How do I get a quote?
Just provide some personal details about your health, your age and the type of coverage you require. We will then tap into our network of insurance companies to find and rank the very cheapest life insurance rates available to you. Once you’ve selected your quote, an insurance specialist from i-Brokers will assist you and help you get set up with your policy.
How much life insurance do I need?
That really depends on what stage of life you’re at and how many dependents you have. Younger people with greater financial commitments definitely require more coverage than older people. Certainly if you have dependents and are the sole breadwinner in your family, it’s a good idea to take at least 5 times your gross annual income in life insurance coverage. Many experts recommend even more – it’s not uncommon to suggest 7 or 10 times your income if you have several children and a large mortgage to worry about. Remember, the incremental cost of purchasing extra coverage is not that great, so it’s worth buying more coverage to ensure your family will be taken care of no matter what.
What type of life insurance plan should I buy?
It really depends on your unique needs. First you should familiarize yourself with the two main types of life insurance – whole of life insurance and term life insurance. Whole of life insurance policies provide coverage for the entire length of your life, while term life insurance only provides coverage for the specific length of the term that you selected. Term plans provide coverage over a specific number of years, rather than for your entire lifespan. The coverage, or what is also known as the death benefit, is paid out only if you die during the term of the policy. Term life plans remain an excellent option for those who are financially vulnerable in the near term but who probably don’t require a large death benefit later in life. Term policies are also typically the least expensive form of life insurance.
Who can I name as a beneficiary of my policy?
Generally, insurers ask that the beneficiaries of your life insurance policy be close financial dependents – children and spouses most often fall into this category. If I die in an accident or from a sudden illness, will my policy pay out in full? Life insurance policies pay out no matter how you die, with the exception of suicide. You will, however, have to disclose your health history and any medical issues you have prior to taking the policy.