What Is The Best Life Insurance For Canadian Couples?

Do any of these ring true for you?

• You’ve thought amount moving in with your partner 
• You’re thinking of getting married 
• You’re currently looking for your dream home 
• You are planning your wedding day 

There’s another important item that you might forget to think about and that is buying life insurance with your special someone.

Life insurance for couples can be considered one of the most important investments you make together. This is a way to invest in your future together and provide peace of mind. Your partner will be protected no matter what.

What should you look out for? What are the best providers for you both? This article will cover everything you need to make an informed decision.

• Why is it important for couples to have life insurance

• Why you should purchase life insurance

• There are many types of insurance that couples can choose from

Why Couples Should Have Life Insurance

You may share financial responsibilities if you are married or live with your partner. A shared mortgage, children to support, joint bank accounts, or co-signed loans might be some of the things you have in common. If one of you passes away earlier than you expected, the other partner will be responsible for paying all expenses together – unless they have life insurance.

Life insurance provides financial security for the spouse and dependents (e.g. children or parents who are aging) It protects your dependents in the event of your death or that they are unable to pay their bills and continue their lives.

It is for these reasons why life insurance for couples is so important. It covers your whole family. This financial contribution can be made from income earned through employment, or other contributions that lower family costs such as a stay-at-home parent who provides “free” childcare.

Life insurance does not eliminate the emotional burden of death. It can help reduce the financial stress that your family would experience if you or your partner die unexpectedly.

What is the best time to buy life insurance for a couple?

It doesn’t mean you have to get life insurance quotes the first time.

It’s important to have this conversation when you begin to bring more of your life together. When you have shared responsibilities and dependents, it’s a good time to think about life insurance for couples. This is the most common moment when people get married or begin living together. It’s a significant milestone and where assets start to combine.

You probably have more expenses now than ever. You might have just paid down a home or gone all out for a wedding, which you are now paying off. Or spent a lot of money on gear for your baby. It might be tempting to delay buying insurance for a while.

If you are healthy, the chances of dying in your 20s and 30s are very low. It’s also a time when you might not be as financially secure in the future. Your salary isn’t as high as it would have been in ten years. This makes any expense seem more difficult right now. It could prove difficult for your partner financially if one of you dies unexpectedly.

The good news is that you can buy life insurance when you are young. You’re likely to be in good health at this age, which means you are less risky to insure. It is less risky to insure. You can lock in a lower rate if you and your partner apply sooner than you think.

Types of Life Insurance For Couples

There are two options available if you’re looking for life insurance together: Single or joint life insurance. Each has its pros and cons so let’s take a look at these two options when it comes to life insurance for couples.

Single Life Insurance

You and your partner can each purchase life insurance for yourself. The death benefit of one of you pays to your beneficiary when the other person dies.

Why do some couples buy policies as individuals instead of as a couple? There are several benefits to purchasing single-life insurance policies together, such as:

• You have the flexibility to select different coverage amounts: You can select different lengths and coverage levels with different plans. If your financial contributions are different or expected to last for a different amount of time, this is a good option.
• Longer coverage: The policy of the other partner will continue to protect them until they die if one of you passes away.
• Simpler division if necessary: You won’t have the hassle of splitting your coverage into separate policies if you and your spouse are married. Your individual policies will continue to cover you.

Flexibility comes with a price, just as when you purchase airline tickets. It is more expensive to buy two life insurance policies than one.

Joint Life Insurance

You have the option to purchase a joint policy for life insurance if you are married or in a common-law partnership. A joint insurance policy covers you and your spouse. Your death benefit depends on the type of policy you have. It pays out when your partner dies, or when your spouse has died and is paid to another beneficiary (a second-to-die policy).

You’ll typically pay less if you have two policies, but you will usually pay less if you have joint life insurance. The cost difference may be minimal if you are both young and in good health.

You should also be aware of the limitations associated with joint life insurance policies.

• The same timeline: It’s easy to keep track of different coverage periods and plans. Joint life insurance will provide the same coverage for both you and your partner.
• Protection for the surviving partner: The policy’s first-to-die clause doesn’t cover the spouse who is still living. A new policy can be expensive, depending on the age of the surviving partner.
• Higher rates possible in the future: You will need to apply for a new insurance policy if your relationship ends before you die. You will be more costly to insure if you are older.

What do you think?

Joint life insurance may be the best option for you if you want to reduce costs and are eligible to apply for it. If you feel that it is more important to have robust and flexible coverage for the whole time you plan to use it, you can opt for two policies.

How to find the best life insurance for couples

Many insurance companies offer coverage for you, your partner, or both. Sometimes even one plan. How do you choose the right provider?

Here are some things to consider when looking for the best couples life insurance:

• Price: You want to get the best price. If you and your partner apply for coverage, some insurers will offer a discount.
• Faster approval time: You don’t want to wait for approval for months. Consider these options: Insurers that respond quickly to applications.
• Electronic document and application delivery: This is an important aspect of the criteria. You will typically receive coverage quicker if you choose an insurance company that accepts applications electronically and can deliver insurance documents electronically.

Lastly, speak with a trusted broker who isn’t looking for a quick buck. Many insurance companies still use high-pressure sales tactics but it doesn’t have to be this way. You can get a free insurance quote from a company that doesn’t have commission sales reps. If you think the coverage is right for you and do not want to be pressured visit our Quoting Application to get a quote without having to add your personal information.