LIFE INSURANCE

Life insurance coverage completes your overall financial plan and gives you peace of mind, knowing your family, and everything you've worked hard to give them, is protected.

There are many reasons people in Ontario buy life insurance, but whatever your motivation, it means you'll be providing for your family or dependants in the event that you die prematurely. Buying a life insurance policy:

• Helps make up for the loss of your income so that your dependants can cope with routine living expenses
• Is a safeguard for your family against large debts, such as a mortgage, outstanding credit card balances, and car loans

Data from the Canadian Life and Health Association, suggests that almost 8 million Ontario residents have life insurance-about 75 per cent of Ontario's population. How much you pay in life insurance each year depends on a number of factors. For example, generally the more coverage you choose, the higher your annual premium. In addition, your life insurance premiums are based on the type of policy you choose, your age and your health, including factors like whether or not you smoke.

In 2010, the average size of new individual life insurance policies in Ontario was $298,200; however, every person's life insurance needs are unique. A good starting point when you're doing your preliminary quote comparisons is to have an amount of life insurance coverage that equals five to 10 times your annual, before-tax income.

Kanetix.ca gives you access to quick quotes from competing insurers licensed to conduct business in the province of Ontario. Compare Ontario life insurance quotes today to help you find the best coverage at the best rate.