Life Insurance Brokers in Richmond British Columbia
Life Insurance Brokers | Richmond British Columbia
Richmond British Columbia Life Insurance Broker – free online instant Richmond British Columbia life insurance quotes from Life Insurance Canada.com Inc. who is a licensed life insurance broker in Richmond British Columbia. We offer life insurance products and life insurance quotes from the top life insurance companies in Canada for residents in Richmond British Columbia. We also offer free life insurance quotes on our website so you can compare all of your options and pricing, instantly.
The city of Richmond British Columbia is situated on Lulu Island at the entryway of the Fraser River. In 2016, it had a population of approximately 193, 310 people. 60% of the population is comprised of immigrants.
Types of Life Insurance | Richmond British Columbia
There are two main types of life insurance products available to buy in Richmond British Columbia. These two products are term life insurance and permanent life insurance (also called whole life insurance, universal life insurance or term to 100 life insurance). There is also no medical life insurance which is available for both term life insurance and permanent life insurance products.
Term Life Insurance
– 10 Year Term Life Insurance
– 20 Year Term Life Insurance
– 30 Year Term Life Insurance
– 40 Year Term Life Insurance
– Term to Age 65 Life Insurance
Permanent Life Insurance
– Whole Life Insurance
– Universal Life Insurance
– Term to 100 Life Insurance
No Medical Life Insurance
– No Medical Term Life Insurance
– No Medical Permanent Life Insurance
Term Life Insurance | Richmond British Columbia
Term life insurance is the most commonly purchased type of life insurance in Richmond British Columbia. This is mainly because it provides the highest amount of coverage at the lowest possible premium.
If you have a family, spouse, children or any debt (which can include a mortgage, credit cards, lines of credit, student loans, business loans, etc.), you should be considering purchasing term life insurance. Basically, if you are responsible for something or someone financially for a period of time then you should be purchasing term life insurance. Term life insurance is actually quite a straight forward life insurance product. There are two main aspects to a term life insurance policy.
The first aspect of a term life insurance policy is the death benefit amount (for example $500,000, $750,000 or $1,000,000). This is the amount that the life insurance company would pay out to your beneficiaries or loved ones if you passed away while you have the life insurance policy. The death benefit amount is paid out as a one-time payment, tax free. The Canadian government cannot get their hands on this money when it is paid out as it is 100% free of income tax.
The second aspect of a term life insurance policy is the length of the policy term (for example 10 years, 20 years, 30 years or even 40 years). This is the length of time in years that your term life insurance policy has fixed premiums (the cost of the policy) and the length of time that your term life insurance policy has a fixed benefit (e.g. $1,000,000).
When we combine these two aspects, we have a coverage amount and a length of time in years. As you are researching term life insurance, you will notice that you can price out policies that have a term length from 10 years to 40 years. What this means is that if you have a 20 year term life insurance policy for $500,000, you are going to have $500,000 of death benefit coverage for 20 years with the same price. The price of the policy (also called the premium) will not change. Basically the cost of the life insurance policy is averaged out for the 20 years.
The shortest term period that you can choose with a term life insurance policy is 10 years. A 10 year term life insurance policy will also have the lowest premium. As the length of the term life insurance policy increases, the cost of the policy will also increase.
Ideally, the goal with a term life insurance policy is to ensure that the length of the term provides coverage long enough until you no longer require life insurance anymore. For example, you may want to consider purchasing a 25 year term life insurance policy if you recently had a child as it would provide coverage until your child is 25 years of age and no longer dependent on you financially (hopefully!).
We offer over 25 life insurance companies products and provide free online quotes. This ensures that we are continually offering the most up to date pricing, products and services of the highest rated life insurance companies in Canada. The premium for your term life insurance policy that you will receive is dependent on numerous factors which include your gender, age, coverage amount, current and past health, lifestyle and smoking status to name a few. Our relationship with the top life insurance companies in Canada allow us to provide you with fast, efficient and professional service.
Life Insurance Canada.com Inc. offers the highest level of service available in Canada. We have been selling life insurance online to thousands of Canadians for over 15 years. This is why we are one of the most trusted life insurance providers online in Canada. Feel free to contact us to discuss your options in further detail.
Permanent Life Insurance | Richmond British Columbia
Permanent life insurance is a type of life insurance available in Richmond British Columbia. Permanent life insurance provides life long protection with level (fixed) premiums. It does cost more to purchase compared to term life insurance because of the added benefits of permanent life insurance which includes coverage that lasts your entire life, level premiums, no expiry date and possibility of an investment component built inside of the policy. There are three main types of permanent life insurance available to purchase in Canada which are,
– Whole Life Insurance
– Universal Life Insurance
– Term to 100 Life Insurance
Although term life insurance is more commonly purchased by Canadians, permanent life insurance can be a great solution for those looking to provide protection for permanent life insurance needs. You should consider a permanent life insurance policy if you are wanting to have coverage for funeral costs (final expenses), taxes at death, leaving a legacy or inheritance or to just increase the size of your estate going to your beneficiaries. We highly recommend speaking with one of our licensed life insurance brokers when considering permanent life insurance because it is a much more comprehensive and detailed product to understand compared to term life insurance.
Life Insurance Overview | Richmond British Columbia
You need to determine your need for life insurance as that will help determine which type of life insurance to buy. Is your life insurance need temporary or is it permanent? For example, insurance to cover your mortgage or protection for your children would typically by a temporary need. If you’re looking to cover funeral expenses or taxes at death, this would typically be a permanent life insurance need.
Life Insurance Canada is here to help you with all of your life insurance needs, including helping you see what type of life insurance policy to buy and the coverage amount. We can help you make the right choice when you are shopping for online life insurance quotes in Richmond British Columbia every step of the way.
Also- all life insurance policies have a 10 day free look period where you can receive 100% of your money back in the event that you do not make a claim.