Life Insurance in Toronto and Ontario
Safeguarding your loved ones' futures
Life insurance pays money to the people you name if you pass away, so they can cover bills and keep their plans on track. As an independent broker in North York, Toronto, Insurewise helps people across Ontario compare life insurance options and choose coverage that fits their family and budget.
Tell us about your family and what you want the policy to do. We will explain your options in plain words.
Life insurance from an independent broker
Because we are not tied to one insurance company, we can look at options from the insurers we work with and explain the differences in plain words. You get a clear picture of what each policy does, what it costs and what it leaves out, before you decide anything.
Sajad began his career in insurance in 1988 and became an insurance agent in 1996. Today he works as an independent broker, helping clients across Ontario protect the people who depend on them. Read more about Sajad.
Types of life insurance
There are two main families of life insurance. Which one suits you depends on how long you need cover, your budget and what you want the policy to do.
Term life insurance
Term life covers you for a set period, such as 10, 20 or 30 years. If you pass away during the term, your beneficiaries receive the payout. People often choose it for the years when others rely on their income, like while paying off a mortgage or raising children. Many term policies can be renewed or converted, depending on the insurer.
Permanent life insurance
Permanent life insurance, such as whole life and universal life, is designed to cover you for your whole life as long as premiums are paid. It usually costs more than term insurance for the same amount of coverage, and some policies also build cash value over time. The details vary a lot between policies, so it pays to compare carefully.
What affects the price of life insurance
There is no standard price. Insurers usually look at:
- Your age and health
- How much coverage you want
- The type of policy, term or permanent
- For term, how long the policy lasts
Term life premiums are generally lower than permanent premiums when you first buy, and they may rise when a term renews. Tell us what you want to cover and we will compare quotes.
Who life insurance is for
Life insurance is worth a conversation if someone would feel the loss of your income or support. For example:
- Parents and guardians who want their children looked after
- Homeowners with a mortgage they would not want to leave behind
- People with debts, like a car loan or a line of credit
- Couples who rely on two incomes to cover the bills
- Business owners thinking about partners, loans or succession
- Anyone who wants to leave something for family or a cause they care about
There is no single right amount. The right coverage depends on your debts, your income, the people who depend on you and your goals.
How we help you choose
Here is how it usually works.
Talk it through
We start with a conversation about your family, your finances and what you want the coverage to do.
Compare your options
We look at term and permanent options from the insurers we work with and explain the trade-offs in plain words.
Apply with support
When you choose a policy, we help with the application, including any health questions the insurer asks.
Life insurance and your other coverage
Life insurance often works best as part of a bigger plan. Many families pair it with health and dental insurance for everyday costs, and with savings such as a TFSA or RRSP through our financial services.
If you are buying a home, it can also make sense to review your life coverage alongside your home insurance, since a mortgage is often the biggest debt a family carries.
Coverage, eligibility and pricing depend on the insurer's underwriting and the policy wording. Information on this site is general and is not a quote or a policy.
Related coverage
- Health and dental insuranceHelp with medical and dental costs that OHIP does not cover, for individuals and families.
- Financial servicesTFSA, RRSP and savings options to talk through alongside your insurance.
- Home insuranceProtection for your house, your belongings and your liability if someone is hurt on your property.
Life insurance questions
Still wondering about something? Call 416-383-0901 and ask, or see our contact page for the address and email.
Term life insurance covers you for a set number of years and pays out only if you pass away during that period. Permanent life insurance, such as whole or universal life, is designed to last your whole life as long as premiums are paid, and some policies build cash value. Permanent coverage usually costs more for the same amount.
It depends on your situation: your debts, your income, the people who rely on you and what you want the money to do, such as paying off a mortgage or covering education. There is no one rule that fits everyone. We can talk through your numbers with you and compare coverage amounts before you decide.
Not always. Some policies only ask health questions on the application, while others may ask for a medical exam or tests. It depends on the product, the amount of coverage and the insurer. We will tell you what each option requires before you apply, so there are no surprises.
The beneficiary is the person or people you name to receive the payout. In many cases you can update your beneficiary later, for example after a marriage or the birth of a child. The process depends on the policy and the insurer, so talk to us and we will help you make the change.
Whole life insurance is a type of permanent life insurance that covers you for your entire life. Premiums stay the same as you age, and the policy often has a guaranteed minimum cash value. Universal life is another permanent type that adds an investment account. We can explain how each compares to term for your situation.
It depends on your age, health, the amount of coverage and the type of policy, so we cannot give a price without details. Term insurance generally costs less than permanent insurance when you first buy it. Tell us what you want to protect and we will compare quotes from the insurers we work with.
Most amounts paid out from a life insurance policy after someone dies do not have to be reported as income, according to the Canada Revenue Agency (CRA). Tax can depend on the type of policy and who receives the money, so check with an accountant or the CRA for your case.
Possibly. Work coverage is a good start, but check how much it pays and what happens to it if you change jobs. Your needs may be bigger than the amount your employer gives you. We can review what you have through work and explain whether other coverage might fit your family.
Sources: Government of Canada, life insurance (FCAC), CRA, amounts that are not reported or taxed
Talk to Sajad about life insurance
Tell us a little about your family and what you want to protect. We will come back with options and explain them in plain words.