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Buying life insurance in Canada is not a cakewalk and is more of a smart calculation process. Life insurance solution providers like CHES LIFE helps you compare different policies, understand the terms and choose the proper coverage. Click here o known more.
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4 basic steps for buying the perfectlife insurance policy in Canada
Step 1: Calculate the coverage amount • The main objective of buying a life insurance policy is to cover your family after your death. So, calculate the average financial support your family will require if you are not around in future. It depends on 2 factors: • Debts: When you don't pay off your debts in your lifetime, it is directly passed to your family. To protect your family from these debts, consider it while calculating the coverage amount. • Income replacement: Currently, some family members may be dependent on your income. To replace this amount, consider the amount of income your dependents may require after your death.
Step 2: Calculate the coverage period • The coverage period is primarily required in term life insurance. To decide the coverage period, you should calculate the period of your debt terms and the number of years your family members will be dependent on you. • For instance, if your children depend on you for the next 15 years and the debt period is 10 years, then a 20-year term insurance plan will be suitable for you. Add a few more years to be on the safer side.
Step 3: Compare different life insurance coverages Some insurance policies are more expensive than others. Some expensive policies are more suitable than the cheaper ones. Some provide more benefits with high premiums. So, understand all the terms and conditions of the policy, compare and choose accordingly. For instance, the person insured is 28 years old, and the plan offers $300000 life insurance coverage for 20 years. The premium of Policy #1 is $21.75 per month, i.e. $5220 for 20 years. The premium of Policy #2 is $25.87 per month, i.e. $6208.8 for 20 years. Here choose Policy #1 as it costs you $988.8 lesser than Policy #2 as the benefits are the same. However, life insurance solution providers like CHES LIFE helps you compare different policies, understand the terms and choose the proper coverage.
Step 4: Buying Process • After following the above process choose the right type of policy and buy from a trusted agency. However, there are 2 procedures for buying an life insurance policy in Canada, i.e.: • Traditional process: The duration of the traditional process is between 2-6 weeks. It includes application procedure, medical exams, underwriting, approval of application and receipt of the insurance policy. It is the lengthiest process as it consists more of paperwork. • Express Process: The express process is done within an hour if the medical and underwriting process is not compulsory. It includes instant application procedure and medical and underwriting (if required). Its digital approach makes it faster.
Now you can buy a life insurance policy in Canada without any difficulty. Connect with a life insurance solutionexpert at CHES LIFE or visit their website to learn more.
