23/10/2024
We are Canadian term life insurance experts. Our expertise means we've actually read the fine print in life insurance applications and policies, and we've worked with thousands of Canadians to get them the best term life insurance at the lowest possible premium.
Using our expertise and experience, we've developed a list of premium discounts not found in online life insurance quotes. To obtain these discounts, we do a thorough review that involves comparing your birthday with the policy and administration procedures from the various Canadian term life insurance companies. The combination of these discounts means that in most cases we are able to substantially beat any online quotes! These policies are the very same life insurance found elsewhere, just at lower premiums. And all of these discounts are life insurance company approved. Here's the 5 discounts we check for everyone - contact us today if you'd like to see how much you can save beyond the online quotes!
Backdating lets you move your age back one year, for the duration of your policy. You get premiums for someone one year younger, for the entire policy!
How it works: If you've recently had an age change, we can request that your policy start on the day just before your age change. There's a tradeoff; you'll start paying premiums from that day, but this sets your age to one year younger for the entire policy duration. The older you are, the more you can save!
Example: Male age 45, $1,000,000 of Term 20.
That's $13/month for 20 years! You save over 3 thousand dollars!
Some companies use your birthday for their age calculations. Others round your age (so 6 months after your birthday you become one year older). We'll evaluate the different companies and your birthday to see if backdating can save you money.
This strategy assumes that you're looking for a decreasing amount of coverage over time. Traditionally you would purchase a level term policy, and reduce your coverage amount in the future.
How it works: Term layering integrates different term life insurance coverages into one policy. This achieves both reduced coverage in the future, and reduced premiums - and this strategy gives you reduced premiums right from day 1!
Example: Male age 32, seeking $1,000,000 for 10 years, $500 for the next 10 years, and $250,000 for the next 10 years (30 years of coverage)
That's over $5,520 saved over the next 20 years!
This strategy can actually save you up to 50% on your first year's term life insurance premiums - and extend your life insurance coverage up to 11 months! This strategy was first mechanized by us in 2023 when we coined the term Term Stacking(TM).
How it works: If you recently had an insurance age change, rather than going directly to a Term 20 or Term 30, we start with a Term 10 at substantially reduced premiums. Then just prior to your next age change, we take advantage of the Exchange Option offered by some companies which transitions your policy ultimately to a Term 20 or Term30.
Example: Male age 40, seeking $1,000,000 for 20 years
That's almost $700 saved in the first year - and they have coverage for an additional 11 months at the end of their Term 20.
Some companies offer discounts for two coverages within one policy.
How it works: Adding a second person to your life insurance policy can save you the embedded administration fee common in many life insurance policies. This discount is available for the entire duration of the policy and doesn't impact the individual coverage.
Example: Male and Female Age 30 seeking $1,000,000 of Term 30.
That's almost $50/year saved for the next 30 years!
Most life insurance companies offer a substantial discount if you prepay annually instead of monthly. The typical discount is about 8% per year saved over paying monthly - that's a huge discount available immediately.
How it works: Simply indicate that you'd like to prepay your life insurance premiums annually, and you immediately receive this discount.
Example: Male and Female Age 40 seeking $1,000,000 of Term 20.
That's over $200 saved every single year for the next 20 years, guaranteed!
CONTACT US TODAY TO SEE HOW WE CAN BEAT YOUR ONLINE QUOTES AND SAVE YOU SUBSTANTIALLY. SAME INSURANCE, LOWER PREMIUMS.