Money Saving Advice for Canadians
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11 Great Life Insurance Money Saving Tips for Canadians

Money Saving Tip #1: Many people renew term insurance and pay these high premiums – get a new policy – with preferred term rates it might be less than you were paying.

Money Saving Tip #2: Ask for preferred rates. There is an example of the preferred questions on my web site at

Money Saving Tip #3: There are significant differences between some companies in the percentage of people who will qualify for preferred rates ranging from under 50% to over 70%. Ask me about this.

Money Saving Tip #4: If you are a smoker of cigars or enjoy a pipe, some companies will consider you to be a non-smoker. Make sure you get this rate.

Money Saving Tip #5: Permanent policies frequently have assumptions about the returns you will get within the policy for Universal Life or dividends for whole life. These are generally not guaranteed so be careful that they are reasonable and that you understand that if they are not achieved, the outcome could be very different from the illustration. Ask to see several illustrations with different assumptions so you understand what could happen.

Money Saving tip #6: Universal Life Policies also have various bonuses built in that can increase the returns by 1.5% or more under certain circumstances. These circumstances usually relate to how much you are putting into the policy (referred to as funding), and how long the policy has been in effect. There are very significant differences between companies so ask to see illustrations from several companies.

Money Saving Tip #7: Purchase your life insurance to cover your mortgage from an traditional life insurance company rather than the bank. Click here to see why.

Money saving Tip #8: If you have any life insurance through your Automobile Association you are likely spending thousands of dollars too much Money Saving Tip #9: Many people who have purchased guaranteed issue or instant issue policies over the internet are likely paying much more than they need to spend as they could qualify for a traditional underwritten policy. Complete the contact us form with your information and let us help you save some serious money.

Money Saving Tip #10: If you or a loved one has diabetes or early onset diabetes you might still qualify for an affordable life insurance policy as we are experts in helping people with diabetes get insurance coverage.

Money Saving Tip #11: Group Life Insurance Plans are Ok when you are young but as you age they become more expensive than traditional life insurance and there is always the risk that you will have health problems. Read the full article.

© 2003-2023, an Internet brand and property of I.D.C. Insurance Direct Canada Inc. All rights reserved. Last updated March 2022.

All product names, trademarks, and trade names are the property of their respective owners. The Insurance Council (BC, AB, SK, MB), Financial Services Commission (ON), Chambre de la Sécurité Financière (QC), The Superintendent of Insurance (NB, NL, PE, NS) are the provincial and federal authorities that regulate, supervise and enforce standards for life insurance professionals.

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