There is a few differences though and how and what you compare. See with their life insurance as long as you are comparing apples to apples so to speak, you will be okay. So for example if you are comparing ten-year term insurance you can be fairly certain, that most of the term insurance policies will be the same in price is very much a factor.
With whole life insurance quotes are different. Besides just comparing price, you will also want to compare things like cash values, dividends, how long do you need to pay for it and so on.
On the right side of this website you will see a comparison calculator. What it will do for you is compare most of Canadian life insurance companies and the prices for what they charge for different types of policies. You will notice that it has a category for just simple whole life –Guaranteed life pay, but it also has a few other categories such as:
- paid up at 65
- 20 pay
- 10 pay
- 15 pay
this may sound a little confusing right now and you may want to give us a call and consult with a licensed life insurance broker to get more of the details. I will try to explain it to you anyway. Paid up at 65 simply means that your premiums only last until you reach age 65. After that you have no more premiums but the policy is fully paid up and will stay in force as long as you live.
The 20 pay is similar, but the difference is that your premiums are guaranteed to be no more than 20 years, after which the policy is fully paid up. I think you can figure out the 10 and 15 pay your self.
Unfortunately our calculator will not be able to show you the cash values so that is something that will have to be discussed in person. Our toll-free phone number is 1-800-683-5423, so please do not hesitate to call and will be happy to talk to over the phone or send you some quotes and illustrations by e-mail and we will make sure that you have all the information you need to get the best whole life insurance quote.
