LIFE INSURANCE IN CANADA For 2019
LIFE INSURANCE IN CANADA
Life insurance is something everyone has in their life time. It is the money someone (spouse) gets when their parents or family members die. The thing is every country has their own rules and regulations regarding life insurance and medical commodities. Canada is country where insurance is not that much of an issue for an average man.
There are many types of insurance present all over the world some of them are:-
- Permanent life insurance
- Termed life insurance
- Life long life insurance
- Accidental life insurance
- Age limited life insurance
People usually go for termed one as it is specific and can complete in less time.
LIFE INSURANCE IN CANADA
In Canada the money which is given to the spouse is taxation free Total money which a person should get he will get accurately that much only regardless of the taxes paid. While in America the medication as well as the life insurances is very high. This is also one reason why people prefer getting a life insurance in canada than a life insurance in USA. The policy of life insurance is quite easy for Canadians, which is as the time passes, age increases, the premium also increase. But according to different insurances this thing also varies upon time and company.
There are some good insurance companies in Canada which provide high facilities to the families of the dead ones like:-
- Great-west life
- BMO insurance
- RBC insurance
These companies have their own special policies for the different age group people.
WHEN TO TAKE A LIFE INSURANCE
Canadian people under the age of 25 are more concern about bills, food and other expenses but as time passes they gain family and responsibilities come over their shoulders, around the age of 35 they go for life insurance, average expectancy of Canada is around 82 more than that of America and India. Being one of the most educated countries in the whole world, which is half of its population is having at least college degree, people are more knowledgeable and have more sense of decision taking. This character makes them more eligible either they can take decision for life insurance or not.
WHY TO TAKE A LIFE INSURANCE
The statistics says that Canadian people eats a lot of ugly deep fried food, ginger beef and pea-meal bacon which are high in calories as well as oil and fats. Although Canadian people eat nice, rich food but still the food is also a reason the mortality rate is high. Although Canada is a place where people can live their lives without the insurance, still as in Canada the mortality rate is around 8.7deaths/1000 population, in that around 33,600 people die just because of cardio vascular diseases.
OTHER REASONS OF DEATHS
There are other reasons as well which are responsible for death in Canada those are smoking, chronic diseases like diabetes and accidents. All the above reasons are pretty common everywhere so the end result can be very painful for their families, financially and economically, but the hole in their pocket will be quite big for money to flow freely outside in the market.
WHY LIFE INSURANCE IN CANADA IS PREFERABLE
the country is famous for its different occupations like education, health care, transport and banking, these are also the reasons why people prefer life insurance in canada as it is cheap, easy to get and highly affordable. A poor person can also sustain in a place like Canada as the country itself is cheap. People find more jobs in Canada, that’s also the reason people from different countries like India migrate to Canada and start living there. In all the countries, Canada stands as the 24th country in best health care system in the whole world according to 2017 census.
WHAT CAN BE THE PROBLEMS IN LIFE INSURANCE
There are a lot of scams and frauds in this field of life insurance, that is they give away fake believes to people about the scheme and eat up most of the premium money, and at the end when the owner comes to know about it, it’s already too late for the person to do anything. Such one case came up in 2005, where a Canadian citizen was scammed and all his money was digested by the company. He didn’t even have enough money to fight the fraud legally. He was took his life on 4th march 2012 in misery and poverty.
These insurance companies are very good at harassing as well. Once the premium filling date gets missed, the insurance people will start harassing you by calling you several times a day and even at night, and doesn’t matter how bad the situations are you have to fill the premium. The problem is not the premium, but the officials who creates problems for us telling us about the ill effects if our policy gets lapsed.
As a result, I would say Canada is a country where people have everything, a healthy life style, better living, kind people and low criminal rates but seems like death is something everyone has to face in their lives doesn’t matter it is their life or someone else’s.
Life insurance is a major part of every person’s life span, like an average of 1/20th of the person’s life money goes to the life insurance. And above all it is very important thing. it’s a necessity in a person’s life. But the thing is life insurance in canada is quite affordable and cheap for the people. Almost 96% people can have one at least because of the people and job occupations over there.
is it’s a necessity in a person’s life. But the thing is life insurance in canada is quite affordable and cheap for the people. Almost 96% people can have one at least because of the people and job occupations over there.
finally, I would like to say that there are problems are everywhere, but if you search for a proper solution you may come across several correct solutions as well, therefore choose your insurances properly and most importantly believe the public or the broker blind folded, as these are the only big sources of income for people in respective fields, as they make people fool and earn lots and lots of money.