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But most Canadian life insurance providers offer coverage in Mississauga. You can get affordable life insurance from companies like Manulife, Canada Life and PolicyMe.
How would your family cover the mortgage in Mississauga if the unexpected happened? If you're taking on a mortgage, we typically recommend looking into a term policy to help cover the cost.
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Whether you are part of a couple without kids or have children, your family relies on your income. Look into affordable life insurance options to help provide financial protection for your family.
statcan.gc.ca/census-recensement/2021
When you get life insurance in Mississauga, you’ll typically need to go through several steps. First, decide how much coverage you’ll need to help your family replace your income if you pass away. Make a list of all their everyday costs, like bills, mortgage payments, debt and groceries. Don’t forget to factor in any savings or insurance coverage you already have (like with work).
Next, take a look at the different policies out there. Many people go for a term life insurance policy as it typically offers the most affordable monthly life insurance premiums.
Once you’ve narrowed down your list, get quotes from your chosen insurance companies.
After you get a quote you’re happy with, fill in your application. You’ll typically need to answer some lifestyle and medical questions. You may need to have a medical exam, but most people don’t. Carefully review your policy before you sign.
The average life insurance payout in Mississauga (and throughout Canada) is around $200,000. At PolicyMe, our most commonly purchased amount of coverage is $500,000.
With mortgage payments, kids to provide for and the costs of a comfortable retirement, many of our customers feel that this coverage amount could help potentially provide for their family's needs.
As a term life insurance payout comes in the form of a tax-free lump sum, the money your family gets can go further to cover their everyday costs.
You don’t actually need any particular type of life insurance in Mississauga, as it’s not a legal requirement. But many people do take out term life insurance because they want to help provide for the people that rely on them financially, like kids, a partner and other family members.
With a term policy, if you pass away while the policy is active, your family gets access to a lump sum payout from your life insurer (called the death benefit). They can use this money however they want to.
Many things can impact your life insurance rates in Mississauga. The most common factors are your age, gender, age, pre-existing medical conditions and lifestyle choices.
Say you’re 30, don’t smoke and don’t have any serious medical issues or a family history of health issues. You’ll pay less for premiums for life insurance than you would if you were a 70-year-old man who smokes and drinks regularly.
Life insurance isn’t typically taxable in Mississauga, but there are exceptions to this. With a term life insurance payout, the lump sum payout is tax-free. This can go a long way in helping families cover more of their bills and other everyday expenses.
But this isn’t always the case if you go for a permanent life insurance policy with a cash value. With a permanent life insurance policy, you may have to pay tax on the proceeds/interest from your policy.
There are other rare scenarios in which you may have to pay tax on life insurance in Mississauga:
