3 Tips to Get the Best Ontario Life Insurance
The best Ontario Life insurance is having enough life insurance to pay off the mortgage and provide for lost income so that the family can maintain their standard of living and the children can attend a post-secondary school. Numerous surveys have shown that the majority of Ontario residents have either no life insurance or have just covered off their mortgage risk through bank insurance and have provided very little for their family.
Everyone believes it will never happen. According to Statistics Canada, in 2009 1,861 people in Ontario under age of 30, 1,188 between 30 and 39 and 3,340 between 40 and 49 died. I suspect most of them were not expecting that to happen and many of us know people who died far too early. One of the prime reasons that people start looking for life insurance is the death of a friend at an early age. The best time to purchase life insurance is now before it is needed and while you are in good health.
1) Just Do It
The top tip for getting the best Ontario life insurance is to just do it. Most people have their mortgage insurance either through their bank or creditor insurance purchased through their mortgage broker. All that will do it pay off your mortgage subject to the underwriting at time of claim which leads to my second and equally important tip for getting the best Ontario life insurance
2) Do Not Purchase Your Mortgage Insurance from Your Bank
Do not purchase your mortgage insurance from a financial institution or through your mortgage broker when you apply for the mortgage or if you do, replace it with a personal policy as soon as possible. There are many reasons for residents of Ontario to purchase their own life insurance policy, click here for an article on mortgage insurance strategies. One of the primary reasons is that you control the policy and the money is paid to your beneficiary. Your beneficiary can choose to pay off the mortgage and keep the balance or not pay it off if it serves them. Also, the underwriting was done when the policy was issued not when the claim is made which is standard with many creditor life insurance policies.
3) Merge Your Mortgage Insurance and Life Insurance
With the cost of housing and high mortgages the best Ontario life insurance is one that combines the life insurance that you need for your mortgage and the life insurance required to provide for income replacement in one policy. In addition to the advantage of owning your own policy, this will likely get you into a cheaper insurance rate – like jug milk, the larger the policy the cheaper it is per $1,000 of coverage. Another important reason to combine your coverage is that many companies offer a discount for people who are healthier than the average Canadian, have a safe lifestyle, and good family health history. In fact, at least 40% will qualify for a discount and it is higher for some companies.
The best life Ontario life insurance is a personal policy that combines both your mortgage life insurance and your income replacement insurance which will qualify for a discount due to the size of the policy and a possibly a second discount due to health and lifestyle. To calculate how much insurance, you need to cover both of these risks please use our life insurance calculator.