Life Insurance Basics

Confused by Ben W
Life insurance can be confusing.
Photo by Ben W

Life insurance can be a confusing and intimidating topic for many people. This could be the reason that one-third of Canadians feel underinsured, according to a survey conducted by RBC Insurance

The first step to buying any life insurance policy is to determine the amount of coverage that is necessary. Thankfully, the LSM Needs Analysis Calculator is available to help simplify the process.

The next step is to have a clear understanding of how different life insurance policies work. Life insurance con be broken down into two categories: Permanent Life Insurance and Term Life Insurance. Permanent life insurance policies can be further broken down into three subcategories: Universal Life, Whole Life, and Term 100 Insurance. These policies start off with a higher premium but offer lifetime protection and, in most instances, A-level cost. Some permanent policies can even be paid up in a limited number of years. Conversely, Term Life Insurance starts off lower in cost, but its premiums increase as the insured gets older.

Once you have a good understanding of the amount and type of insurance you need, be sure to work with an independent broker who has access to multiple carriers. All insurance companies underwrite risk differently, so what one company views as a big risk, another company may be comfortable with.

For more details on life insurance in Canada, please contact us at 1-866-899-4849, or visit our Term Life Insurance Quote Page.

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A valid name, e-mail and phone number must be submitted with your free quote before LSM Insurance makes a donation to the Children's Wish Foundation. We will donate $1 on behalf of every person who requests a quote, we won't give away your personal information to third parties, although we reserve the right to decline a submission for a serious reason.
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7 Comments

  1. Robert B 03/08/2013 at 7:49 pm

    what is $100,000 Term best rate non smoker 68, 10 year. good health.

  2. LSM Insurance 03/08/2013 at 8:22 pm

    Hi Robert, Thanks for the note. Most insurance companies use age nearest pricing – so the rates will be based on the age you are closest to. We will be in touch by email soon.

  3. Mark Hall 03/25/2013 at 4:27 pm

    Thank you for giving much more information about insurance. This one is very helpful for every reader and prevent

    health problems through insurance. I liked your blog and will continue to take finance plan information from here.

  4. Justine T 05/08/2013 at 12:27 pm

    How Much is a Funeral policy for my father he is 69 good health smoker

  1. LSM Insurance 05/08/2013 at 2:31 pm

    Thanks Justine. Our Life Insurance policies can be used to cover Funeral Expenses or any other expenses needed.

    The premiums are based on the type of plan, the amount of coverage, gender, smoking status and his health. We also offer a full range of No Medical Life Insurance plans.

  2. Troy 05/09/2013 at 9:10 am

    Whole Life Insurance is a rip off u are just filling your agents jenas. Just my 2 cents

  3. LSM Insurance 05/09/2013 at 9:18 am

    Hi Troy,

    It’s ironic that you say Whole Life policies are a ripoff. Many life insurance companies have been scrambling in recent years to reprice or remove their Whole Life plans because historically low interest rates are making these plans less profitable.

    Having said the first step is always to make sure you have the right coverage amount.

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