How to Use and Understand Insurdinary’s Life Insurance Quoter

The first question on the quoter is your gender identity. At the moment the quoter allows you to select whether you identify as male or female.

The reason for this is that underwriters still only use male and female genders in their process. At the moment actuaries don't have enough information to include other genders, and so ask people to select either male or female.

Gender identity and life insurance go hand-in-hand because different genders have different mortality rates. The longer you're likely to live, the less likely they'll have to pay. In general, women have a longer life expectancy than men, meaning they'll have lower rates.

Another piece of basic information that you'll be asked is whether or not you smoke. Insurance premiums are based on how likely the insurer is to payout, which is affected by smoking. 

Smokers are at an increased risk of dying young. What that means is that life insurance for smokers is usually quite a bit higher than it is for non-smokers since companies are more likely to payout.

The third major piece of information you'll be asked to input is your date of birth. This also helps insurers determine your rate also. 

In general, life insurance premiums increase each year you age. It can be as low as 5% a year or as high as 12% a year depending on how young or old you are.

Your age will also determine what type of policy you qualify for. Some companies will offer different terms for people of different ages.

And, your age can also determine whether or not additional requirements are needed for your policy. Health insurance providers may, for example, request health tests for older adults seeking to take out a life insurance policy.

The first option after you submit information is to let the quoter know that you need recommendations on your coverage amount. Selecting this option will take you to a screen where you'll be asked to fill out three sections with additional information.

Cash Needs Section

The cash needs section requests five different pieces of information:

1. Final expenses
2. Mortgage
3. Other loans 
4. Children’s education fund
5. Emergency fund

You'll need to input the applicable amounts to each section. The quoter provides you with some information on what standard amounts for each of the five requirements are to help you out. 

Your cash needs are important in helping you determine how much life insurance you really need. The more cash you'll need, the larger the life insurance policy you might want to take out.

Income Replacement Section

The next section is the income replacement section. This section of the form asks you just two simple questions:

1. Monthly income requirements to care for your family
2. Number of years of support you're looking for

This section is important for helping determine how long of a life insurance policy you need as well as what monthly payout you need to care for your loved ones.

The more time you'll need support, the longer a life insurance policy you'll need. Plus, the more monthly income you require to care for your family, the higher the policy amount you'll want to take out.

Assets Section

The last section asks you to fill out three key pieces of information:

1. Your current savings
2. Other assets
3. Existing life insurance policies

This information is helpful for lowering your rates. If you already have a good amount of savings and other assets, these can be liquified and used to help support your family after your death. 

Similarly, if you have existing life insurance policies already, those can be used to care for your family after you are gone. Having additional policies means you don't need as much coverage from a new policy.

After filling out your basic information, you might already have done some research on life insurance policies. If this is the case, you likely won't need to go through the process of filling out the above details.

To skip those sections, simply click on the button to get your insurance quotes. You'll be taken directly to a page that lists out policies and helps you get the right one.

If you choose a regular policy, you'll need to fill out your information on the insurance site you choose. Let's take a look at what information goes into choosing a regular policy.

Questionnaire 1: Full Detailed Information

If you choose a regular policy, you'll need to start by filling out your full information. Even though some of these details might have already been covered when you got your quote, you'll need to pop them back in.

The reason for this is that this time, you're actually applying for the policy, not just getting a quote. The information you'll need to provide includes:

• Full name
• Your address
• Social Insurance Number (for whole life policies)
• Other pending insurance applications
• Whether or not you've been declined for insurance
• If you have in-force insurance (apart from credit or group insurance)
• Your last tobacco usage
• Whether you were born in Canada or not
• Your completed level of education
• Your occupation
• Your ID
• Who will pay for the policy
• Whether an applicant is a Canadian citizen or resident
• Whether an applicant resides in a foreign tax jurisdiction

These details are important for tax purposes and for determining your insurance eligibility. Some of that information such as your education level and occupation can also be used to get you lower rates. 

Questionnaire 2: Beneficiary Information

After you've filled out your basic information, you'll be taken to a page to pop in the beneficiary information. This information includes:

• Beneficiary first and last name
• Relationship to Insured
• Date of birth
• Share percentage
• Beneficiary type
• Whether the beneficiary is primary or contingent
• Beneficiary gender

The reason that this information is so important is that it determines who will receive your payout in the event of your death. You can add multiple beneficiaries if you want to split the payout between more than one person.

If you do add additional beneficiaries, you'll be able to select the percentage of the payout they receive. That way you can divide your life insurance policy up however you best see fit.

Questionnaire 3: Banking Information

To wrap up, you'll be required to input your banking information. This information is important because it is what you'll use to pay for your policy. 

As part of your details, you'll be able to select whether you'd like to pay your premium monthly or annually. You'll also be able to set up a pre-authorized debit if you would like. 

Pre-authorized debt services withdraw the money from your account automatically. That way you don't have to worry about remembering to make your payments on time. 

As part of your agreement, you'll have to provide contact details. This helps the bank follow up with you in the event that there are any issues debiting your life insurance premium.

Aside from regular policies, you can also take out simplified life insurance policies. These policies work a little bit differently, so let's see what makes them different from a regular policy.

Assessment Steps

To apply for a simplified life insurance policy, you'll first have to take an assessment to see if you're eligible for this type of life insurance. The questions on the assessment are:

1. Are you unable to independently complete 2+ daily life activities?
2. Do you reside in a long-term care facility?
3. Do you need an organ transplant?
4. Have you spent more than 48 hours in a hospital in the last 30 days?
5. Have you received abnormal tests or surgeries in the last 60 days?
6. Do you have a terminal condition with 24 months or less to live?
7. Have you ever been diagnosed with HIV or AIDS?
8. Have you ever had a treatment for a life-threatening disease?
9. Have you received treatment for a life-threatening issue prior to age 40?
10. Have you used any type of drug in the past 12 months?
11. Have you been incarcerated or convicted of a crime in the last 12 months?
12. Are you considered overweight for your age?

These questions screen individuals for their eligibility for a life insurance policy. Individuals who meet a certain number of these criteria may not be able to take advantage of the simplified underwriting process.

There are four sections on the assessment which determine your eligibility for different life insurance policy amounts. Answering yes to some of these questions could affect the maximum amount you'll be able to take out in a policy.

Questionnaire 1: Full Detailed Information

If after taking the assessment you get approval for simplified life insurance policies, you'll be able to complete the application process. To start, you'll need to provide your full personal information:

• Full name
• Your address
• Social Insurance Number (for whole life policies)
• Other pending insurance applications
• Whether or not you've been declined for insurance
• If you have in-force insurance (apart from credit or group insurance)
• Your last tobacco usage
• Whether you were born in Canada or not
• Your completed level of education
• Your occupation
• Your ID
• Who will pay for the policy
• Whether an applicant is a Canadian citizen or resident
• Whether an applicant resides in a foreign tax jurisdiction

This information is important for placing the policy under your name. It's also important for determining eligibility, coverage amounts, and tax information.

Questionnaire 2: Beneficiary Information

After you've plugged in your personal details, it's time to add your beneficiary's information. This includes:

• Beneficiary first and last name
• Relationship to Insured
• Date of birth
• Share percentage
• Beneficiary type
• Whether the beneficiary is primary or contingent
• Beneficiary gender

Life insurance companies need this money so that they know who to pay in the event that you pass away. You can add as many beneficiaries to your policy as you like so that you can split your policy between multiple loved ones.

Questionnaire 3: Banking Information

The last questionnaire you'll need to complete contains your banking information. You'll need to select whether you'd like to pay your premiums monthly or annually and whether you'd like to enroll in pre-debit authorization or not. 

Pre-debit authorization is a program that allows the policy to withdraw money from your account directly. It's a convenient way to avoid late fees or cancellations due to missed payments.

Our first scenario is looking at a non-smoking, 25-year-old female who lives at home and has no expenses. Let's say that this person is looking for a $75,000 plan. 

A young woman in this scenario will be offered policies which will vary depending on what term she chooses:

In addition, she'll be able to choose between a few basic insurance providers:

• iA Financial Group
• Assumption Life (only available for 10, 20, 30 year and Whole Life policies)
• RBC Insurance (only available for 10 year and Whole Life policies)

Keep in mind that not all providers offer all the aforementioned policies. Some companies don't offer Whole Life or Term 100 policies to an individual in this scenario.

Let's take a look at a slightly different scenario. In this case, let's look at quotes for a 42-year-old woman who is a smoker, has $10,000 left on her mortgage, $5,000 in car loans, and $7,000 on her credit cards. 

Imagine that this woman is in need of a 1 million dollar plan. Her policy rates will vary depending on the term she selects:

This woman will have access to three major Life Insurance providers:

• iA Financial Group
• Assumption Life (not available for Term 100 or 40-year policies)
• RBC Insurance (not available for a Term 100 policy) 

As you can see, a woman in this scenario has more companies to choose from than the woman in scenario #1.

In our last scenario, let's take a look at a 50 year old man who has $60,000 worth of debt and $10,000 worth of savings. Let's say that he's looking for a $500,000 plan.

The policy rates a man in this position would receive are:

This gentleman would have access to three different lenders:

• iA Financial Group
• Assumption Life (not available for Term 100 or 40-year policies)
• RBC Insurance (not available for a Term 100 policy) 

Once again, the rates that this man receives are very different from those of the women in scenario #1 and scenario #2. His debt, age, and gender all played a role in what his coverage looks like.

We've got tons of great reviews from clients, showing how we've helped others in the past. Clients have tons to say about their experience working with us and how it's helped them get a great insurance policy. 

For one, clients talk about our honesty. All costs and fees clear upfront, all the time. Our team cares about providing you with accurate and transparent quotes, which is one of the reasons we've received such positive reviews.

On top of that, we love what we do. Clients note that the passion we have for our insurance products shows through in our work. Since we care about what we do, we care about our clients, which is one of the reasons we've gained such positive feedback from clients.

It's not just our reviews that speak for themselves. It's also our customer service team and our commitment to our customers. 

Our customer service team never oversells. We want to get you life insurance policies that actually make sense for your needs, rather than just close a deal. 

On top of that, our customer service team gets back to you fast. If you have an issue, question, or concern, you know that you'll hear back from your representative in just a few hours with an answer!

Finally, we listen. When our customers reach out to us, we take the time to fully listen to their requests. That way we can address their queries in the best possible manner.

Another major reason why so many clients love working with Insurdinary is because of our attention to detail. Our team carefully analyzes every part of your application to make sure there's nothing missing. 

You'll never find our representative skimming over tasks or hurrying to get the job done. Instead, we hone in and focus on every detail of your policy so that we can make sure we really are getting you a great quote. 

By paying attention to detail, we're able to catch things that other companies wouldn't. That means bigger savings for you and better life insurance policies overall.