Toronto Life Insurance
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Buy Affordable Toronto Life Insurance
When shopping for life insurance in Toronto, Blue Alpha Wealth is experienced in helping you compare and choose the best type of life insurance quotes and options to match your health and budget.
Life insurance always makes sense if it's an amount that replaces 20 times your income and at a price you can easily afford. Working with a Toronto life insurance broker is always a good start for getting appropriate options and life insurance rates from various companies.
What Type of Life Insurance Is Available To You?
Term Life Insurance
Whole Life Insurance
No Medical Exam Life
Universal Life Insurance
Final Expense Insurance
Children's Life Insurance
3 Easy Steps To Buy Life Insurance in Toronto
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Affordable Life Insurance in Toronto
Save money and time with your own personal life insurance broker. That's the job of Blue Alpha Wealth! Custom life insurance quotes and advice that takes into account your budget and priorities - that's our expertise!
We maintain your privacy and never share your information with any third parties. If you're worried about health issues we can do a confidential and anonymous "dry-run" on your behalf by communicating directly with life insurance companies and advising you on the best path forward.
Blue Alpha Wealth life insurance clients say:
steve cook, President, The Initials Co., toronto
I have no clue about life insurance but knew that I needed life insurance for my growing family in case something happened to me as the breadwinner. Blue Alpha Wealth and Carter helped me find something that worked and helped me to understand how to name my beneficiaries for my blended family.
chris gillis, hamilton ontario
Blue Alpha Wealth started me with term life insurance which was cheaper, then as my income increased we added whole life insurance where I pay a fixed cost for 20 years and I have insurance for the rest of my life even when I stop paying for it.
b. kaur, toronto ontario
F.A.Q - Why choose Blue Alpha Wealth as your Toronto life insurance partner?
In general, a life insurance broker doesn't work for a particular insurance company, whereas an agent is typically an "agent" of that one company. There is nothing wrong with being an agent. However, you get more objectivity by virtue of a broker looking at your situation and matching it to the appropriate company rather than limiting you to one companies products.
Age, smoking status, life insurance amount, length of term, medical and health risks are all taken into account when pricing your life insurance cost. When you speak with us we can compare rates and get you the price you can easily afford.
There are many ways to calculate how much life insurance you need as an individual. Objectively, you can start by using your income because this is what you are replacing and the lifetime potential of you value as a human being. For example if you make $50,000 a year you multiply that by 20 or 25 to get the amount you need to comfortably replace your income for 20 to 25 years. The price for that could not be affordable for some. So instead, start there and adjust it based on a price you can afford. Ultimately the best life insurance amount is the one you have in place when your family needs it most. Start with your income because it's the one you use for debts, mortgages etc. and to support your lifestyle.
Term life insurance is the most affordable type of life insurance for those not looking for lifetime coverage and peace of mind to protect their family and obligations. Whole Life is a permanent life insurance to cover you for your "whole life" and offers both a savings component and life insurance. Your term life expires after a certain period i.e. 10, 20, 25 years whereas whole life insurance lasts your whole life.
We can’t recommend all-encompassing providers as the best term life insurance companies in Canada as they all offer different terms and policy types. That's why it's best to speak to us so we can understand your needs and match it with the best life insurance company.
Yes there is available to you life insurance for health issues. Given that we work with 20+ life insurance companies in Canada we can always find you a solution regardless of health history.
There are various no medical life insurance companies in Toronto and Canada such as Canada Protection Plan that focus on high risk cases. Most life insurance companies, however, do offer no medical term life and whole life insurance even if you are on good health and just want a quick policy application.
We are compensated directly by the life insurance company you choose for your policy when you choose to buy life insurance with Blue Alpha Wealth. There is no direct payment or out of pocket cost from you.
what Type Of Life Insurance Do You Need?
Like the word "term" implies, term life insurance is for temporary needs and for a term, meaning it will expire after a specified time period e.g. 25 years. Even though it expires you can renew it at that point, however, at a much higher price due to your age at that time. In light of this high price "barrier" at time of renewal, you have the option to convert from term life insurance to permanent insurance (whole life, universal life) at any point from year one to year twenty five.
Like all life insurance in general, it pays out at time of death other than from suicide. Your family or named beneficiaries receive a lumpsum of the amount of life insurance you have and it's a tax free benefit with no strings attached
Term life insurance is a good option for those that are price or budget sensitive that need an appropriate amount of coverage at a price they can easily afford. You generally want to go for terms of 25 to 30 years as these allow you to get more years at a good price for the amount of coverage you choose. In addition, if you don't see your need for life insurance after say 25 years or after your kids leave the house then buy term.
Like the name says, it' not temporary but permanent, meaning it will last for your lifetime and give you protection for life as long as you don't cancel it or stop paying for it. You are also able to get protection from taxes if you use universal life and invest within the life insurance policy. Cash value growth is what you'll get in a whole life insurance policy and that growth is tax preferred.
It pays when you die or potentially when you can cancel the policy after a certain time you will get what is called a "cash surrender value". It pays a tax free benefit to your family or named beneficiaries. On top of the life insurance benefit they would receive any additional cash value growth from the whole life policy or any investment growth from the universal life policy. An exception would be subtracting any amount that was withdrawn (policy loan) while the life insured was alive and wasn't paid back prior to death.
Whole life insurance typically costs about 1.5% annually of the life insurance amount you are applying for. For example if you need $250,000 of whole life insurance as a 40 year old male, it would cost you about $312 monthly. For universal life, using the same scenario it would cost you about $150 a month for the same coverage and age.
Like it implies you get life insurance without having to undergo a medical examination for approval as part of your application. You typically answer a few qualifying questions and the life insurance amounts are generally lower from $5,000 to $50,000.
At time of death your named beneficiaries receive a tax-free lumpsum benefit for the amount that you had in place. Typically takes 2-4 weeks to receive the payment if all steps are met in a timely fashion such as receipt of death certificate etc. This is important because many people get this type of insurance for such things as final expenses and burial insurance.
No medical exam life insurance policies are typically the same cost as comparable traditional life insurance policies if you apply for standard amounts like $250,000 or $500,000. Burial and final expense insurance typically cost less because the amounts applied for are usually on average $30,000 for end of life expenses to allow families not to be burdened with these costs.
quick Tips to Buy Life Insurance In Toronto
Toronto Life Insurance Costs
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Get in touch with our life insurance brokers here at Blue Alpha Wealth and we'll help you understand different options and create a life insurance strategy for you and your family.