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How Term Life Insurance Saves Michael & Lisa Over $170 /month

So often articles get written about the technical side of life insurance, how the different products work, which policy is best, but very few offer insight on the situations that come up that can help you save more money every month by making smart decisions. Let’s take a look at Michael and Lisa.

Michael is 43 and Lisa is 41. Together they have recently bought a new home in Richmond hill, Ontario. This beautiful house has a bigger back yard which is great for their 3 children to go outside and play. 

Michael works as an outside consultant for small to medium size businesses. Mainly working with Chiropractors where he helps them go from being a practitioner, someone always doing the work themselves to being a business owner or someone who’s the staff that can help alleviate some of the days to day actions that a practitioner needs to do. Lisa is an associate at a law firm that specializes in personal injury. Both live very busy lives and don’t always find time to make proper financial decisions. 

After COVID-19 hit, Michael’s business saw a drastic decrease in clients because many chiropractors had a hard time finding ways to generate income while Ontario made some strict guidelines preventing human contact. While at the same time, Lisa’s working hours increase. 

Michael had a phone call with his old associate and long time friend. Michael had mentioned how he needed to pivot his business as his income was drastically cut down and they had all these expenses including their new mortgage. Michaels mentioned he knew they needed life insurance, as neither he nor Lisa would be able to afford the mortgage and pay for their children on only one income.  That is when his friend told him to speak with a life insurance broker and look for more affordable coverage, that could help them save on their monthly expenses. 

Michael, like many Canadians, took the coverage that his bank had offered him. It was a quick and relatively easy decision at the time. Michal and Lisa answered a few health questions and were approved for coverage. Not realizing that the almost $330/month coverage was more expensive than they needed to pay. Michael took his friend’s advice and spoke with a mortgage broker. That broker was able to search all the insurance companies in Canada and found out that there was a company that could give them better coverage for only $160/month. This would help keep an extra $170/month in their pocket. 

The sad truth is, this is the norm for many Canadians who have accepted their coverage through their lender. The life insurance purchased through your lenders is on average 42% more expensive than the best coverage out there. Not to mention that there are additional benefits to other coverage than the mortgage life insurance you purchase through your lender.  

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