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8 Tips for Choosing Life Insurance with Critical Illness in Ontario

When it comes to life insurance, you want to make sure that the plan you choose will protect both your assets, as well as your family should you fall ill or in the case of an unexpected death. However, what is the benefit of life insurance? How can you tell which plan is right for you and your family?

As one of the area’s leading life insurance experts, Desjardins Financial Security Independent Network is here to offer some of their years of expertise. Here you’ll find some tips for choosing the best life insurance plan for your needs.

1. Check their Financial Health

When investing in life insurance, you’ll be entering into a long-term relationship with your insurance providers, so checking into their financial background is essential. Make sure that the company you choose has a rich history and a strong reputation in the community and has never gotten into any financial difficulties. One of the best ways to determine the financial health of your insurance company is to check how they’re rated by companies like A.M. Best, Moody’s, and Standard & Poor.

2. Make Sure You Know What You’re Getting

With life insurance, it’s key that you’re not only getting quality coverage but also that you know exactly what you’re investing in. When shopping for life insurance, find a plan that offers the most comprehensive coverage available, with as few exceptions and exclusions as possible. Doing so will mean you’ll be comfortably covered should you fall victim to a critical illness or the unthinkable should happen; you and your family’s financial well-being will be in the right hands.

3. Don’t Be Afraid to Do Some Additional Research

Investing in life insurance is kind of like partnering in a company, or hiring a new employee, so why wouldn’t you do a bit of background research? One of the best ways to get a good idea of potential life insurance companies is to listen to what current and past customers are saying about them. Check for reviews online and ask friends and family members if they’ve ever had any experience with the life insurance company you’re thinking of choosing.

4. Don’t Choose a Company Based on the First Quote

Piggybacking off the facts above, choosing an insurance provider means being thorough and not jumping at the first, and cheapest, opportunity. This is because your policy will be underwritten, taking into account things like your financial health and pre-existing conditions, which will likely change the final price quote you receive.

Additionally, performing a straight price comparison, like simply lining up different quotes side-by-side on a spreadsheet can cause you to miss important underlying features. Things like the return of premium fees, cash value guarantees, and other components should factor greatly into your decision; it’s not simply about the price.

5. The Pandemic May Impact Who is the Best Provider for You

It’s no secret that the COVID-19 pandemic has drastically impacted the way those around the world do business, and yes, this includes life insurance providers. In addition to lower interest rates, some policies might even be available to you without a preliminary medical exam if you’re healthy. However, there is a flip side to this, as many life insurance companies have begun refusing policies to elderly applicants amidst COVID-19 concerns.

6. Align Your Life Insurance Plan with Your Coverage Needs

Before settling upon the right life insurance plan for your needs, it’s essential to understand the risk factor you’re willing to take, which type of plans are suitable for that level of risk, and lastly, what insurance providers can allocate that risk profile to the products they offer.

7. Consider Your Health Conditions

Often when choosing an Ontario life insurance with a critical illness plan, your health conditions can be a good indicator of what plan will be best for you. Some companies will provide better rates for those with certain pre-existing conditions than others, so it makes sense to pay close attention to how your health affects your options. This is where working with the right broker or insurance professional can truly be beneficial.

8. The Right Company Will Depend Upon the Plan You Want

Those investing in permanent life insurance will have more things to consider than those investing in simple term life insurance. With term life insurance, you select your coverage amount and how long it lasts; permanent life insurance buyers need to navigate a range of different details. In addition to the different guarantees that come with permanent life insurance, policy buyers need to understand how their cash value builds and any additional charges that come with the policy.

Also Read: How To Get The Best Rates On Life Insurance

Contact us to learn more about life insurance with critical illness in Ontario!

Are you curious about how the life insurance plans from Desjardins Financial Security Independent Network can benefit you? Contact us today online for a quote or call (416) 695-1433 to speak to a qualified representative