.png)
Ontario’s Life Insurance
Personal Life Insurance is at the core of every Ontario family’s investment strategy It is a guarantee that your family can live the life and fulfill the goals you have dreamed of.
Life Insurance
Insure your life for those who matter to you
Life is precious but death is inevitable. While you can’t change fate, you can prevent your family from facing financial hurdles in the event of your untimely demise.
A life insurance policy can go a long way to ensure the future financial security of your spouse, children or extended family members. Later in life it can be used to ensure that legacy you dreamed of. It can also be the tool relied on the preserve your family wealth and transition it to the next generation with reduced estate tax consequences.
How should I invest in life insurance? Term or whole life? What is right? No worries. We have been working with Ontario families for over 100 years, asking the right questions to curate an insurance program that meets your specific family goals and objectives. Yet, we know how to keep it flexible and affordable aligning it with your other investments to maximize your families future success.
Why Partner with Reith & Associates
Industry Experience
We have 100+ years of industry experience in protecting your business interests. You can trust us with your business insurance needs.
Registered Brokers
Qualified, Professional & Works with Registered Insurance Brokers of Ontario (RIBO). Get fair, independent & impartial advice every single time.
Award-Winning
We’re the most award winning insurance broker in St. Thomas & London region. & We refuse to stop working towards excellence and earning industry appreciation.
Time-effective
Quick, Easy & Convenient. We plan and execute every project with meticulous attention to details and the urgency of the situation.
24/7 Help
Reach out to us anytime, anywhere via our web based portal and mobile app. Available to answer your questions 24*7.
Save Tax Dollars
A properly utilized life insurance plan can maximize the wealth transferred to family members while minimizing what is paid to the government through estate tax.
Safe & Secure
Your business information is protected from unauthorized access, data theft or any unethical activity. Trust us with your auto insurance needs.
Customer Reviews
We value our clients and so do they. Check our customer reviews that are a testament of dedicated & our professional services.
The type of life insurance Ontarians need
Buying life insurance in Ontario is no longer an option but which type suffices your needs can be hard to choose.
Term Life Insurance
It provides temporary coverage over a period of time like 5, 10, 20, 30 years for up to 65 years of age. Usually, the purpose is to provide finances for a predetermined critical reason like education loan and home mortgage. In the event of your death, the family would not have to bear the financial pain as the sum insured would pay for the loan taken. The premium is calculated depending on sex, smoking status, age and general health.
Whole Life Insurance
It is preferred by people, aged 50 to 75, who want water-tight financial protection for the survivors. Ideal for estate planning. A part of the premium is invested by the insurance company and the tax—free returns are handed over as cash to the beneficiaries. The premium is calculated based on the sum insured and your general health status. The premium is typically high and does not change throughout the term of the life insurance policy.
Universal Life Insurance
It provides dual benefits —financial cover and extra returns in cash. Individuals who can afford high premiums while enjoying tax-free returns prefer to buy universal life insurance in Ontario. The policyholders can change the premium value and its frequency at their discretion. For instance, some prefer to increase the insurance premium with age. You can withdraw funds at any stage or apply for loans against the guaranteed cash value.
Frequently asked questions
How does life insurance work?
Life insurance is a mutual contract signed between two parties, namely
Insured: the person who buys the policy and agrees to pay premium (annual or monthly) as decided by the insurance company; and
Insurer: the company which agrees to pay a fixed sum of money to the beneficiary in the event of the death of the insured (or policy holder).
The beneficiaries have to file insurance claims along with the death certificate to receive the payout.
How much life insurance do I need?
The amount of life insurance needed is different for different people. The cost generally depends on the following factors:
- Permanent expenses like home mortgage or business loan.
- Family expenses like rent, education fees, medical bills, day to day expenditures, etc.
- House like you have a mortgage loan or living in your own home
- Medical health like if you or anyone in your family is suffering from any chronic health condition
- Age like you are young or old
- Estate planning like distributing the wealth among all the family members
Figure out what all you need to cover for in one life insurance policy or possibly buy more than one like a home and auto insurance in Ontario. In the latter case, if you buy all the policies from one company, you can save some extra money.
Is life insurance an expensive investment?
Not exactly. Life insurance premiums are typically calculated based on your age, health, and your life insurance coverage needs.
If you’re healthy and fit, there is no chance that you have to pay anything more than $25 per month on a standard life insurance plan in Ontario.
On the contrary, if you are a smoker, have a history of drug addiction or have a complicated situation back home or on the business front, the risks are high and you will have to look for extended coverage and hence have to pay relatively more on life insurance in Ontario.
Going by the math, do not delay life insurance investment for as you age, you will have more challenges and dependencies on your shoulders.
What information do I need to share with my life insurance company in Ontario?
- Insurance companies ask for very basic information to conduct your risk assessment including
- Age
- Gender
- Permanent address
- Marital status and children
- Employment or source of income
- Bank loans
- Any other insurance policy you currently own
- Family medical history
- All this information helps to determine if you are in the high or low risk category. No one wishes death for you but a general status of your health and fitness is crucial to decide the amount of coverage you actually need.
What happens after the life insurance term expires?
There are a number of scenarios possible in this event your life insurance expires. We will share some of the common cases:
- You receive the sum insured after outliving the life insurance term. If you’ve paid off all the debt, have no financial obligations, and have sufficient savings in your account, you no longer need life insurance.
- You can renew your term life insurance policy depending if it has a renewability clause. However, you will likely pay a higher premium after renewal. Most insurance companies inform the new premium rates at the start only.
- You can convert your term life insurance into whole life insurance.
- You can also buy a new life insurance plan for your whole life or with extended coverage but at low premium rates, tax-free cash returns and added benefits.
Please discuss all the possibilities with your insurance agent or broker before locking the best life insurance policy in Ontario.
Every Question Is Answered—Ask 24*7 Support
If your question is not listed here, we are happy to answer over a phone call. Give us a call at (519) 631-3862, Monday–Friday, 8:30 am – 4:30 pm or by appointment after the office hours time.
