Life Protection Canada FAQs

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FAQs

  • Every individual's circumstances are different. Some professionals & Experts recommend 7-10x your Net Income while others suggest 15-20x your Net Income. The main purpose of a Life Insurance Policy is to provide for your Spouse & Children, Paying off your mortgage any other debts, Transferring wealth or Business Interests, Paying for estate taxes, Kids education, Accumulating cash on a Tax-free basis, donating to your charity of choice etc. The Death Benefit is 100% Tax-Free upon the death of the Life Insured. We will help you determine the right amount of coverage for you during our Consultation. Without a consultation and without asking the right questions, we can not suggest or determine the amount of Insurance required to replace your death. Buying Life Insurance coverage will usually cost much less than Insuring your car!
  • YES. You can replace an existing policy, increase the Face amount you purchased or add more coverage to your existing policy. There is no limit to how many policies you can have although it’s easier and more convenient to have one policy with the amount of coverage you require. There are various options available to you and a combination of Term and Permanent can be combined together on one policy.
  • Coverage through your employer is extremely limited and will only be available while you’re employed with that particular company. Usually the amount of Life Insurance is 1-2x your annual salary and may be reduced as you get older & eventually expires at age 65. At 65, coverage will be much more expensive and you may not be able to qualify if you have a serious Illness. It’s always recommended that you have your own Individual Life, Critical Illness & Disability Insurance coverage while you’re still fairly young & Healthy. Depending on your Group Coverage through work may end up being extremely costly to you & your Family.
  • Yes. Many life insurance companies consider you a non-smoker once you've been smoke-free for 1 full year.
  • Yes. You can insure your children or add them to your existing policy. The coverage amount must be reasonable.
  • The Premium is determined by the amount & type of Insurance you purchase. The other main factors include Age, Health risk, Lifestyle habits and Gender.
  • Founded in 1990, Assuris is the not for profit organization that protects Canadian policyholders in the event that their life insurance company should fail. Their role is to protect policyholders by minimizing the loss of benefits and ensuring a quick transfer of their policies to a solvent company, where their benefits will continue to be honoured. A life insurance company authorized to sell insurance policies in Canada is required, by the federal, provincial and territorial regulators, to become a member of Assuris. Assuris is funded by the Life Insurance industry and endorsed by government. There is no cost to policyholders for Assuris’ protection. 

    http://www.assuris.ca/
  • This is part of the service we provide for our clients. Depending on your location in Ontario, this can be arranged. We like to make it easy & convenient for our clients and can schedule an appointment with you accordingly. All meetings & Face to Face consultations are available by appointment only. We do not accept walk-ins or unsolicited visitors without appointments.
  • The underwriting process is when an Insurance company evaluates an application and decides whether or not to accept the risks associated with the application and determining the appropriate premium to be charged. An applicant is deemed insurable if he or she is able to meet an insurance company's underwriting standards for risk, including being able to meet medical and other criteria for insurance coverage.
  • The amount of coverage will all depend on what you qualify for based on your Insurance needs and what you can ultimately afford to pay. Underwriters will evaluate your Income, dependents, Assets, Liabilities, Net worth and various other factors to determine the maximum amount of coverage you are eligible for. Most Insurers have a maximum limit for each type of coverage. One Insurance company may have a max limit of $20,000,000 for a term product while another may have a max limit of $10,000,000.
  • Life Protection Canada offers many different Life & Accident/Sickness Insurance Products from many of the Top Insurance Companies in Canada. There are many ways we can add value in helping to determine your Insurance needs and finding the right product for you. One of the main benefits of working with a Broker rather than an Agent from one specific company is that a broker will examine the market to find the best overall solution to meet your Insurance needs. This may include searching the market for desirable product features and including policies from different Insurance companies, usually resulting in cost savings. We work in the best interest of the consumer and not the Insurance Carrier. Our Brokers are highly qualified & experienced in the Insurance field and can help you with your Financial Planning and Estate planning needs as well. We are paid directly by the Insurance companies strictly on a commission basis and do not charge a direct consultation or broker fee to the consumer for our services. We negotiate on your behalf and our customers & Clients have been very happy with our Approval rates. Insurance Carriers deal directly with the Brokers and every Consumer applying for Insurance must apply through a Licensed Agent by Law. Life Protection Canada Inc. conveniently provides home Consultations & visits by one of our experienced Life Insurance Brokers in your area. Call us toll free at 1-888-968-9188 or email us today at info@lifeprotection.ca to book your appointment for a no obligation consultation.
  • The death benefit is 100% tax free in Canada as long as a beneficiary is named.
    • The benefits are subject to probate fees.
    • The benefit is available to creditors.
    • If the deceased dies intestate, the proceeds will be distributed subject to intestacy law
  • Most Insurers are flexible with their payment schedules and you can choose to pay monthly, quarterly, semi-annually or annually.
  • A provision in a life insurance policy that specifies that if the insured takes his or her own life within the first 2yrs of the policy being in force, benefits will not be paid. Once the 2yr period has passed, a suicide death is paid the same as death from natural causes.
  • Some of the companies include: Assumption Life, BMO Insurance, Canada Life, Canada Protection Plan, Desjardins, Empire Life, Equitable Life, Foresters, Industrial Alliance, Manulife, RBC Insurance, SSQ Insurance, Standard Life, Sun life, Transamerica & UL Mutual.
  • Life Protection Canada does not offer home or auto insurance to consumers & we are not affiliated with any brokers that do. 
  • Yes. You must get their consent and you must have an insurable interest in the policy. This can also be done between business partners since they both have an insurable interest. You can be the owner and payor of the policy.
  • Post claim underwriting means that the underwriting of the policy is done at time of claim (during a person’s death), not during time of application. This may be the case for some Mortgage Insurance products offered by the banks.
  • We have posted an article on our site showing the differences between Mortgage Life Insurance sold by the banks when applying for a mortgage and Individual Life Insurance through a Licensed Insurance Broker. We believe that Individual Life Insurance is a much better and more convenient option to choose based on many facts outlined in the article and shown in the CBC Marketplace video. We suggest you review the article and read it thoroughly or feel free to ask us directly on why we believe Individual Life Insurance is a better option in our opinion. Here's the link http://lifeprotection.ca/compare/mortgage-insurance-vs-life-insurance
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