Ontario’s Life Insurance

Personal Life Insurance is at the core of every Ontario family’s investment strategy It is a guarantee that your family can live the life and fulfill the goals you have dreamed of.

Life Insurance

Insure your life for those who matter to you

Life is precious but death is inevitable. While you can’t change fate, you can prevent your family from facing financial hurdles in the event of your untimely demise.

A life insurance policy can go a long way to ensure the future financial security of your spouse, children or extended family members.  Later in life it can be used to ensure that legacy you dreamed of.  It can also be the tool relied on the preserve your family wealth and transition it to the next generation with reduced estate tax consequences.

How should I invest in life insurance?  Term or whole life? What is right? No worries.  We have been working with Ontario families for over 100 years, asking the right questions to curate an insurance program that meets your specific family goals and objectives.  Yet, we know how to keep it flexible and affordable aligning it with your other investments to maximize your families future success.

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Why Partner with Reith & Associates

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The type of life insurance Ontarians need

Buying life insurance in Ontario is no longer an option but which type suffices your needs can be hard to choose.

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Frequently asked questions

How does life insurance work?

Life insurance is a mutual contract signed between two parties, namely

Insured: the person who buys the policy and agrees to pay premium (annual or monthly) as decided by the insurance company; and
Insurer: the company which agrees to pay a fixed sum of money to the beneficiary in the event of the death of the insured (or policy holder).

The beneficiaries have to file insurance claims along with the death certificate to receive the payout.

How much life insurance do I need?

The amount of life insurance needed is different for different people. The cost generally depends on the following factors:

  • Permanent expenses like home mortgage or business loan.
  • Family expenses like rent, education fees, medical bills, day to day expenditures, etc.
  • House like you have a mortgage loan or living in your own home
  • Medical health like if you or anyone in your family is suffering from any chronic health condition
  • Age like you are young or old
  • Estate planning like distributing the wealth among all the family members

Figure out what all you need to cover for in one life insurance policy or possibly buy more than one like a home and auto insurance in Ontario. In the latter case, if you buy all the policies from one company, you can save some extra money.

Is life insurance an expensive investment?

Not exactly. Life insurance premiums are typically calculated based on your age, health, and your life insurance coverage needs.

If you’re healthy and fit, there is no chance that you have to pay anything more than $25 per month on a standard life insurance plan in Ontario.

On the contrary, if you are a smoker, have a history of drug addiction or have a complicated situation back home or on the business front, the risks are high and you will have to look for extended coverage and hence have to pay relatively more on life insurance in Ontario.

Going by the math, do not delay life insurance investment for as you age, you will have more challenges and dependencies on your shoulders.

What information do I need to share with my life insurance company in Ontario?

  • Insurance companies ask for very basic information to conduct your risk assessment including
  • Age
  • Gender
  • Permanent address
  • Marital status and children
  • Employment or source of income
  • Bank loans
  • Any other insurance policy you currently own
  • Family medical history
  • All this information helps to determine if you are in the high or low risk category. No one wishes death for you but a general status of your health and fitness is crucial to decide the amount of coverage you actually need.

What happens after the life insurance term expires?

There are a number of scenarios possible in this event your life insurance expires. We will share some of the common cases:

  • You receive the sum insured after outliving the life insurance term. If you’ve paid off all the debt, have no financial obligations, and have sufficient savings in your account, you no longer need life insurance.
  • You can renew your term life insurance policy depending if it has a renewability clause. However, you will likely pay a higher premium after renewal. Most insurance companies inform the new premium rates at the start only.
  • You can convert your term life insurance into whole life insurance.
  • You can also buy a new life insurance plan for your whole life or with extended coverage but at low premium rates, tax-free cash returns and added benefits.

Please discuss all the possibilities with your insurance agent or broker before locking the best life insurance policy in Ontario.

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If your question is not listed here, we are happy to answer over a phone call. Give us a call at (519) 631-3862, Monday–Friday, 8:30 am – 4:30 pm or by appointment after the office hours time.

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