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If you decide that you are ready to get insurance, the first thing to do is to determine your insurance needs. We recommend our needs calculator to help you with this calculation. Then you have to shop around for the cost of insurance and fill out an insurance application (which we do with you). Finally, just do the medical tests if necessary and pay your very first insurance premium. As long as you pay your premium, you will be insured.
What amount to choose?
To determine coverage, think about how much money your family would need if you were gone. Take into consideration :
Your debts: if you want your debts (for example, your mortgage) not to be a burden for your loved ones, include them in your calculation.
Replacement of your salary: if you have dependents, it is important to plan an amount of money that will replace your salary for a few years.
Other elements: a fund for the education of your children or for your funeral, for example.
You can also use our needs calculator to help you with your calculations.
How long is the insurance?
For term life insurance, the duration of your insurance should resemble the duration of your debts and the number of years during which the children, spouse or parents will be dependent on you. For example, if your mortgage is 16 years old and your children start elementary school, 20-year insurance may be right for you.
A word of advice: To make sure you are always well protected, review your insurance needs regularly, as these may change depending on your family and professional circumstances.
Our needs calculator also suggests a duration for your insurance cover.
Compare life insurance quotes
To get the insurance that has the best value for your money, it’s important to take the time to shop around.
For example, if we compare two insurance quotes:
When coverage ends, Insurance 1 will have cost $ 950 less than Insurance 2.
When shopping for insurance, it is irrelevant to shop with multiple insurance brokers, as the price for the same insurance product is the same for all brokers. However, if you want to compare the prices of different insurers, an independent broker (like us!) Will help you.
Compare the characteristics of term life insurance products
Don't just shop for prices: shop around for your insurance features. Here are two that you should pay attention to:
At the end of your coverage, renewable insurance will allow you to extend your coverage for the same period. For example, if you purchased insurance for 20 years at the age of 25, when you are 45, you can renew your insurance for another 20 years. The amount that will cost you your insurance will however be modified according to your age at the time of renewal.
With this feature, you can transform a given amount or the total amount of your term life insurance into permanent life insurance.
A word of advice: Be honest when filling out an insurance application. The insurer relies on your answers to provide you with a fair price. If you provide inaccurate information, your policy may be canceled.
Buying life insurance is one of the most important things you will ever make, but it doesn't have to be painful or boring. With us, this purchase will be simple, transparent and made in the way that suits you. Our certified experts can meet with you in person or communicate with you by phone, email or chat.
There are two processes for purchasing insurance: one that can be long (called traditional) and one that can be short (called express). The latter allows you to insure very quickly. For example, if you are in perfect health, obtaining the same insurance with the express process will take you 0.05% of the time of the traditional issuing process! Karma offers both processes, but you will find the label Express to recognize the intelligent process.
Traditional insurance issuance process
Duration: between 3 and 6 weeks
- Complete the application
- Medical exam
- Processing of the request by the insurer (pricing)
- Acceptance and receipt of your insurance policy
Duration: Between 15 and 45 minutes if no medical examination or pricing or two weeks if pricing required
- Complete the application and get a decision immediately
- If necessary, medical examination or pricing
Instant decision: If you want to save time, and you are in good health, choose an insurer that offers you to apply on a smart platform. You could get your insurance in less than 60 minutes!
You now have a solid foundation for understanding life insurance. You understand the different types, the conditions the insurer relies on to set the cost, and the steps to buy insurance. Now why not apply everything you've learned while shopping for your life insurance? If you want to know more, check out our blog on insurance and personal finance!