The Verge Group has extensive know-how and experience in the design and placement of insurance programs for personal Life Insurance or manufacturing companies regardless of size, products made or countries shipped to.
When you are getting a quote with us, we not only calculate the best rate for you based on your needs but also give an opportunity to speak with an experienced adviser who can answer all your questions, address your concerns and explain all insurance details.
How Do Different Aspects Impact Your Life Insurance Rates?
|#||Aspect||Rate Impact||#||Aspect||Rate Impact|
|1||Smoking||Increase of 200%||5||Your Depression History||Increase of 50 – 200%|
|2||Drinking||Increase of 50%||6||Your Physical Build||Decrease of 25% to Increase of 200%|
|3||Your Family History||Increase of 50 – 250%||7||Your Driving Record||Increase of 25% to 50%|
|4||Your Medical History||Excludes coverage for some deseases||8||Your Gender||Decrease of 25% for Women|
How Can You Save on Life Insurance?
- Alumni: Graduates from certain Canadian universities (e.g York University) might be eligible for a discount at certain Insurance providers.
- Annual vs. monthly payments: In comparison to monthly payments, annual payments save insurers administrative costs (e.g. sending bills) and therefore they may reward you with lower premiums.
- Get rid of unnecessary riders: Check additional riders offered with a life policy to decide if you need them e.g. Accident death benefit (higher payouts in case of death through an accident), term conversion rider (in case you want convert your Universal policy into Term).
- Got a solid group policy from your employer? Bingo! Group Life Insurance can be an alternative to your Personal Life insurance if your employer offers sufficient coverage – at least you are protected as long as you work for the company. On the downside the coverage ends when you leave your company.
- Smoking impacts your health and insurance rates: Stop smoking well in advance (at least a year) before applying for a policy – otherwise your premiums will double. Like cigars? Well, many life insurance companies consider smoking more than 1 cigar per month and you won’t be able to get non-smoker rates.
- Stay Happy – otherwise it can become really expensive: Mental health matters – those with a history of depressions pay between 50% and 200% more.
- Rounding mathematics matters: If you decide to buy a life insurance policy, make sure that your age rounds down and not up, i.e. if you are going to be 30 years old on December 31, buy the policy in the first 6 months of the year where your age is still rounded down to 29 and not 30.
- Young means cheaper: Apply for the policy when you are young and your premiums will be lower.
- Interested in more saving tips for Life Insurance? Get an insurance quote below and connect with an experienced insurance professional to get more tips.
Please feel free to contact us anytime at 905 688 9170 – Ext: 142