The best life insurance at the best price

Finding the best life insurance at the best price isn't so simple: it takes several hours to sift through online offers or discuss with representatives over the phone. But it is possible to simplify the process and get coverage that suits your needs without feeling like you’ve left the best offer on the table.

1. Understand Your Needs

The first step in finding the best life insurance is to clearly define your goals and assess your needs as accurately as possible. How much money would your loved ones need to maintain their quality of life if you were no longer there? This seemingly simple question will guide the strategy to adopt. It’s important at this stage to consider everything: debts, mortgages, children’s school expenses, and the cost of living.

2. Compare offers

Comparing offers is a crucial step in getting the best price. There are online tools that allow you to analyze several options side by side, which is more difficult when speaking to representatives separately.

It’s important to consider offers beyond the premium price: compare the coverages and conditions in detail.

3. Consider the duration of the insurance

Term life insurance is generally cheaper than permanent life insurance: these are two distinct products that meet different goals and needs. For coverage over a specific period, until the children are financially independent for example, term life insurance can be a good option. For lifetime coverage with a cash value, permanent life insurance is more appropriate.

Note that it is possible to get hybrid life insurance that combines both term and permanent features.

4. Be in good health

Health status has a significant impact on the cost of life insurance. A healthy lifestyle, non-smoking, and a healthy weight are some factors that can reduce premiums. It can be useful to get a health check-up before starting your search to have a clear idea of your situation.

For those who prefer to avoid medical exams, there are insurance options that do not require them. These policies are generally quicker to obtain and can be a good solution for people with pre-existing medical conditions. However, they can be more expensive than traditional policies, and coverage amounts may be limited.

5. Work with a broker

A life insurance broker is trained to help clients navigate the market and find exclusive offers. Brokers have access to a range of insurers and can help you find coverage that best meets your needs and budget.

6. Regularly review Your policy

It’s rare for your situation to remain the same throughout the duration of an insurance contract, so it’s important to regularly review your life insurance policy to ensure it still meets your needs. A change in family situation, a new job, or an improvement in your finances may require an update to your coverage.

7. Read the fine print

Carefully read the terms and conditions of each policy. It’s important to understand the exclusions, waiting periods, and renewal conditions to avoid unpleasant surprises when making a claim.

8. Don't wait until later

The cost of life insurance increases with age. The longer you wait, the higher the premiums will be.

These few tips are a good starting point before you begin shopping for life insurance, but they do not replace the unique and personalized service of a broker who can help you find the best insurance product for your situation.

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This blog was written, designed and produced by Pierre Dauth, Investment Funds Advisor with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this blog comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.  Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.