Personal Finance

Term Life Insurance Recommendations

  • Last Updated:
  • Jul 12th, 2017 9:49 pm
[OP]
Newbie
May 17, 2007
73 posts
London

Term Life Insurance Recommendations

Hello all

I am looking to purchase term life insurance for me and my wife and I am looking for recommendations on companies. To me both reputation and cost are key drivers for my decision.

My wife and I are 34 and 31 so I am looking for a 20 year term for between 500 and million each.

Thanks for your help
17 replies
Member
Jul 26, 2016
209 posts
76 upvotes
I live in the GTA area and just bought insurance for myself. I remember Sunlife had the lowest rate for life insurance (only a few bucks off, all quotes differ less than $10/month). But take my word with a grain of salt as I only managed to check with a few companies. And I think age and benefit range matters as well. So definitely do your homework and look around.

Smaller/region specific companies may offer a lower rate due to lower overhead. If you have company insurance ask your insurer quotes for an optional term life as well. They may take from your pay cheque pro-tax - I am not sure.
Sr. Member
Sep 23, 2013
517 posts
300 upvotes
Windsor, Ontario
Realistically, looking at a T20, you're going to get very competitive rates between the top 5-10 companies. Some companies might give lower quotes but might not have conversion options or may have higher renewal rates, etc. so just be cautious. It's always best to sit down with an advisor (or 2-3) and talk to each of them so you can get a feel for things. Always always always get a financial needs analysis done. Is 500-1mil enough? Is it too much? Do you even need life insurance? These are the kind of things generally covered in the first and second meeting. Oh and never buy in the first meeting.
Life and Health Insurance Agent.
Licensed with 8 companies, access to nearly a dozen more.
Deal Fanatic
Jun 29, 2007
5429 posts
1975 upvotes
hoost wrote: Hello all

I am looking to purchase term life insurance for me and my wife and I am looking for recommendations on companies. To me both reputation and cost are key drivers for my decision.

My wife and I are 34 and 31 so I am looking for a 20 year term for between 500 and million each.

Thanks for your help
If you or your wife belong to a professional association or are university alumni, they usually have a deal with a life insurance company, which I have found to be the cheapest.
Deal Addict
Jan 8, 2006
1580 posts
810 upvotes
Speedy1 wrote: If you or your wife belong to a professional association or are university alumni, they usually have a deal with a life insurance company, which I have found to be the cheapest.
Yeah but it doesn't mean you get the best rate. In group policy sometimes we pay more if the group is not doing so good.
Deal Fanatic
Jun 29, 2007
5429 posts
1975 upvotes
comp_freak wrote: Yeah but it doesn't mean you get the best rate. In group policy sometimes we pay more if the group is not doing so good.
I have done a bit of research and got quotes from 5-7 difference places a few yrs ago, and the quote I got from my professional association was the lowest. YMMV.

If one belongs to a big union, you can get additional life insurance on top of one's what collective agreement provides as well and those rates are fairly competitive as well. However, in my case, they were still not as low as my professional association's insurance company.
Sr. Member
Oct 11, 2010
980 posts
325 upvotes
Charlottetown
Go to a broker
[OP]
Newbie
May 17, 2007
73 posts
London
Thanks everyone.
By broker you mean ratesupermarket?
Sr. Member
Sep 23, 2013
517 posts
300 upvotes
Windsor, Ontario
hoost wrote: Thanks everyone.
By broker you mean ratesupermarket?
An actual person, from what I've seen, those rating websites are a bit off on the premiums and don't tell you the pros and cons of company policies. For example RBC lacks on the conversion for their life insurance policies.
Life and Health Insurance Agent.
Licensed with 8 companies, access to nearly a dozen more.
Sr. Member
Oct 11, 2010
980 posts
325 upvotes
Charlottetown
hoost wrote: Thanks everyone.
By broker you mean ratesupermarket?
An insurance broker will work with various companies to get you the best rate
Deal Fanatic
User avatar
May 11, 2014
5206 posts
6758 upvotes
Rankin Inlet, NU
Another thing on group/employer plans... some offer free insurance on a small portion. This benefit is almost always hidden or it is almost implied that you need to buy additional insurance to benefit. My union has a plan to give you $5000 free life insurance while employed. Not much and you have to go through hoops to get it, but nevertheless I got it. The phone agent kept pressuring me to buy in and the letter I receives seems to suggest you have to buy to get the $5000 free portion, but it actually isnt the case. $5000 in life insurance isnt much, but free is free :P
Support your local Credit Union!

Sask Pension Plan Upto $7000/yr in Credit Card spending on RRSP contributions
http://forums.redflagdeals.com/sask-pen ... ns-2167222
Jr. Member
Oct 24, 2011
153 posts
105 upvotes
Markham
All terms are very similar in price, but i would personally go with the bigger companies such as manulife, sunlife, canadalife... but if you are looking for term over 500k, you can look into manulife vitality.

The program links your insurance premiums to your healthy lifestyle and will compensate you for being healthy. Manulife is currently giving out a garmin watch for free as well. (you don't have to use it specifically, you can use apple watch, fitbit... etc, but free gadget, no harm)

The program will also give you access to other discounts like gym membership, and other fun stuff~

Let me know if you have any questions~
Member
Feb 6, 2011
254 posts
61 upvotes
I'm also looking for insurance company. Is Forester good one? I only need 350K just to cover mortgage.
Sr. Member
May 7, 2010
750 posts
180 upvotes
Toronto
Very interested in this. Renewed my mortgage today and they doubled the price of the mortgage insurance. Thinking I will cancel it for full on life insurance but no idea what to expect price wise now that I am in my mid 40s and a bit over weight.

How much does this stuff cost to cover both a husband and wife?
Sr. Member
Sep 23, 2013
517 posts
300 upvotes
Windsor, Ontario
MuaySteve wrote: Very interested in this. Renewed my mortgage today and they doubled the price of the mortgage insurance. Thinking I will cancel it for full on life insurance but no idea what to expect price wise now that I am in my mid 40s and a bit over weight.

How much does this stuff cost to cover both a husband and wife?
It's going to depend on a number of things. To start you would need to figure out an insurance amount, this is done through what's called a financial needs analysis. It's very important to do when deciding on life insurance, to make sure you're neither over or under insured. The next factor in the price will be how long you want the insurance to last, it can be anywhere from 5 to 30 year terms or even till death, once again, a financial needs analysis helps with figuring out term lengths. There's also the question of what else you'd like the policy to do for you, would you like a payout on the diagnosis of critical illness (cancer, heart attack, etc) to supplement income or continue mortgage payments during recovery?

In terms of age, yes it can have a factor, but it won't be anything to break the bank if you're in your 40s. Weight can play an issue for a rating, I've had to give the news of a rating a few times because of weight, but it usually comes with the clause of "if you lose and keep X amount of weight off for a year, we'll remove the rating." Other things in combination of weight also increase your chances of a rating, for example high cholesterol or high blood pressure. It all depends on what the underwriter sees when assessing a case.
Life and Health Insurance Agent.
Licensed with 8 companies, access to nearly a dozen more.
Sr. Member
May 7, 2010
750 posts
180 upvotes
Toronto
SteveDfsin wrote: It's going to depend on a number of things. To start you would need to figure out an insurance amount, this is done through what's called a financial needs analysis. It's very important to do when deciding on life insurance, to make sure you're neither over or under insured. The next factor in the price will be how long you want the insurance to last, it can be anywhere from 5 to 30 year terms or even till death, once again, a financial needs analysis helps with figuring out term lengths. There's also the question of what else you'd like the policy to do for you, would you like a payout on the diagnosis of critical illness (cancer, heart attack, etc) to supplement income or continue mortgage payments during recovery?

In terms of age, yes it can have a factor, but it won't be anything to break the bank if you're in your 40s. Weight can play an issue for a rating, I've had to give the news of a rating a few times because of weight, but it usually comes with the clause of "if you lose and keep X amount of weight off for a year, we'll remove the rating." Other things in combination of weight also increase your chances of a rating, for example high cholesterol or high blood pressure. It all depends on what the underwriter sees when assessing a case.
Thanks for this detailed response. I emailed my broker last night, and they will be contacting me today to discuss options. I just have no idea what to expect in terms of cost. I really just want to make sure the mortgage is covered which is now $160k. But a little extra wouldn't hurt. So say $250k coverage. I figure any more than that and it will be to tempting for my wife to cut my brake lines. ;) I knew weight would be an issue, and its not like I'm huge, but I've got a dad bod happening.
Deal Addict
Aug 26, 2004
2442 posts
342 upvotes
Toronto
register for winquote.net at one point it was free and see quotes your broker sees. I went with Aviva formerly TransAmerican which is owned by Canada Pension.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)