Having a life insurance policy is a good investment in your loved ones’ security. But it can be challenging to find the best policy for you. Insurance can be complicated and when you’re comparing online life insurance quotes in Canada, you want to be sure you’re comparing policies that actually offer the same coverage.
What is the importance of life insurance?
Life insurance provides financial protection for your family and loved ones if something happens to you. If your family depends on your income and you were to pass away, it could put them in a difficult position. Research has found that 26 percent of Canadians don’t believe their family would be able to pay expenses if they were to pass away. Life insurance allows you to continue providing for your family even after you’re gone.
While grieving is always difficult, you can reduce the financial burden on your family. Mortgage payments, funeral costs, education, and daily living expenses can feel overwhelming without support. Life insurance ensures your loved ones don’t have to face those challenges alone.
Life insurance is an agreement between you and an insurance company. As long as you pay your premiums and your term has not expired, the insurance company will provide a tax-free death benefit to your beneficiaries. This lump sum can be used however they choose: to pay the mortgage, cover education, manage daily expenses, or cover funeral costs.
Thinking about these situations is never easy, but if you have a spouse, children, or others who rely on you financially, life insurance is an important step. It provides peace of mind knowing your family is protected.
Types of life insurance coverage
In Canada, there are two main types of life insurance: term life insurance and permanent life insurance.
Term life insurance
A term life insurance policy covers you for a specific period of time, such as 20 or 25 years, or until a certain age, like 65. These policies are best for younger individuals who want affordable coverage during years when expenses are higher and savings are lower. Once the term ends, you may need to renew, convert, or purchase new coverage.
Benefits of term life insurance:
Flexibility – Choose the length of your policy, for example, a 20-year term. If you pass away during the term, your beneficiaries receive the death benefit.
Low cost – Often the most affordable type of coverage, making it ideal for younger families with mortgages and dependents.
Simple – Easy to understand: you’re covered for a set period, and if you pass away, your beneficiaries receive a payout.
Convertible – Many policies can be converted into permanent insurance later on if you choose.
Permanent life insurance
Also called whole life insurance, this type of policy covers you for your entire lifetime. Because the insurance company knows it will eventually pay out, premiums are higher than with term policies.
Benefits of whole life insurance:
Secure coverage – Peace of mind knowing your family will always receive a benefit as long as premiums are paid.
Cash value – Builds over time. You can use it as loan collateral or receive it if you cancel the policy.
Fixed premiums – Monthly costs stay the same, even as you age.
How much does life insurance cost?
While 64 percent of Canadians see life insurance as an important investment, 55 percent believe it’s too expensive. The truth is that policies exist for almost every budget—you simply need to decide the amount of coverage that works for you.
A common guideline is to have coverage equal to 10 years of your salary. Even if you can’t afford that much, leaving something is always better than leaving nothing.
Factors like smoking or risky activities increase costs. Buying a policy while you’re younger generally means lower premiums.
Why compare online life insurance rates?
Comparing rates online makes it easier to find the right policy. Gathering quotes from individual brokers or companies can be time-consuming and confusing. Online tools streamline the process, saving you both time and effort.
Benefits of online life insurance quotes:
Save time – No need to contact multiple companies individually.
Save money – Quickly compare coverage and costs to find the best fit.
Choice – Access quotes from both large and small insurers across Canada.
24/7 access – Get quotes anytime, from anywhere.
How to get a life insurance quote online
When requesting quotes online, be sure you’re receiving actual estimates, not just a request for a callback. Here’s what to expect:
Provide information – Basic details such as age, gender, and health questions (e.g., smoking status).
Select insurance – Choose between term or permanent coverage. Be consistent when comparing quotes.
Get your quote – View estimated premiums and sometimes compare across multiple insurers.
Buy life insurance – Once you’ve chosen a policy, contact Maple Bay Insurance to complete the process.
Shopping online makes it easier to understand your options and secure the protection your family needs.
Why Maple Bay Insurance?
At Maple Bay Insurance, we bring over 100 years of combined experience to help you navigate life insurance. Our brokers are independent—we aren’t tied to one company, so we can help you find coverage that truly fits your needs.
We understand the importance of protecting your family and are here to answer your questions every step of the way. Contact us today to explore your options and secure the peace of mind you deserve.
Getting quotes online for life insurance should take the frustration out of the process. While you can wait days or even weeks to hear back from an insurance company, getting online quotes can take just minutes. Let’s look at some of the benefits of life insurance and how to get online quotes.