Life Insurance
Fastway Taxes and Payroll provides life insurance services for you and your loved ones. Compare rates, get a quote, and explore coverage options.
What is Life Insurance in Canada
Many people overlook the benefits of life insurance and view it as an ​unnecessary expense. However, the importance of life insurance is beyond just an investment since it is not just about your loved ones’ financial stability, it is also about their emotional well-being.
Contrary to some beliefs, a life insurance policy is not just for your personal well-being. A life insurance policy protects the client’s loved ones from financial devastation should the insured pass away. It gives your family and loved ones peace of mind so that they can take the time they need to grieve instead of worrying about how they are going to pay for the funeral. Without life insurance, your surviving family would then need to find a way to pay bills and living expenses.
The money used to pay for insurance coverage can help save the family home in the event of an unexpected death. Proceeds from a life insurance policy can help to protect against the financial ruin of your beneficiaries, especially during the COVID-19 pandemic. Experior Financial Group understands the importance of insurance and works actively to provide the most efficient and cost effective life insurance options.
What kind of coverage should you get to best protect yourself and your family
Some Canadians choose Permanent Life Insurance as part of their estate planning. However, most people require coverage for a set amount of time, for which they would need Term Life Insurance. Talking to a financial associate is the best way to ensure you have the proper coverage and protection for your unique needs.
Life Insurance Quotes
There are so many factors to consider when shopping for an insurance quote in Canada. The most efficient decision you can make is to contact an Fastway Taxes and Payroll, who will present you with the best quotes and options. Our insurance brokers will help you calculate how much you need to protect your finances and lifestyle. This includes the coverage amount required to fulfill a financial plan that will answer the following questions:
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How much are funerals and final expenses?
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How much is required to pay the mortgage, debts, and ongoing expenses of the family?
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How long will your family members require money for children’s education and future financial security?
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How long will you require this coverage?
Types of Life Insurance Protection in Canada
Knowing what life insurance to invest in for your loved ones is important. There are many life insurance products available from insurance providers, like term life insurance, permanent life insurance, whole life insurance, and universal life insurance. These are the options we are really focused on. All types of insurance have a death benefit, which is the amount that the beneficiary receives if something were to happen to the insured.
Term Life Insurance
Term Life Insurance assures payment of the face amount of the life insurance policy if an insured person passes away during the term of the policy. In contrast with Whole Life Insurance, there are no cash values in a Term Life Insurance policy. Term Life Insurance policies have a set level cost for a defined length of time, such as 10 years, 20 years, or even term to age 100. Generally there are options to extend coverage past the initial term for another term of equal length. Changing the Term Life Insurance plan to a Whole Life or Universal Life is a very common option called “conversion.”
Permanent Life Insurance
Permanent life insurance is a popular choice for individuals who want to leave behind a guaranteed inheritance or provide long-term financial security for their families. Plus, in Canada, permanent life insurance offers tax advantages that can help minimize the impact on your estate. Whether you’re just starting to consider life insurance or are looking to explore your options further, a life insurance policy is definitely worth looking into.
The following are the two most common types of permanent insurance options.
Whole Life Insurance
As the name suggests, whole life insurance is a type of life insurance that provides coverage for the entirety of one’s life, making it an attractive option for those looking for long-term security. Unlike term life insurance, which only covers a specific period, whole life insurance premiums are generally fixed and guaranteed to remain the same for the life of the policyholder. Whole life insurance policies may also offer cash value, meaning that a portion of the premium payments made over the years can accrue interest and allow the policyholder to borrow against it. If you’re considering life insurance in Canada, it’s essential to weigh your options carefully and consult with a trusted professional to determine if whole life insurance is the best fit for your needs.
Universal Life Insurance
Universal Life Insurance is a type of Permanent Life Insurance that includes two parts: an investment component and a low cost Term Life Insurance component. Universal Life policies provide for premium flexibility depending on premium thresholds and the need for additional/fewer investments. Universal Life Insurance can help you regardless of a changing need, whether a need for Permanent Insurance with an increasing death benefit or a need for a specific amount of insurance coverage. This is all dependent on whether the insured is on a tight budget or whether increased savings are appropriate for them.
If the client is younger and in good health, their insurance premiums will undoubtedly be lower. Age and gender are significant factors in the assessment of premium costs. Tobacco use, health status, occupation, and hazardous sports also have a significant impact on premiums. Call an Fastway Taxes and Payroll rather than an insurance company for life insurance coverage today. By answering a few questions and providing the necessary information, Fastway Taxes and Payroll can help you determine how much coverage your loved one(s) will require. They will help you make an informed decision about what amount of death benefit might be needed, which life insurance company to use, how much the policy will cost, and any additional benefits that may be required.
Why is Fastway Taxes and Payroll Financial the best for Canadian Life Insurance Quote
Some feel that life insurance plans are expensive, but depending on your needs, it can be relatively inexpensive to purchase. This is why it is a good idea to discuss your life insurance alternatives with Fastway Taxes and Payroll, who will do an Expert Financial Analysis and can offer you a life insurance quote while keeping the costs for coverage within your budget.
Funeral Expenditure Insurance
Fastway Taxes and Payroll also offer Funeral Expenditure Insurance to eliminate any surprises for your family. Funeral expenses are commonly insured with a pre-need life insurance policy, which becomes paid up after a designated period. This paid-up coverage remains in force for the entire life of the insured.
An Fastway Taxes and Payroll is an expert in the field, helping clients with determining the right life insurance coverage and policy for them. Our associates excel at explaining the benefits and costs of life insurance coverage.
Retirement Income Plans
Fastway Taxes and Payroll s also provide a plan to assist clients in planning for a comfortable retirement income. Far too many Canadians retire with insufficient funds to retire comfortably. In addition, our associates can also provide you with a quote for health insurance. Fastway Taxes and Payroll s provide solutions for all their clients’ financial service requirements.
At Fastway Taxes and Payroll , we offer a no obligation Expert Financial Analysis for singles, couples, families, and all Canadians to help them establish a plan of action. Call an Fastway Taxes and Payroll today to discuss your life insurance requirements and other financial service needs. We present more than one way to save costs for personal or business obligations. A life insurance policy’s death benefit proceeds will help relieve financial and emotional strains.
How Much Does Life Insurance Generally Cost in Canada?
An Fastway Taxes and Payroll Associate will assist your loved ones with the paperwork and decide what to do with the death benefit so that they can make beneficial decisions during a difficult time when the spouse, family member, or business partner is left grieving.
Fastway Taxes and Payroll wants clients to take their time during a life insurance purchase and be confident that our associates are always available to support your family’s financial needs as they arise. The most important buyer’s tip is to buy from a financially sound brokering company like Fastway Taxes and Payroll Financial Group with experience in life insurance.
Buying Life Insurance Online
Buying life insurance online has become increasingly popular and convenient. Here are some steps to consider when purchasing life insurance online:
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Assess your needs: Determine the amount of coverage you require and the type of policy that suits your financial goals and budget. Consider factors such as outstanding debts, future expenses, and the financial needs of your dependents.
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Research insurance providers: Explore different insurance companies and compare their policies, coverage options, premiums, and customer reviews. Look for reputable and financially stable companies with positive customer feedback.
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Get online quote: Use online tools or websites to request quotes from multiple insurance providers. Provide accurate information about your age, health, and lifestyle to receive accurate quotes.
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Review policy details: Carefully read through the terms, conditions, and coverage details of each policy you are considering. Pay attention to exclusions, limitations, and any additional riders or benefits offered.
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Apply online: Once you have selected a suitable policy, you can typically apply online by filling out an application form. Provide all the necessary information accurately and truthfully. Some applications may require you to undergo a medical examination or answer health-related questions.
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Review and approval: After submitting your application, the insurance company will review it and may request additional information if needed. They will assess your risk profile, family history and determine the final premium amount. The approval process may take a few days to a few weeks.
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Policy issuance: If your application is approved, you will receive the policy documents electronically. Carefully review the policy to ensure it matches your expectations and meets your needs. Make sure to understand the payment schedule and any grace periods.
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Make the initial premium payment: To activate the policy, you will need to make the initial premium payment. Most insurers offer online payment options for convenience.
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Keep the policy updated: Inform your beneficiaries about the policy and keep the insurance company updated with any changes in your personal information. Review your policy periodically to ensure it continues to meet your needs.
Remember, while buying life insurance online offers convenience, it is still important to do thorough research, compare options, and consult with licensed insurance professionals from trusted insurance providers, if needed to ensure you make an informed decision.
Tips On Getting Lower Premiums For A Life Insurance Quotes
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Buy life insurance as soon as you need it.
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Work with an agent who can shop around and compare prices from different insurance providers.
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Consider term life insurance, which generally has lower premiums compared to permanent life insurance.
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Lower the coverage amount and/or the term length of your policy.
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Improve your health by maintaining a healthy weight, quitting smoking, and managing existing medical conditions.
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Inquire about benefit tiers that may offer lower premiums.
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Be aware of any hidden fees associated with the policy.
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Ask life insurance questions ​
It is important to note that these tips may vary depending on individual circumstances and insurance providers. It’s recommended to consult with an insurance professional from life insurance companies to determine the best strategies for lowering your life insurance premiums. Compare different life insurance companies for best life insurance rates before submitting your life insurance application.
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