Getting a Life Insurance Quote in Calgary

Using a life insurance broker such as Rogers Insurance is the best way to ensure you get a competitive Calgary life insurance quote. Since we work with a variety of life insurance companies in Canada, we offer you choice with your coverage.

Here are things you need to consider when requesting a quote for life insurance in Calgary:

  • Your budget
  • Your assets
  • Your liabilities
  • Any current coverage (employer-provided benefits and other insurance products)
  • Desired type of life insurance
  • How much coverage you want
  • How long you’ll need coverage for
  • List of pre-existing conditions
  • The beneficiary of your policy

A Rogers life insurance broker in Calgary can help you with the above list. They’re also specially trained in life insurance. Not only can they help you determine your life insurance needs and balance it with your budget, but they can also help you understand your Calgary life insurance policy and advocate for your family in the event of a claim.

The Importance of Life Insurance in Calgary

What is life insurance for, anyway? It helps provide for your family in the event something happens to you. It gives your loved ones financial support during a difficult time. It can even continue to help ensure their future financial security, depending on the life insurance policy.

Life insurance can help your family:

  • Pay off debts (including a mortgage)
  • Replace your lost income
  • Maintain their standard of living
  • Provide for your dependents
  • Pay for your dependent’s schooling
  • Cover funeral and other related expenses

Your employer may provide life insurance benefits. However, these benefits can be limited. You will also lose them if you change employers. Personal life insurance provides better peace of mind for your family should something happen to you.

Types of Calgary Life Insurance

There are three main types of Calgary life insurance:

  • Term
  • Whole
  • Universal

We will explore them in more detail below. Remember, your Rogers life insurance broker can help answer any questions you may have and determine what coverage is best for you.

Calgary Term Life Insurance

Term life insurance is the simplest, most affordable, and basic types of life insurance in Calgary. Here are its features:

  • Fixed premiums per term
  • Medical exams are not always required
  • Set terms (10, 15, 20 and 30-year terms) which you can renew, convert, or lapse
  • Last until a specific age
  • Your beneficiaries receive the benefit of your policy if you should pass away during the policy’s term

This life insurance coverage is great for Calgarians who want the peace of mind and financial security of life insurance but are on a budget or do not want to deal with something more complex. It’s also good if you have short-term needs or predict your circumstances will change in the future.

This is not a lifetime policy – once the policy term is up you can choose to renew your policy (if you’re under the accepted age), change it, or let it lapse. There are no savings nor can you borrow against this type of policy.

If you already have children or have a tight budget, term life insurance may be the right choice for you. You can choose a term that can protect your loved one’s financial security or reduce the financial burden after your death until your circumstances improve or your children are self-sufficient.

Calgary Whole Life Insurance

Whole life insurance in Calgary is a permanent life insurance policy – as long as you keep paying your premiums. Here are its features:

  • Consistent, fixed premiums
  • Lifetime coverage
  • Tax-deferred cash accumulation
  • Medical exams are not always required
  • Can borrow against the policy or receive dividends.
  • Your beneficiaries receive the benefit of your policy upon your death.

Calgary whole life insurance is a true investment: a portion of your premiums are invested. This means your policy benefit can grow over time. If you decide to cancel your policy you can get cash in hand (although there will be a surrender charge).

 Calgary Universal Life Insurance

Universal life insurance is another permanent policy (as long as you pay your premiums) but offers more flexibility than whole life insurance. Its features include:

  • Flexible premiums
  • Lifelong coverage
  • Medical exams are not always required
  • Tax-deferred cash accumulation
  • You can borrow against the policy or receive dividends.
  • Your beneficiaries receive the benefit of your policy upon your death.

Calgary universal life insurance is also an investment but one that’s a bit more flexible. Not only can you borrow against this life insurance policy, you can adjust your benefits based on your needs. Like whole life insurance, if you cancel you can get cash in hand (again, with a surrender charge).

This coverage is a good choice if you want something more flexible with an investment and borrowing component. It’s also valuable if you want to protect assets.

Talk to one of the Calgary life insurance brokers at Rogers for more details. They can help you determine which type of life insurance is the best policy for you.

Calgary Life Insurance Covers…

Exactly what is covered will vary by your individual policy and the insurance company. Generally, upon your death, your beneficiaries are given a tax-free lump sum. Some policies provide continued payments to replace lost income.

Your beneficiaries are free to use this money as they see fit. They can choose to pay off the mortgage or other debts, cover funeral costs, cover education expenses for children, or use it to maintain their standard of living over time.

It’s important to understand that life insurance only covers you in the event of death. Disability and critical illness insurance are separate policies, although they may be bundled with a life insurance policy.

While many causes of death are covered by Calgary life insurance, many insurers will not cover you for death due to pre-existing medical conditions, reckless endangerment, or while you’re visiting a restricted company. Some will not cover suicide, but many insurers will after the waiting period.

There is also generally a waiting period after you purchase a new life insurance policy in Calgary before it can be used. This is usually 2 years, but can vary by insurance company. Your life insurance could also be void if it is proven you participated in misrepresentation or fraud. If you don’t pay your premiums, you can also be cancelled due to non-payment only a short time after a missed payment.

Life Insurance Rates in Calgary

Your Calgary life insurance rates can be affected by the following factors:

  • If you smoke or drink
  • Your family history
  • Your personal medical history
  • Your driving record
  • Your demographics
  • Occupation
  • Hobbies
  • Lifestyle
  • Current interest rates
  • Your insurance history
  • Your life insurance coverage options, including the policy’s size, term length, and type

Some insurers may use other factors to determine the cost of your Calgary life insurance, too. Many of these factors are within your control. Here are some tips to save on your life insurance rates in Calgary:

  • Stop smoking
  • Reduce drinking
  • Exercise
  • Have proper nutrition
  • Don’t opt for a guaranteed issue life insurance policy unless you have medical issues
  • If you’re healthy, take the medical exam or answer the questionnaire
  • Get quotes from different insurers before you purchase (different insurance companies view conditions differently and calculate premiums in different ways)
  • Consider bundling your insurance

An experienced life insurance broker can help you get the best value and find the Calgary life insurance that works for you.

Why Choose Rogers Insurance for Your Calgary Life Insurance Brokers

Since 1977, we’ve been trusted life insurance brokers for Calgary and beyond. We have the experience and expertise to help you make the best decision when it comes to protecting your loved one’s financial security. Because we’re an independent, employee-owned insurance brokerage, we get you truly competitive Calgary life insurance quotes and offer a choice with your coverage.

If you need help understanding Calgary life insurance surcharges, exclusions, options, we’re here. We can help you determine your life insurance needs, deliver a number of quotes, and help you choose the best option for your budget. We’re also your insurance advisors and resource. If your life insurance policy needs to be pay, we can advocate on your family’s behalf in that difficult time.

Help protect your family’s financial security with Calgary life insurance. Request a quote online, by phone, or stop by our Calgary office.

If you are too busy, Just give us the word and one of our skilled brokers will contact you. Our brokers will get you going in the right direction with the right coverage for your unique needs.

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