Best Life Insurance For Smokers In Canada (Updated in 2024)
Did you know that life insurance for smokers is double to triple the price of non-smokers? That can add up to thousands or even tens of thousands of dollars more that smokers pay over the life of the policy!
But not all life insurance companies treat smokers the same way. The trick is to find the one that views you as low risk and offers you the best rates.
This comprehensive guide will reveal how smoking affects your life insurance rates and how you can get the best life insurance policy as a smoker.
What to do with your term insurance policy as you head into retirement
It’s no secret that life insurance becomes more expensive as we age. Premiums are related to the mortality rate and the decrease in our life expectancy as we get older is reflected in the increased premiums. What you may not realize is that this risk is not represented by a linear line. If you graph the probability of death from an actuarial life table, you would notice that the probability of death increases exponentially as we age. What this means for term insurance is that renewal premium also rises exponentially, such that they become unaffordable during retirement. So, what are your options for your term insurance policy as you head into retirement?
How You Can Save Thousands By Laddering Life Insurance
What is the life insurance laddering strategy?
No, you don’t build an actual ladder with life insurance. (How would that work anyway?)
Instead, you buy term insurance of different lengths (term-10, term-20, etc) at the same time so that you coverage is staggered.
This ensures that you pay only for coverage you need while saving money in the process. It could end up saving you over $10,000!
Read on to find out how this strategy works.
Joint First-To-Die Life Insurance: Pros and Cons
Did you know that a life insurance policy can cover more than one life?
One of these types of policies, joint last-to-die, pays a death benefit on the last death of two or more people.
The other, joint first-to-die, pays out on the first death between two people.
In this post, we will explore the advantages and drawbacks of joint first-to-die life insurance coverage and whether it offers the financial protection you need.
Insuring the different stages of life
As we travel through the journey of life, our financial needs and obligations undergo constant change. For example, your financial obligations increase once you are married, and continue to do so as your family grows in size. It should come as no surprise that insurance varies in importance at different stages of life. Proper planning at each stage of life is necessary to ensure that you and your dependents are protected. Without knowing the risks and a plan to minimize the risk, you are potentially exposing your family to a financial disaster. Here are which types of insurance you should be aware of at each stage of life.
Should You Renew Your Term Life Insurance Policy?
Is your term insurance about to expire? Did you know that if you renewed it, your premiums are going to be 3-20 times more expensive?
What if I told you there was a better option than renewing it?
One that will let you maintain your coverage while keeping premiums affordable?
In this post, I’ll walk you through the options you have when your term insurance is about to renew and show you the one that will save you the most money.
Let’s get started.
How Much Does Life Insurance Cost? A Comprehensive Guide To Pricing
Did you know that the cost of life insurance in Canada can range from as little as $10 per month to over $300, depending on your age, health, and coverage type? Many Canadians are unaware of how affordable—or expensive—term life insurance can be, leaving them unprepared when it comes time to protect their loved ones.
Life insurance premiums aren’t one-size-fits-all. Factors like your age, gender, lifestyle, smoking habits, and even your hobbies can significantly influence your premiums. Understanding these nuances is crucial for making informed decisions and finding a policy that fits your needs and budget.
Whether you’re a young professional just starting out, a parent with growing responsibilities, or someone approaching retirement, there’s a life insurance plan tailored for you—and likely more affordable than you think.
In this guide, we’ll break down exactly how much life insurance costs in Canada, explore the factors that impact premiums, and show you how to find the best rates. By the end, you’ll be equipped with the knowledge to make a confident, informed choice. Let’s dive in!
Should you replace your life insurance policy?
Last week we looked at when you should perform a life insurance review. One of the suggestions that was brought up during a review was to replace your current policy if a new one would better serve your needs. How do you determine if a new policy is more suitable for you? In which way is it better? Worse? Is there a cash surrender value in the old policy that would trigger tax if you cancelled it? Would you qualify for a new policy for the same or better rate? These are all questions that you need to ask before replacing a life insurance policy.
Is Employer-Provided Group Life Insurance Enough?
When you start a new job, one of the perks you might not think twice about is the group life insurance offered by your employer. It might seem like a great benefit at first glance, but what if the safety net it provides has more gaps than you realize?
Many of us rely on employer-provided group life insurance because it’s simple and often comes at no extra cost. However, this coverage usually comes with limitations—a flat amount or a modest multiple of your salary—that may not be enough to cover all of your family’s financial needs. If you have a mortgage, college tuition plans, or other significant expenses on the horizon, you might find yourself questioning whether your family is really protected when it matters most.
In this post, we’re going to break down exactly what employer-provided life insurance entails, its limitations, and how supplementing it with a tailored individual policy can bridge the gap. Keep reading to learn how you can take control of your financial future and ensure that your family’s security isn’t left to chance.
How Much Life Insurance Do You Need? Calculate Your Ideal Coverage
Most people with a family dependent on their income know that life insurance is an important part of their overall financial plan, but few know how much coverage they actually need. Some life insurance agents swear by a formula, such as 8 times of salary, or a flat rate of half a million for everybody. But it’s most likely that these ‘methods’ of determining your life insurance needs are inaccurate. Instead, they are fabricated by the agent to simplify his life by not having to perform the calculations manually. So what is the right amount? Thanks to software provided by the life insurance companies, all it takes is a few minutes to determine the life insurance coverage that you need. They are typically all very similar, prompting you to input cash and income needs at death, and sources of cash at death. It then adds these amounts together to output your total coverage required.
