How to Choose the Right Policy
Follow these steps to find the perfect term life insurance policy for your needs
Calculate Your Coverage Needs
Add up your financial obligations including mortgage, debts, income replacement needs, and future expenses like education costs.
- Multiply annual income by 10-12
- Add outstanding mortgage balance
- Include future education costs
- Consider final expenses
Determine Your Term Length
Choose a term that covers your most critical financial obligations period.
- 10 years: Short-term debt coverage
- 20 years: Until children are adults
- 30 years: Until retirement or mortgage payoff
- Consider future insurability
Compare Provider Ratings
Look for financially stable insurance companies with strong ratings and good customer service.
- Check A.M. Best ratings (A or higher)
- Read customer reviews
- Verify licensing in Canada
- Compare claim settlement ratios
Review Policy Features
Understand what's included and what optional riders might benefit you.
- Conversion options to permanent insurance
- Renewability terms
- Waiver of premium rider
- Accelerated death benefit options
Compare Quotes
Get quotes from multiple providers to ensure you're getting the best rate for your coverage needs.
- Compare same coverage amounts
- Check premium guarantee period
- Understand payment options
- Look for discounts (non-smoker, healthy lifestyle)
Important Considerations
Still have questions?
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