What You Always Wanted to Know About Life Insurance (But Were Afraid to Ask)

Posted on October 19, 2009 and updated September 30, 2010 in Life Insurance Canada News 2 min read
Luciano Meirelles  Vov e Vov copy
There are facts about life insurance
you may want to know before you buy.
image courtesy Luciano Meirelles

The following are a series of life insurance facts, which you may find useful in your pursuit of the best possible life insurance policy:

  1. The first Canadian life insurance policy was issued to Hugh C. Baker in 1847 by the company he founded — Canada Life.

  2. According to Kanetix.ca (an online insurance resource) the average individual life insurance policy bought in Canada is typically a $100,000 term. For couples, a $500,000 joint term policy suffices.  

  3. Assuris will cover the greater of 85% or $200,000 in the event your life insurance company goes bankrupt.

  4. The following three Canadian life insurance companies have gone bankrupt: Les Cooperants on Jan. 3, 1992, Sovereign Life on Jan. 18, 1993 and Confederation Life on Aug. 11, 1994.

  5. Premiums and product features can vary widely and dramatically among insurance companies, so shop wisely. We can save you time and money with our Instant Quote Calculators.

  6. There is no central database for life insurance policies in North America, so keep close tabs on your own policy and share these details with your family.

  7. All life insurance policies in Canada have a two-year incontestability and suicide provision. Make sure you pay close attention when answering your application information, or your family may be left with an unpaid claim. 

 

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