Ontario Life Insurance

Life insurance premiums depend on a bunch of things including your age and gender, personal and family health history, whether you smoke or drink, what kind of policy you get and what benefit level you choose. Premiums start as low as $10 a month and can go up to $500 a month.

It depends on what you can afford and what your family needs. For example, if you earn $50,000 a year and get $500,000 in coverage, you’re family will be covered for income for 10 to 15 years if you pass away. If you have older children that could be plenty coverage. If you have younger kids, you may want to consider more. If you’re a 30-year-old healthy female who doesn’t smoke, $500,000 worth of coverage on a 20-year term will cost less than $25 a month.

In terms of cost, Term life premiums can be super affordable if you start when you’re young and healthy – but will increase over time on renewal. Permanent life is more expensive to start at any age, but the premiums never go up. Good to know: a term life policy can be converted into a permanent one if you change your mind.

Most causes of death are covered. Suicide (especially in the first two years of the policy) or death while committing a crime are usually excluded. If you’re seriously ill when you buy a policy, it may affect your premiums or your illness may not be covered as a cause of death. Don’t fret about the details, we’ll make sure you know what’s in your coverage.

Yes, most life insurance policies cover cancer, unless you already have cancer when you buy the policy. Pre-existing conditions may be excluded.