Life Insurance Mississauga
When working with a life insurance advisor, you need to work with the best. Filip Ambroziak has been nominated as a top insurance broker in all of Canada in 2018 by Insurance Business Magazine, was selected as ThreeBestRated’s 2019 top 3 insurance brokers in Mississauga and is currently one of three best insurance brokers in Mississauga according to Insurance Broker Place.
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Mississauga Life Insurance
As a Mississauga Life Insurance advisor, the goal is to provide the best coverage for the best price.
This is done by assessing your current situation, creating the most efficient life insurance package and getting quotes from multiple life insurance companies resulting in a competitive rate.
For a life insurance quote, contact Filip Ambroziak by calling (416) 803 – 2113, emailing firstname.lastname@example.org or completing the form below. It’s always best to schedule an appointment so that a full analysis can be made.
Do I Need Life Insurance?
In most cases the answer is simple:
If you have dependants or are self-employed, you should have life insurance.
Regardless if you are self-employed or employed, if you have dependants, their lives would change drastically without you and your income. Final expenses alone can put a major burden on any family. Small funerals in Canada can start at $15,000.
Can your family live at their current standard without your income? Does you current employer offer any life insurance coverage? Is it sufficient? Many employee benefit packages include a small amount of life coverage as part of your benefits package but in many cases, it’s simply not enough.
Are you self-employed with a family? If you were gone, would your spouse and dependants survive on what is left? Will your kids education be covered?
If you are self-employed, having life insurance should always be in your financial arsenal.
The real question should be: How much life insurance can I afford?
The Right Life Coverage
When it comes to finding the right life insurance, you need to assess your current financial situation and what budget will work for you. Speaking to a licensed life insurance advisor will help you get an idea of where you currently stand.
You will have a few options:
Term Life Insurance
Choose your coverage for a specified period of time. Term life insurance is ideal if you are on a budget and want to ensure your children are covered until they are adults. Term life insurance can start at as little as $15.00 per month.
Permanent Life Insurance
Offers lifetime coverage. Choose either a Universal Life or Whole Life Policy. Permanent life insurance is ideal if you would like to leave your dependants a tax-free legacy. Permanent life coverage is excellent for estate planning.
Combination Life Insurance
Combination of Term + Permanent life which you can later change. This is ideal if you have several younger kids who you want to cover but would also like to add permanent life coverage for final expenses. Pricing is more affordable with higher coverage.
Life Insurance Pricing
If you are young and healthy, a term life insurance policy can start as little as $15.00 per month.
Pricing will vary depending on which coverage you choose and for how many years.
As you age, the price does increase.
Term policies are also convertible allowing you to convert them into a permanent policy as your needs change, making them a fantastic start.
Permanent policies will be more costly, but they are as the name implies, permanent. A permanent life insurance policy will usually cost about 10x more than a term policy for the same coverage. Example: A $1,000,000 term policy for a healthy, 30 year old female may cost $40.00 per month for a 20 year policy. This policy will expire after 20 years with no coverage left unless renewed (at a much higher rate). A permanent life policy for $1,000,000 may cost $400.00 per month for that same healthy female.
There are many ways to structure the billing for a life insurance policy. Some policy options such as the “20 Pay” allow you to pay a certain amount for exactly 20 years, after that you are done paying premiums but your policy is guaranteed for life. This is ideal for those who are making a large income but expect it to drop in the future.
Estate Planning With Life Insurance
Most people would like to pass on their possessions to their family in the event of death. In Ontario, upon death, your estate must pay the Estate Administration Tax, income tax and a capital gains tax to name a few. Once the taxes are settled the remainder is distributed to the beneficiaries.
Although it sounds complex, the EAT is not as bad as it sounds. In Ontario, it is about 1.5% of the value of your estate. The capital gains tax however, may pack a punch. The tax is calculated by assuming all assets (excluding principal residence) were sold immediately upon death for fair market value. From there, the tax is calculated.
Check out this Canadian Estate Cost Calculator to get an estimate. The “Total Settlement Costs” (towards the bottom) is your estimate and includes the other fees and expenses owed.
As you can see, the amount can become quite high and more than the average Canadian has on standby. This often forces Canadians to sell off those assets to cover the tax.
So what is the solution? Many forward thinking Canadians simply purchase a life insurance policy to cover these costs.
Since life insurance payouts received by beneficiaries are not taxable income, the life insurance can cover the final expenses and taxes.
Life Insurance Questions You Should Ask
Here are a few more questions to ask yourself when deciding if its time for life insurance:
Do I have a mortgage? Can I afford mortgage payments without the income of my loved one?
Do I want to create a legacy for my children? Do I own a business? Is my work considered hazardous or high risk?
If any of those situations apply to you, it may be a good time to look into a life insurance product. You can always start with an inexpensive term insurance policy and upgrade it later as your budget increases.
If you plan to have a mortgage, family etc. in the future, its a great idea to look into life insurance when you are young.
You can save a lot of money on the same life insurance product if you start early.
Contact Filip Ambroziak at email@example.com or calling (416) 803 – 2113.
Get a Life Insurance Quote
By submitting the form below, you will have a life insurance broker access your situation and provide the most accurate quote based on the information supplied. Most life insurance quotes can be completed in the same day, however the complex, non standard risk may take more time.
If you are looking for an update or prefer to contact us directly, you can do so at firstname.lastname@example.org or call us (416) 803-2113. Our brokerage is located at the heart of Mississauga at 250 Dundas St W. Unit 408.
Life Insurance Companies
When working with a life insurance broker, one of the biggest advantages is the ability to quote with multiple life insurance companies. Each insurer may offer slightly different benefits and may have different underwriting requirements than another.
Below you will find some of the largest and most popular life insurance companies in Mississauga as well as all of Canada.