Best Life Insurance

Are you wondering what the best life insurance in Canada is? There are a variety of Canadian Life policies so choosing the best among them is a common concern.

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Many people who have firm thoughts about what the best insurance policy is. Do you have an idea in your mind of what the best life insurance policy is? The best policy is the one that pays out when you need it! Aside from that, it is important to consider what the coverage is for, the amount that is required and the budget you have.

There are three main policy types in Canada - term, whole life, and universal life -

Term Life Insurance
Maybe you are like many Canadians who feel that Term Life Insurance is the best option. They point to the lower cost and simplicity of the coverage as benefits and say that no one should every buy any other type of coverage. Proponents of term insurance say that the money saved early on by buying this policy can be invested wisely so that life insurance is required later on.

Whole Life Insurance
Other people argue that Whole Life Insurance is the only way to go due the built in savings, long term guarantees, and life long coverage. There are some fantastic whole life insurance policies. The owners of these policies have often reported that they regret not buying more. Hindsight is 20-20!

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Universal Life Insurance
The third main Canada Life Insurance policy is Universal Life Insurance. This is the most flexible policy you can buy. Of course, many people like flexibility and customized insurance so there is a group that feel that this is the best life insurance in Canada

Who Is Right? What Is The Best Life Insurance?

The best life insurance policy is the one that pays out the right amount of money when you need it! Seriously, don’t get hung up on product features above all else. The first thing to consider is your total needs (why do you want the coverage and how much do you need). Then you look at your budget and buy the best plan for your needs keeping your long term situation in mind (i.e. how much coverage will you need in 10, 20, 50 years?).

Think of it this way: If you died today, would your beneficiary care which type of policy you owned? Or would your beneficiary care about the amount of coverage? Figuring out how much coverage you need is the most important consideration. Then you need to pick the right life insurance plan to fill that need.

You might be disappointed to have read all this and not received an answer. But there really is not a best policy for every situation. It would not be responsible to do that.

Here are a couple of general thoughts that might help

  • Term Life Insurance in Canada is best for situations where coverage is only required for a set period of time (i.e. while children are dependent or for the length of a mortgage)
  • Whole Life Insurance in Canada is best for life long needs (i.e. estate planning including taxes, a funeral, or leaving an inheritance)
  • Universal Life Insurance is very flexible and can be set up for a variety of advanced financial planning ideas or a combination of the above

It really is best to sit down with an experienced life insurance broker to determine how much coverage you need and what plan best suits your needs. A good broker will take the time to get to know you and will find an insurance company that has the best policy for you.

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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

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