7 Familiar Life Insurance Quote Questions

Life Insurance Quote FAQ

by Chris Funnell

Most consumers now use the Internet to research for a life insurance quote.

It makes them well-informed buyers and those companies that deal directly with their customers’ inquiries quickly and efficiently usually get the business at the end of the

When you’re looking at life insurance quotes online, there are many questions that may run through your mind. To give you a brief insight to what those answers may be, here are 7 familiar life insurance quote questions.

#1. What health status should I enter (regular, preferred, preferred plus)?


Insurers usually base their life insurance quotes on your health condition. The healthier you are, the higher your chances for getting the preferred or preferred plus health category.

Healthy may be defined as your being free from current health or previous conditions, good height and weight, as well as having a family history free from heart disease and cancer before the age of 65.

Preferred life insurance quote from the best company for you


Each different Life Insurance Company has their own unique preferred and preferred plus health criteria. Ask your Broker which Insurance Company is the best fit for your unique personal and family health history. You want the best life insurance quote from the best company.

#2. How much insurance do people usually buy?


The answer to this question is different for everyone. It’s dependent on how much people actually need and therefore, you have to evaluate your family and financial situation to get a better handle on how much insurance to get.

Life insurance quote for 10x salary


But generally, the recommended insurance is about 10x your salary if you have children or other people that you have under your wing. If you need more help estimating how much insurance you need, please feel free to visit the Income Replacement Calculator page on this website.

#3. How long do people usually want insurance for?


People usually want insurance for as long as they have children or other family members to take care of until they can fend for themselves. Sometimes, you may have a mortgage that you’re worried about should you suddenly die and you wouldn’t want your family to worry about that too.

Match your life insurance quote to when your children finish university, or until the mortgage is paid off. A whole life insurance quote would only be needed for final expenses or estate planning needs.

Life insurance quote with children in mind


For example with young children, a 20 Year Term plan could work, so that the kids are covered until they’re in their early 20’s, through college or university, and will be sufficiently able to take care of themselves when you’re gone.

#4. Are you an Insurance Company?


No, I’m an Independent Broker who represents 20 different Canadian Life Insurance Companies, and am able to shop the market to offer the very best life insurance quote from all the top-rated companies in Canada.

Use a life insurance quote calculator to compare


I don’t work for any one Insurance Company, and use a life insurance quote calculator to compare rates to give unbiased advice on which company is best for each client’s unique situation.

At the end of the day clients will have a contract with the Insurance Company (not with me), and I act as the Broker to help them qualify for this coverage.

#5. Is this the best life insurance quote?


Yes. You will get the very best life insurance quote available for the health class you entered. You may consider the Regular Health class as your starting point with the best rates. That means that you can still be given lower rates if you were to be classified under Preferred or Preferred Plus.

Get an ‘age nearest’ life insurance quote


Also, insurance companies calculate rates based on your “nearest” age rather than your actual age. Nearest age is 6 months before your actual birthday, so make sure to apply on your birthday up to the 5th month to get as much as 10% lower term life insurance quotes canada.

#6. Will my life insurance quote be my actual rate?


Your life insurance quote is an estimate, and a firm approval rate and offer is made once you apply (at no-cost or obligation), and you see the insurance nurse for a mini-physical (again at no-cost or obligation). It usually takes about 2-3 weeks after you see the insurance nurse before an approval offer is made.

#7. Am I obligated?


No. Once the Insurance Company comes back to you with a firm approval rate, you can say “yes” or “no” to the offer. You are under no obligation to proceed, and there is no cost if you decide not to proceed.

Shop life insurance quotes

If you think a better rate may be available from another Insurance Company, your Broker can have the results from the nurse’s mini-physical forwarded to the second Insurance Company (you don’t have to re-do the nurse visit).

There is no cost or obligation if you reapply elsewhere, and it might lead to a more competitive life insurance quote.

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