Life Insurance for Women – Two Steps to Right Insurance
1. Are you sure you should be working?
Are you a busy mom? Do you think about getting a job after your maternity leave? Women often think that they can contribute much more to their family budget by working instead of staying at home. But often the reality is different.
Our Child care calculator can illustrate you the advantages and disadvantages of becoming a working mother in 3 easy steps. By entering your approximate year income, your childcare costs and other costs like clothing, traveling or meals this tool brings you to discover your real annual income into your family's budget.
Try it on our website!
2. Calculate your insurance needs and get an instant quote
Try our online Women’s Life Insurance Needs Calculator and find out which amount coverage would fit best to your needs and lifestyle. Our calculator will show you how expensive would it be to replace your contribution to your family's budget, and help you decide which amount of coverage would be fitting to your needs. After calculating your needs we will bring you to a quote form which will straight use your results.
If you feel like you don't need the calculation just skip it and get a quote about the right insurance for you now!
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Life insurance is not just for men anymore. Gone are the days when all the information about life insurance was skewed towards men. Chantal Marr, President of LSM Insurance, is perfectly aware of the fact that more and more women are becoming financially independent. Their lives are often full of unique challenges such as raising children, managing their household, caring for elderly parents, or balancing a career and home life. Together with their financial obligations such as loans and debts, these are no easy tasks. Therefore it is understandable that purchasing a life insurance policy can be a very practical way of providing for themselves should anything unexpected happen.
Universal life insurance rates for women differ from those of men because females tend to live much longer. According to Statistics Canada, women actually live 4.7 years longer than men, which is why universal life rates are less for females than they are for males.
Over the past few decades, women have emerged as near-equals in the workforce but they still do not carry the amount of insurance as men. While in the past home-schooling, transporting children, cooking, house-keeping, and running household tasks were the only responsibilities for most women, nowadays the situation is a bit different. In many families, many women are now enjoying their own careers. They are often full-time employees or even business owners. Nobody is surprised to hear that women contribute a major portion of the family income by working from home while taking care of their kids.
According to statistics, a huge proportion of high-income women believe that life insurance is just an extra expense and that they don’t need it at all. Another part of the female population is convinced that it’s enough when their partner is covered. Others are simply put off by the complicated process of selecting the right insurance product.
Guaranteed issue life insurance policies have no medical test and no health questions.
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Life insurance premiums can be pretty expensive even though they're one of the most worthwhile investments you can make for the future of your family. Luckily, LSM is sharing the tricks of the trade, which will allow you to still protect your family without sending yourself to the poorhouse.
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Elisabeth Prosper was born and grew up in Haiti before heading to France where she completed a Master Degree in Economics at the University of Aix-En Provence.
Chantal Marr was born in Quebec and raised in Thornhill, Ontario. She completed her Bachelor of Arts at Laval University in Quebec City and a Bachelor of Education at the University of Western Ontario. She is bilingual in both English and French, has a passion for helping people and possess very strong organizational and leadership skills. This is why, at LSM Insurance, she is in charge of product reviews and works closely with our team of brokers.
Tamara Humphries was born in Sudbury, Ontario and has lived in many varied Ontario cities such as Kingston, Peterborough, London, Timmins, North Bay, Whitby and North York. Tamara was lucky enough to spend considerable time in nearly all of the cottage areas in this vast province, which gave her a deep appreciation for this country and all things Canadian.
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Women pay a much lower premium for Whole Life policies than men. The following looks at the top three carriers for $250,000 worth of Whole Life 20-Pay coverage, i.e. the insured is covered for life and the policy is paid-up after 20 policy years.
Critical Illness insurance pays a lump sum if the insured is diagnosed with a critical illness, such as cancer. The number of illnesses considered critical can vary from carrier to carrier. The type of plan (Term or Permanent) along with plan riders -- such as a return-of-premium if the insured stays healthy -- can also influence the plan premium.
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BMO Insurance's Well Woman Insurance covers the insured, if they are diagnosed with cancer of the breast, fallopian tubes, cervix, ovaries, uterus, vagina or vulva. The plan provides cash on diagnosis, a monthly income benefit for a year and cash, while the insured is in hospital, or when they require surgery. The total cash payout would be between $25,000 or $50,000.
Additional benefits of the plan include:
1. The plan offers guaranteed acceptance, and no medical exam for women age 18 to 55, as long as they can pass the signed declaration of health.(please see below)
2. The insured has access to Best Doctors.
3. In the event the insured stays healthy and the claim is not made, they can surrender their policy at any time after 20 years, or when they reach age 70, whichever comes first, they will receive a full refund of premium.
The signed declaration of health in the policy is worded as follows:
"I declare that I have never been diagnosed with the covered female cancers. (breast, fallopian tubes, cervix, ovaries, uterus, vagina, or vulva) or with any other cancer. I acknowledge receipt of the Well Woman Brochure and declare that I have read and understood the terms of the plan coverage, including the exclusions. I declare that I have not previously been declined for female cancer coverage for reasons other than family history. I understand that no benefit is payable, if I am diagnosed with a covered female cancer in the first six months following the effective date of my policy, but in such event, I will receive a full refund of premiums paid."
Other variables to consider when comparing Well Woman insurance to critical illness insurance.
1.Traditional critical illness insurance covers up to 25 critical illnesses.
2.Traditional critical illness insurance can cover both a husband and wife under one policy.
3.Traditional critical illness insurance can be combined with life and disability insurance thus offering additional savings.
4.There are discounts to non-smokers.
5.Permanent policies are available, i.e., policies which remain for the insured’s lifetime.
For a more detailed comparison, please contact us at 1-866-899-4849 or visit our Critical Illness Quotes Page.
Your insurance rates
could be vastly
different from your spouse's.
image by Ian MacKenzie
All things being equal, insurance rates for women are much less than they are for men.
The reason for this is the average woman in Canada lives to age 82, while the average man lives to age 77, according to Statistics Canada.
Other variables, beyond age, that impact price include, the applicant's health, smoking status and lifestyle or occupation risks.
The chart below indicates the difference between insurance rates for men and women under a variety of plans from the leading insurance companies in Canada (plan definitions follow the chart):
40-year-old male, non-smoker @ $500,000
Equitable Life: $35.55/month - Term 10 @ $500,000
$52.55/month - Term 20 @ $500,000
Industrial Alliance: $114.75/month - Term 30 @ $500,000
Assumption Life: $230/month - Universal Life Term 100 @ $500,000
Manulife: $391.84/month - 20 pay insurance @ $500,000
40-year-old female, non-smoker @ $500,000
Equitable Life: $25.65/month - Term 10 @ $500,000
$43.55/month - Term 20 @ $500,000
Industrial Alliance: $83.20/month - Term 30 @ $500,000
BMO Insurance: $182.83/month-Universal Life Term 100 @ $500,000
Manulife: $323.86 - 20 pay insurance @ $500,000
Term 10 premiums are level for ten years
Term 20 premiums are level for twenty years
Term 30 premiums are level for thirty years
Universal Life Term 100 premiums are level and payable for life
20 pay insurance premiums are level and payable after 20 years. The insured is then covered for his/her lifetime with no further payments.