Frequently Asked Questions

Life Insurance Doesn't Have To Be Confusing

Have a question not covered in our F.A.Q. below? Contact us today to chat with a licensed expert.

  • Determining how much life insurance you need requires an examination of your current and future financial obligations.  Our Needs Analysis Calculator and licensed professionals will ask the right questions to help you find the right coverage for you and your family.

  • Term insurance offers the greatest coverage for the lowest initial premium.  It’s a great solution for people with temporary needs or a limited budget. Term last for a specific, pre-set period of time (10 Year Term, 15 Year Term, 20 Year Term and more), increasing in cost at the end of each term before ultimately expiring (typically expiry is age 70 to age 85 depending on the company)

    Permanent insurance will last your entire life time. It is usually more expensive than term, but it makes more sense if you are looking for lifelong protection. Permanent insurance can offer cash values, death benefit increases and many more benefits over traditional term insurance.

  • Whole Life: The most traditional form gives you the option to set a fixed death benefit and premium which means the prices stay the same even as you get older.

    Universal Life: UL insurance provides more flexibility by being able to adjust premiums and death benefit and premiums.  This may come in handy if you get a new job and you start making more money, you can then up your death benefit which in turn will up your premiums.

    Term-to-100: Is a type of guaranteed term insurance. The premium costs with Term-to-100 are typically level until age 100.

  • The Death Benefit is what your beneficiary gets paid out if you were to pass away, if you are paying for $500,000 of “coverage” that $500,000 is your death benefit. In all most all cases in Canada, personally owned life insurance death benefits are tax free.

  • An insurance rider is an optional feature you can add to your policy.  It is enhanced coverage for a cost above the basic plan. There are various riders available depending on the insurance product and insurance company you choose to purchase from. Some examples include: Total Disability Rider, Child Protection Rider, Guaranteed Insurability Rider, Critical Illness Riders and many more

  • A person may want to purchase a rider to help get extra protection for themselves or their family.   For example, you can purchase guaranteed insurability riders which is covering yourself for additional life insurance ever if you ever become ill or develop a condition or disease that would make you uninsurable, you can purchase a child protection rider that puts insurance on your children if something was to happen to them and protects their future insurability, or a total disability rider that would help pay your premiums if you were to become disabled.

    • You beneficiary is the person or entity that will receive the insurance benefit at claim time.
    • You can name a personal beneficiary, a corporate beneficiary or name your estate
    • If you are naming a minor (under age 18) you will also have to name a trustee
    • You are able to name a “secondary beneficiary”. This is the person that would receive the benefit if the “primary beneficiary” pre-deceased the insured.
  • If you miss a premium payment, you typically have up to a 1-month grace period during which you can pay the premium without the coverage lapsing.  If you own a TERM policy and you don’t make the payment within the grace period, your insurance provider will typically terminate the policy.  If you own a permanent policy and fail to pay the premium within the grace period, the insurance company will typically ask your permission to draw from the policy’s cash value (if this is an option within your permanent plan).

  • No Medical and Simplified Issue Insurance is typically underwritten with just a few medical questions, which means no doctors and no tests. Often times those who have been declined fully-underwritten insurance can be approved for simplified issue or guaranteed issue products. Ask an Atlantic Life Quote insurance specialist for help if you’ve ever been declined.

  • Underwriting is the process of assessing the risk of people applying for insurance. This helps determine the coverage they are eligible for and ensure their premium costs reflects their level of risk.

  • It’s a contract between you and an insurance company where you give them money (Premium), and if you were to die, they would give the set amount of money (Death Benefit) to whoever you choose (Beneficiary)

  • Life insurance provides a tax-free lump death benefit, which can be used by your beneficiaries to help bring financial stability to an emotionally unstable time. It can be invested, used to pay off debt, pay for final expenses, pay tax liabilities upon death and much more.

    • Cost of living(for your family like funeral costs, payment of mortgage, outstanding debts, income replacement)
    • Trusts and charities(you can use a life insurance policy to create a trust as a financial legacy for your family, a charity or anything else)
    • Retirement and estate planning(A permanent life insurance policy can be structured to cover your living expenses during retirement or for estate planning)
    • Business Continuation(Business owners often purchase life insurance that can help protect their business in the event they die unexpectedly)
  • The younger you can purchase life insurance the better, once you have it you can continue to convert your policies to make sure you are always covered.  If you develop a condition or illness before you initially get Life Insurance, it can be very hard to get and can be very expensive.  A few other important life events that happen that should have you thinking about life insurance are

    • When you get married
    • When you start a family
    • When you buy a house
    • When you start a business
    • If you accumulate personal debt
  • As licensed insurance brokers we deal with over 15 of the top insurers in Canada. We survey these companies to get you the best possible coverage at the best possible price.   Some examples of these are Sunlife, Manulife, BMO, Canada Life, Empire Life, Equitable Life, Desjardins, Canada Protection Plan, iA Financial, and more. Each company has its own product lists and  features that may be most suitable depending on your situation.

  • Most families have coverage for both husband and wife.  There are many financial pressures on a family after the loss of a loved one.  It is important to have as much coverage as possible in order to take away any financial strain the death of a loved one might create.

  • We know how difficult it can be to lose a loved one.  Our promise to you is that we will be there to help you if you need to collect your loved one’s life insurance policy.  We will

    • Explain the claims process
    • Help you connect with the insurer carrier for filing a claim
    • Offer financial planning guidance if you require help
    • Offer financial planning guidance if you require help
  • Your coverage does not begin until your life insurance policy is approved, and your first premium has been paid.  Most companies provide some sort of temporary coverage during the application/underwriting process.

  • Yes! Often times a marijuana user can get the same rates as a non-smoker depending on the usage amount and type of usage. Ask a Atlantic Life Quote licensed advisor for more details.

  • Yes! But keep in mind that smoker rates are much higher than non-smoker rates.  Some insurance companies may not charge extra if you use chewing tobacco or smoke cigars occasionally.

  • A life insurance rate class is a category that describes certain health and lifestyle factors.  Your life insurance rate is determined by the rate class you fall into.  The best rate class charges the lowest rates

    • Preferred Plus- no tobacco use, in overall excellent health with no history of drug or alcohol abuse and don’t engage in hazardous activities
    • Preferred- Overall excellent health, and don’t participate in hazardous activities
    • Standard- Minor health impairments like high cholesterol or overweight
    • Substandard- This class encompasses people that have more than minor health issues
  • Here at Atlantic Life Quote we offer the best customer service in the industry.  We offer free quotes and advice as well as offer our services well beyond the signing of the contract.  We will reach out in the future to make sure your coverage matches your needs and make sure all your bases are covered.  We aren’t just a one and done company we consider each and every customer to be part of our family.

  • Typically, once the claim form has been submitted to the insurer the turnaround time is 10 business days.

  • Most companies offer a wide variety of payment options. Monthly, pre-authorized payments are the most common but annually is usually the cheapest as companies tend to give a discount to the client if they pay their annual premium in full.

  • Renewable term is an option built into most all term life products we sell that allows the insured to extend their coverage for a set period of time without providing medical evidence. Most renewals prices are more expensive then re-applying for coverage.

  • Typically any term insurance product we sell is convertible at a later date (without providing medical evidence) to a permanent policy.

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