What are the General Costs and Criteria Involved in Purchasing Life Insurance in Toronto?

The two most important factors that influence the cost of life insurance, regardless of where you live in Canada, are your age and your health status. The application process for life insurance is also consistent across Canada. However, the city in which you live also has an indirect effect on the amount of life insurance coverage you need. For example, Toronto being the most expensive city in Canada, as compared to Halifax, the Torontonian, would have a higher cost of living, so without a doubt, they would absolutely have more life insurance, because of their higher debt. And the sole purpose of life insurance is to ensure that those who depend on your income have enough money to pay off any unpaid debts, and hopefully, leave them an inheritance, as well.

People who have dependents need more life insurance in Toronto than those who do not. Now, when determining the amount of coverage, you need, consider your mortgage, outside loans, income replacement, and final expenses.

In terms of life insurance in Toronto, mortgages will play a major role in determining how much life insurance you require. For most individuals, their mortgage consists of their largest debt and the average home price in Toronto is considerably higher than the national average. So, it goes without saying, if you own a home in Toronto and you have a large mortgage on it, the odds are you are going to need a substantial insurance policy to cover that debt, just in case. The amount of life insurance you need is determined by taking these factors into account, as well as covering items like final expenses and replacing lost income.

After you have determined how much life insurance, you will require in Toronto, you will need to find out what kind of life insurance you will need. This may be a permanent plan, with rates that can be leveled for the rest of your life, or a term plan, with rates that start low and rise as you get older.

Best to speak with Mike or Amanda and they can walk you through the benefits of the various types of insurance policies and to see which plan is right for you.

All the flexibility you need

Platinum Mutual Ltd has over 20 years of experience and will match you with the best plan. Our agents will help you find out how much life insurance you need and make sure you’re not spending too much on it. If your lifestyle changes, give us a call. We can let you know if you need more or less, and if changing your plan is a good idea or could save you money.

An agent will look into your specific needs and see if options like a joint policy is right for you. A policy that doesn’t pay out until two or more people pass can be beneficial in some situations and save you money in the long run.

A universal life insurance policy can also give you access to cash. If you are worried that life insurance has no value while you’re alive, ask an agent. Once your plan has accumulated sufficient value, you can use that plan as an asset and withdraw cash from it, or borrow against it using your plan’s value as collateral.

Protecting Your Family, Investing for Your Future

You need insurance – and you want long-term investment growth.

Platinum Mutual Ltd will help you strategize when looking for insurance, using our experience we will match you with a policy that fits your budget, lifestyle, and long term goals. If you have any changes give us a call and we can help you adjust your plan to work for you.

Platinum Mutual Ltd makes it simple

Instead of searching the bottomless internet and ads for the perfect policy, give us a call and get the right insurance for you today. Platinum Mutual Ltd has over 20 years of experience and knows who to reach for your specific situation.

How Platinum Mutual Ltd works

A Platinum Mutual Ltd agent will get to know you and your insurance needs, there are endless plans available, but only so many are right for you, and our agents know which of those are high quality.

An agent will go through those plans with you and find out which one fits you best, in order to make sure you are receiving the best fit of the highest quality. You can pick something now, and if you don’t like it in a few months, give us a call and we can help you change it!

Life Insurance Toronto for Your Entire Life

Permanent life insurance Toronto is meant to be kept for life and designed to be a rugged and secure policy that will pass on the entire amount of their insurance when they die.
Your premiums stay the same with permanent life insurance Toronto. Give Mike a call and see what options he has for you!

If you already have a plan, an agent can assess that and see if we can get you a better price or policy. Platinum Mutual Ltd works with all of the insurance companies to find you the best rates.

Protection for the Term You Select
Term Life insurance is a policy that lasts for a set amount of time. If you die within that time period, your beneficiaries receive the amount of your policy.

Term life insurance is much more affordable and easy to purchase. Simply give us a call and see what options are available and which one works best for you.

Your lifestyle can save you money
There are many factors that can save you money with term life insurance. These include age, health, lifestyle, and the amount of insurance you need.

Choose the best term for you
It’s important to look at the future when picking term life insurance. Picking a policy that will protect you through life’s important events is critical.

Platinum Mutual Ltd can help you pick plans that convert to permanent plans as well.

Give us a call and see what we can do for you!

Some examples of Life Insurance Solutions

Platinum Mutual Ltd can help match you with a range of term insurance choices.

  • Term 10 life insurance
  • Term 20 life insurance
  • Term 70 life insurance
  • Term 100 life insurance
  • Pick a Term (10 – 30 years)