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You want to find the cheapest price available for several different types of life insurance.
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You're looking to take out your life insurance with a specific provider.
Life Insurance Through PolicyAdvisor
- Types of Insurance
- Whole Life, Term Life, Universal, No Medical
- Minimum Coverage
- Maximum Coverage
- Age Range
- 18 - 75
- Medical Exam Required
PolicyAdvisor works with many of Canada's most reputable insurance companies to bring you affordable prices. It also offers a team of insurance experts to help answer any questions you might have before you sign on with a provider. Just be aware that this service is currently only available to residents of Alberta, British Columbia, Manitoba and Ontario. PolicyAdvisor plans to extend to other provinces soon.
Best for: Canadians looking to shop around for the most affordable life insurance.
Difference coverage options available
Only available in AB, BC, MB and ON
No in-person service
Extras will cost you more
Infobox: What can life insurance cover?
Life insurance is a form of insurance coverage designed to help pay for your financial costs in the event of your death. It’s often taken out to make sure that your family is well taken care of if you pass away unexpectedly, usually due to an accident or sudden illness.
It’s typically paid out as a large lump sum payment that your family members can use to clear away your debts, pay off your mortgage or cover everyday expenses. It can also help to pay for your funeral if you haven’t set anything aside for that.
How does PolicyAdvisor work?
PolicyAdvisor operates a data-driven platform that uses your personal information to find the best life insurance policy for your needs. It provides quotes from many reputable lenders and lets you choose which one is the best fit for your unique set of needs, lifestyle and budget.
All you need to do to get started is fill out a quick application. You’ll then be matched with a handpicked list of providers based on your personal data. From there, you can assess which policy has all of the features you’re looking for at the best price.
There are several different types of coverage you can request including term and whole life insurance products. Once you decide on a product and a provider, you just have to inform PolicyAdvisor of your choice and its team of agents will handle the application process for you.
Who does PolicyAdvisor work with?
PolicyAdvisor is a bit of a free bird when it comes to its insurance providers because it works with them and not for them. This means that agents can provide you with unbiased advice about which policy option is really the best fit for you. When you apply, you’ll get quotes from some of Canada’s leading insurance companies. These include the following PolicyAdvisor partners:
- RBC Insurance
- BMO Insurance
- Canada Life
- Canada Protection Plan
- Assumption Life
- Empire Life
- Wawanesa Life
- Humania Assurance
- La Capitale
- Foresters Financial
- SSQ Financial
- iA Financial Group
What types of life insurance does PolicyAdvisor offer?
PolicyAdvisor doesn’t actually provide life insurance to consumers. Instead, it helps to connect them to the best policy using the power of data. There are several forms of coverage that you can request quotes for:
- Term life insurance. This option provides life insurance coverage for a fixed amount of years or up to a certain age.
- Whole life insurance. This option protects policyholders as long as they pay their premiums, even as they enter old age.
- Critical illness. This option gives you a lump-sum cash payment if you’re diagnosed with an illness that’s listed in your insurance policy.
- Mortgage protection. This option helps to pay off your mortgage if you pass away and may even cover mortgage payments if you become disabled.
- Disability insurance. This option replaces a portion of your income if you’re unable to perform work and earn money due to a disability.
- No medical insurance. This option is a good choice for those who have an underlying medical condition, dislike needles or exams, have been previously denied life insurance, have an occupation or hobbies considered hazardous or have weight or addiction issues. If you need coverage quickly, it may also be a good option.
- Children’s insurance. This option provides a covered child with lifelong insurance coverage and helps them to build savings as the policy cash value accumulates.
Are there any special add-ons available?
If you’re looking to add coverage to your plan, you may be able to do so with additional riders. Some of the following may be included in certain plans depending on which provider you go with:
- Accidental death. This gives you extra death benefits if you die in an accident.
- Waiver of premium. This waives your future premiums if you become unable to work as a result of a disability or illness.
- Family income benefit. This gives your family a regular income to cover monthly expenses if you die before your policy expires.
- Guaranteed insurability. This allows you to top up your insurance without requiring you to be examined by a physician again.
- Long-term care. This covers expenses if you or your insured family members have to stay in a nursing home or receive home care in old age.
- Child term. This provides a benefit if your child dies before a certain age.
- Term conversion. This allows you to convert your existing term policy to a whole life policy when your term is up.
Benefits and drawbacks of PolicyAdvisor
How to apply for life insurance quotes with PolicyAdvisor
If you’re interested in comparing life insurance quotes through PolicyAdvisor, you’ll need to follow a couple of simple steps to apply.
- Click the green “Go to site” button above to be securely redirected to the online application.
- Use the online application to provide personal information like your name and email address.
- Review and submit your application.
- Get verified and negotiate the terms of your life insurance when you select a policy.