These are some of the providers we publish prices for to help you save.
Saving money on life insurance has never been this easy.
1. You search
You can search for your lowest rates from top insurance providers.
2. You choose
You select your best quote from the options available to you.
3. Secure your rate
You can connect to the insurer with the rate you want.
Compare life insurance quotes in minutes
Every individual has different needs when it comes to life insurance. Some need to find premiums that they can fit into their budgets, others need to make sure that their families' standard of living will not be affected, or, just want to lock in a low rate while they are young. To secure the proper coverage for the best price, it is important to understand the options available.
How much coverage do you need?
The difficulty many people encounter when purchasing a policy is deciding on how much coverage they really need. Obviously, it is desirable to obtain enough coverage, but a policy that exceeds your needs can be a waste of money. Higher coverage means higher monthly premiums, so you'll want to pick a coverage amount that walks that fine line of giving you want you need yet is affordable. For those struggling to save for their children's education, build a retirement account or just meet monthly expenses, being "cash-poor but insurance-rich" may not be the best option.
When determining the amount to purchase, it is critical to first decide what the policy needs to achieve. For example, a senior with no dependents may only want enough coverage to pay funeral costs; a young couple with children may need enough insurance to pay off the mortgage and/or to cover college expenses for their children; some people might want to provide a little extra to a parent or favourite charity; an individual with a non-wage earning spouse may want to see that their partner has the financial support needed to get on their feet, or they may want to guarantee that the spouse can continue to remain at home with the children.
Many times, the motivation for obtaining coverage is a combination of several factors. To obtain preliminary quotes for rate comparisons, shoppers might want to begin with a life insurance coverage number that is between five and 10 times the amount of the pre-tax annual income of the individual to be insured. Another method is to add up the total bills, such as credit cards, mortgages, car payments, loans and funeral costs, while also estimating and anticipating future bills (the need for a new car, tuition for your children, inflation etc.) If the goal is to simply replace an income, as might be the case when both spouses are professionals, the estimate should be based on the annual income multiplied by the number of years of income that you want the life insurance to cover.
Figuring our how much is enough sounds complicated doesn't it? It doesn't have to be. The Kanetix.ca Life Insurance Calculator can help you find out roughly how much you'll need to have in order to ensure that your family is covered in the event of your death. The calculator only takes a minute.
Our Calculator is not a replacement for the advice of a licensed broker, but it can serve you as a guide for determining the amount of life insurance you may need.
- Funeral arrangements: We recommend allocating around $15,000.
- Future education for your children: We recommend allocating around $10,000-$15,000 per child per year
- Estimated inflation rate: We recommend playing with the numbers but 3% is probably reasonable
- After-tax investment yield: Again, we recommend trying different numbers but 5% is a reasonable expectation.
Once you have the results from the calculator, you're ready to compare quotes.
So you've run the numbers through the Kanetix.ca Life Insurance Calculator but are curious to know what other potential policyholder's are doing when figuring out how much life insurance is enough and how much they're getting when comparing life insurance quotes? In the article, "How much life insurance is enough life insurance?" questions are posed designed to get you thinking about all what you want your policy to cover: estate taxes, funeral costs, and the like.
The article goes one step further too; based on all of the quotes obtained online through Kanetix.ca in 2016, it details how much coverage individuals sought when comparing quotes and how much couples sought. The bulk of both individuals and couples sought life insurance quotes that ranged in price from $250,000 to $500,000. Is this how much you should consider?
10 Dumb Things We Do That Would Be Covered by Home Insurance
May 26, 2020
Home may be where your heart is, but sometimes it’s not where your mind is at. Now and again, we all have a momentary lapse in judgement that results in damages to your home. Sometimes it’s simply a run of…
What You Need to Do Before Getting Your Car Towed
May 21, 2020
After getting into a car accident, you may need to call a tow truck to help get your vehicle to the repair shop. However, before getting your car towed, make sure to take the following steps. Move Your Vehicle to…
How Life Insurance Can Help You Care for Adult Children with Special Needs
May 13, 2020
Parents of children with special needs often have to plan carefully for the future. In addition to looking out for their own welfare, they have to prepare for the ongoing needs of their offspring. That includes the time after the…