How to Make Affordable Life Insurance in Mississauga a Reality

/ Life Insurance / Sep 6, 2021

If you are looking to economize on life insurance during these uncertain times, there’s good news for you. There are quite a few ways to get an affordable life insurance plan in Mississauga or to save on the plan you already have.

Also remember that it is never advisable to skip the idea of purchasing life insurance outright, because it can put you and your loved ones at risk. Now, let’s begin.

  1. Start with an affordable life insurance option

There are primary two types of life insurance products: term life and permanent life insurance.

Term life comes with an expiry date (the end of the term period) whereas permanent life insurance lasts a lifetime with a cash-value component.

As far as affordability is concerned, term life is the one to go for if you are young in your late 20s or 30s. People also opt for a combination of both the plans for a large amount of coverage (especially when they have debt or kids). So, choose wisely considering your current financial situation and goals. Talk to your financial advisor for a more sensible option.

  1. Buy life insurance when you are healthy and young

The best plans are available when you are young and healthy.

Buying early makes it possible for you to lock in affordable rates for years to come. Plus, you also don’t have to worry about being unable to get a coverage in case you develop a health condition later on.

  1. Shop around and get quotes

It always pays to shop around when getting your first life insurance plan. You can use a free life insurance quote online or talk to an experience advisor to get the best value for money in term of life insurance purchase.

  1. Check your employer’s group life insurance coverage

Group life insurance is often subsidized by your employer. In most cases, you will be able to get this plan without a medical examination.

So, check whether it’s possible for you to get a plan at work. Also remember that this coverage goes away when you leave your job.

  1. Be on the lookout for premium discounts

Some insurance companies offer premium discounts at certain times or on certain coverage levels. So, it might be cheaper for you to get a $200,000 coverage rather than a $150,000 coverage.

Thumb rule: Always ask your advisor about any possible premium discounts on any plan.

  1. Check if it’s possible to save by paying upfront

Some insurance companies offer discounts if you can pay the entire year’s premium at a time (i.e. a lump sum amount). If your plan offers such an option, choose to pay up front (if you have the money) instead of paying monthly or quarterly.

  1. Go for a renewal guarantee (if applicable)

A renewal guarantee lets you renew your term life insurance automatically without the need to go for a medical exam.

You will just have to pay more on your age – not because of your worsening health. Thus, you keep your affordable life insurance plan for years more to come even if your health has taken a turn for the worse.

  1. Maintain your health

The best life insurance plans go to people who are in sound health. While there are certain conditions beyond your control, there are others that you can. These include daily exercising to maintain your weight, eating clean, limiting alcohol consumption, quitting smokes, or using drugs.

  1. Work with an experienced life insurance advisor

An experienced life insurance advisor will assess your current financial condition, goals, liabilities, etc. and come up with the best customized plan so you reap the best value for money.

Always get in touch with a life insurance advisor for the best and affordable life insurance plans in Mississauga and Toronto at no additional fees or obligations.

Final word

When it comes to life insurance, something is always better than anything. If you cannot afford all the coverage you need right now, start small. For less than $15 a month, you can get yourself covered by a $250,000 20-year term life plan.