All You Need to Know About Life Insurance

I’m going to talk a little bit today about how life insurance works.

It can be a bit of a basic question, but at the same time, there is a lot to look at with a life insurance policy, like the type of plan: there is term insurance, which starts off lower in cost and goes up as you get older, and then there’s permanent insurance, which starts off higher in cost and never goes up as you get older.

Now, one of the things to look out for with a life insurance policy is the waiting period. A lot of no medical life insurance policies, and we are seeing more and more of those right now, have a two-year waiting period for people that have serious health issues. If the person passes away during the first two years, the plan can be limited to a return of premium. You are also going to want to look at certain exclusions, like travel exclusions.

Virtually all life insurance policies also have a suicide provision, so you can’t commit suicide within the first two years or the policy won’t pay out. That’s something a lot of people don’t look out for.

These are all really important things to look at. You are going to want to work with an independent broker who has access to all the different companies to make sure that they provide you with the best value.


If you are looking for no medical life insurance, we’ve got you covered. LSM Insurance offers non-medical life insurance quotes from over 20 insurers across Canada.


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