How much insurance do you need
Life insurance is one of your most personal and important buying decisions. A carefully considered purchase today can benefit you and those you care about for the rest of your life. There are several variables affecting the cost of life insurance and that’s why value doesn’t necessarily rest with the lowest-priced policy. It’s important to understand the factors that affect the cost of your life insurance policy. Other factors that may impact the premium you’ll pay. Your best buy is a policy with features that suit your situation today with flexibility to meet changing needs in the future. Return to Basics of Life Insurance
for your needs - value for your moneyGender - women pay less than men because statistics show that on average they live longer. Age - the younger you are, the lower the premium you’ll pay. Health and lifestyle - good health and sound lifestyle habits usually mean you qualify for the best rates. Non-smokers get a discount. Type of policy. You pay less initially for term insurance. You pay more for a policy that builds cash surrender values because it provides benefits beyond the basic insurance protection. Method of payment - you’ll pay less if you choose to pay your premium on an annual basis rather than monthly. Occupation or avocation - some occupations or hobbies/sports are riskier than others from both a health and accident standpoint which may impact the premium you’ll pay. Foreign residence - Canadian insurance policies are based on Canadian mortality experience. If you live outside of Canada, you may be exposed to an increased mortality risk which may impact the premium you’ll pay.
