This excerpt from a Fox Business news article details how to determine the right amount of life insurance to buy. The article also includes six factors you need to consider when choosing a policy. These include: your age, the age of your spouse and children, existing mortgage and debts, anticipated college/university expenses, your current income, and foreseeable funeral expenses.
While these are certainly a lot of factors to consider, what’s important is that you have plenty of options when it comes to sourcing money for raising your family and for your own retirement someday. You can learn more about these options by consulting a quality insurance broker and inquiring about life insurance rates in Toronto.
The FSCO website is a valuable resource for consumers looking to purchase a life insurance plan in Toronto and through-out Ontario. Consumers can now go to a section on the website to check if there are any issues with their agent or insurance company. There is also a new “Enforcement Actions” section that publically discloses any disciplinary or ongoing actions being taken against an insurance company or broker/agent.
Downtown Oakville is a splendid shopping destination; Oakville locals know a thing or two about shopping. Still, most people start their shopping by going online so they can compare prices. The same principle can be applied to shopping for an Oakville life insurance policy.
As with tangible products like electronic gadgets or shoes, people can find out more about life insurance in Oakville via the Internet. Numerous online sources provide information on the different types of life insurance.
Financial experts, however, stress that before people choose a life insurance package to help fund their retirement, they have to become familiar with the various types of life insurance first.
Term insurance is available for fixed periods typically, 10, 20 and 30 years and pays the death benefit to the beneficiaries when the insured person dies. Term insurance in Toronto and elsewhere is a great option for young families as it is very reasonably priced and can often be converted to Permanent Insurance without having to be re-approved medically. So buy it when you are young and healthy!
In Canada, the number of people who are past the retirement age but continue to work full-time is rising, with most citing the need to make ends meet as the primary reason for their decision. In this day and age, it can be difficult to spend one’s retirement years without something to fall back on. This makes it all the more important to acquire life insurance as early as possible.
Life insurance can be an extremely useful source of funds for retirees who continue to work for financial reasons. If retirement is 10 or 20 years away, you may want to strongly consider acquiring life insurance in Toronto and throughout Ontario that has a cash value component that you will be able to borrow or draw on in your retirement.
E-Cigs are no different if nicotine is present. There is a strong argument for those using e-cigs without nicotine, not to be considered smokers but this will ultimately be determined by the insures who have the final say.
Indeed, the cost of smoking has a significant bearing on insurance costs. You may want to consult a trusted life insurance broker in Toronto like Insurance Advantage to know more about the impact of e-cig use on your monthly premiums.
This medical condition is as much of a problem in Canada as it is in the U.S., with over a third of Canadian adults sporting larger midsections as of 2012. To be considered overweight, a person’s body mass index (BMI) must be between 25.0 and 29.9. To be considered obese, one’s BMI must clock in at 30.0 or higher.
While BMI is only one of several risk factors, experts say the corresponding insurance premium increase it poses is significant and can result in insurance applicants being outright declined for coverage. This can be very serious for a family that is looking for quality life insurance on the mortgage.
Oakville life insurance brokers like Insurance Advantage have extensive knowledge in Living Benefits like Critical Illness Insurance and will take the time to explain the details of this product.
If you want to learn more, use the services of a full service broker like Insurance Advantage. Go to the website and request an Oakville life insurance quote under the Living Benefits tab to get an idea of the costs and answers to any questions you might have.
Due to the health risks related to obesity, it’s normal for insurance companies to present obese men and women with higher insurance rates. To determine this, insurance companies look at the person’s body mass index (BMI), among other factors. Insurance companies each use their own formulas in computing a person’s premium, most of them using the person’s BMI.
The increase in premium shoots up further if a person’s BMI reaches 40 and beyond and there is a real possibility a policy may be outright DECLINED. It is always advisable to consult Toronto online life insurance websites and speak to a broker about which insurance companies are more forgiving of weight and lifestyle choices.
There are many factors that go into determining life insurance rates in Toronto and elsewhere through-out Ontario and Canada. Age, gender and health are the obvious factors but insurance companies also look at things you can actually control. In the industry they are called Lifestyle choices.
Lifestyle choices are things like smoking, extreme sports, weight, driving records etc. Lifestyle choices can affect your insurance premiums both negatively and positively. For example if you workout, eat right and are fit you may be offered cheaper Preferred rates, conversely if you are a mad extreme sport maniac that smokes you will likely be rated, meaning you will have to pay more than standard rates.