When it comes to the world of life insurance quotes, not everything is as easy as it seems.
If you’re getting a quote for a kitchen makeover, you would expect that the quote you receive is the actual price you’ll pay.
With life insurance, the quote you get may not be the price you pay. There are two difficulties with life insurance quotes. The first is, life insurance quotes are subject to a medical exam. Your actual premium has nothing to do with the quote, neither is the quote a guarantee. The quote is simply an estimate based on an assumed – but unknown – health class. In other words, we don’t actually know what your premium will be until you’ve taken the medical exam. Secondly, brokers do not impact the final results for your life insurance, no matter what life insurance quote was provided to you by the broker. Only the life insurance company is able to bind premiums.
Here at Life Insurance Canada.com Inc. we publish everything we have available in terms of data. We do not filter the data down or deny you access to premiums. What that means is that there is data inherent in your life insurance quotes that may require further explanation. For example, we provide life insurance quotes for products we don’t recommend, we provide quotes for health classes that you may or may not qualify for, and we provide data that we may even feel is irrelevant. We do this as it allows you to determine the company and product that is best for you, rather than the alternative of us pre-filtering companies and products we believe are best for you. In other words, we’ll give you access to as much data as we can, we are then happy to offer our additional experience and opinion to you, rather than simply deleting companies and products in an attempt to hide the information. We’re happy to discuss all products available to you, along with our reasons for recommendations.
How to run your own online quote
1. Life insurance health classes
When running a quote, you have a variety of health classes available. While consumers would prefer that they qualify for ‘preferred’ health class, the reality is that almost everyone qualifies for ‘standard’ or ‘regular’ health class. That’s why it’s called ‘regular’ – most of us are simply regular life insurance risks, and that’s the premium we should expect.
In addition, there are factors beyond our health or fitness that impact our insurability. Occupation and family health history are two things that can impact our life insurance premiums, no matter how good of a shape we are in.
Quoting regular health class does not mean you won’t receive preferred health rates. Instead,it’s simply the best estimates of the rates you are actually likely to receive. Your rates may be lower if you qualify for preferred rates, your rates may be higher if you have insurability issues, it doesn’t matter what quote you received or ran online – but the life insurance company will decide this after reviewing your medical information. As a result, if you are in good health we recommend using regular health class when running quotes.
2. A.M. Best ratings
A.M Best ratings are a rating system provided to life insurance companies. The life insurance companies pay for this service. You’ll notice that some companies do not have ratings; these companies have decided not to pay the A.M. Best company for those ratings.
Because Canadian life insurance companies are well regulated and we have access to minimum fail safe policies for our life insurance products, I advise clients to ignore the A.M. Best ratings for the most part. An unrated company is every bit as stable and strong as a A+ rated company in Canada.
Nevertheless, if you feel more comfortable with a strongly rated company, I suggest you run your life insurance quote online and select from the least expensive strongly rated company.
How to get the lowest life insurance quote
As we noted, we recommend assuming a health class of regular. You can run your own life insurance quotes using the form in the top right of this page. Start at the least expensive, and together with your broker work from the least expensive company down until you find the best company for you.
While a life insurance broker won’t impact the rates you receive from any specific life insurance company, there’s one very important thing your broker can do to ensure you’re receiving the lowest life insurance quote. That’s to shop more life insurance companies. The more companies you shop, the greater the possibility that you’ve ensured you’re receiving the lowest possible premiums. Here at Life Insurance Canada.com Inc., we strive to put that into practice. Nobody shops more life insurance companies than we do, we don’t filter companies or products (including companies we may not have available, though those are few and far between), and we don’t delete or hide data from our online life insurance quotes. The data you have on our online life insurance quotes comes from the same database of life insurance companies we use internally.
Feel welcome to run all the quotes you’d like using our form at the top of this screen. If you have questions or would like an experienced broker to provide a recommendation, feel welcome to contact us toll free at 1-877-344-4011.