should you buy? 

In Canada, there are majorly two types of life insurance, Term and Permanent. 

The Term insurance covers the policyholder for a pre-defined period of time, usually between 10-30 years. Learn more about the newly launched 5-50 year term insurance. Book a free call with us now. The premium is low and you can renew the policy at the end of term but within age limitations. 

In comparison, permanent life insurance lasts for your entire life. This insurance has a comparatively high premium, but offers tax benefits and a cash value component which grows over time . In case the policyholder cancels the policy, the money can be paid off or utilized as collateral on loan. The smart way is to think in terms of minimizing the premiums while still protecting your dependents from unexpected events.

Step 2: Request quote to find the premium cost

Now, go to the selected company’s website and talk to one of their representatives or request a life insurance quote online. A calculator will show you the life insurance plans and rates depending on the coverage you want, your lifestyle, age, gender and province. The term insurance is calculated on your annual income. 

For example, if you have a yearly income of $70,000 and you want 10 years of cover for your family, the coverage amount will be $700,000. Your premiums are decided on the basis of factors below: 

• Age: If you buy life insurance at a young age, the premium rates will be lower as there are fewer health risks. 
• Lifestyle: Healthier lifestyle equals low premiums. For smokers and alcoholics, the premiums will be almost double. 
• Policy Type and Coverage: Longer coverage means high premiums, and basically the reason why permanent life insurance is costly. 
• Gender: Women live longer than men, so their premiums might be low. 
• Medical History: Family history and chronic diseases play a major role in determining the premium cost. 

Step 3: Research the chosen Insurance Companies Online 

Almost every reputed insurance company is offering life insurance online these days. Few tips to narrow down a life insurance provider – product types, competitive rates, claim settlement ratio, reputation, reviews, and recommendations. 

Step 4: Complete The Documentation and BOOM! 

When applying for life insurance online, we will guide you along all the steps. The application form will be filled online where we will ask you to provide answers to personal, financial, and medical questions. If required, a medical examination might be requested. Your life insurance policy gets issued in a given time by the insurance company – all online! Ask us if you have any questions about life insurance or if you want to know life insurance rates in detail. Get all prices here at einsured.ca.

If you need any support, you can book a free consultation with me. 

— Aman Ahuja 
Financial Security Advisor 
[email protected] 
Life | Critical | Super visa