frequently asked questions

Choosing the right insurance policy depends on a variety of factors such as your individual needs, budget, and the coverage that you require. It’s important to research and compare insurance policies from different providers, taking into account factors such as coverage limits, deductibles, premiums, and exclusions. You should also consider the reputation of the insurance company and its customer service record. Wealth Insured can help alleviate you from all these hassles, guide you through the process and ensure that you choose the policy that is best for your individual needs.

The amount of insurance coverage that you need depends on a variety of factors, such as your age, income, and financial obligations. In general, you should consider the amount of money that would be required to cover any outstanding debts, such as a mortgage or car loan, as well as any future expenses such as your children’s education or retirement. We at Wealth Insured use a proprietary software to compute you Financial Independence Number (FIN) that would help you plan for your future and help identify your insurance coverage.

There are several factors that can affect your life insurance premium. The chief factor that affects the life insurance premium rate is your age. Younger people are healthier and less risky for the insurance company to cover since the probability of claims will be lesser. As you grow older, you become more susceptible to medical conditions.

Gender is also a significant factor in the price of life insurance. Insurance carriers use statistical models based on mortality rates to determine how much to charge for coverage. Women generally pay less than men because they have a longer life expectancy.

Your health status and medical history also play a role in determining your life insurance premium¹. If you have a pre-existing medical condition or a history of serious illness, you may be charged a higher premium.

Other factors that can affect your life insurance premium include your occupation, hobbies, and lifestyle choices⁵. For example, if you work in a high-risk occupation or participate in extreme sports, you may be charged a higher premium.

An insurance deductible is the amount of money that you are required to pay before your insurance policy starts to cover the cost of any damages or losses. For example, if you have a health insurance policy with a $500 deductible and you visit a dentist who charges you a total of $3,000 for the treatment and services, you would be responsible for paying the first $500 and the insurance company would cover the remaining $2,500. However, it is important to read the insurance contract/policy document as each company has different rules for deductibles and it can also vary per the type of insurance.

To file an insurance claim, you should contact your insurance company as soon as possible after the incident occurs. The insurance company will provide you with a claim form to fill out, which will ask for details about the incident and the damages or losses that occurred. You should provide as much information as possible and include any supporting documents, such as police reports or receipts. The insurance company will then review your claim and determine whether or not it is covered under your policy.

Yes, you can typically cancel your insurance policy at any time. Once the policy is put in force, you have a 10 day free no obligation look at the policy. However, you may be required to pay a cancellation fee or forfeit any unused premiums. Additionally, if you cancel your policy before the end of the term, you may be required to provide proof of insurance to avoid penalties or fines. Note some policies may have a return of premium or cash value which after a certain time may allow you to receive 100% or more of all premiums paid. It’s important to read your policy carefully and understand the terms and conditions before you cancel your policy.

Yes, you can typically change your insurance coverage after you purchase a policy. However, any changes may affect your premiums or deductibles, and may require you to sign a new contract or agreement with the insurance company. It’s important to read your policy carefully and understand the terms and conditions before making any changes to your coverage.

Life insurance premiums are typically calculated based on a variety of factors, such as your age, health, occupation, and lifestyle habits. The insurance company may also take into account the type and amount of coverage that you require, as well as the term of the policy. In general, the younger and healthier you are, the lower your premiums will be.

Yes, you can typically change your life insurance beneficiary at any time. It’s important to keep your beneficiary information up-to-date to ensure that your policy is paid out to the appropriate person or people. To do so, Contact Us and fill out a beneficiary change form.

If you outlive your life insurance policy term, the policy will expire and you will no longer be covered. However, some policies may offer the option to renew or convert to a permanent life insurance policy. It’s important to read your policy carefully and understand the terms and conditions before purchasing a life insurance policy. Contact us to learn more about money back term insurance.

Yes, many term life insurance policies offer the option to convert to a permanent policy. However, there may be certain conditions or limitations on when and how you can do so. It’s important to read your policy carefully and understand the terms and conditions before making any changes to your coverage.

The type of life insurance that is best for you depends on your individual needs and circumstances. In general, term life insurance is a good option if you need coverage for a specific period of time, such as while your children are young or while you are paying off a mortgage. Permanent life insurance is a good option if you want coverage that will last for your entire lifetime and can also provide investment benefits. It’s important to consult with a licensed insurance professional to determine the type of coverage that is best for your individual needs.

Life insurance companies can only offer their own products and solutions whereas we are able to compare multiple insurance company’s products and solutions to find the right one for you.

No! There is absolutely no fee or cost to you at any time.

We are compensated directly from insurance when you purchase a policy, with no out of pocket cost to you.

Simple answer, no! As a completely independent insurance broker we have the ability to compare multiple companies and can offer the exact same quote as an in-house insurance representative. The difference is we are able to compare multiple companies instantly and provide you the best solution.

Never! We will never sell your personal information to third parties for marketing purposes. However, we may share your personal information with insurance and investment service providers who help us provide our services and with government agencies as required by law, primarily so that we can then work on hand-crafting the best policy for you. See our Privacy Policy for more information.

We can 100% guarantee you will NEVER be pressurized to purchase any policy at any time. We are here to help you make an educated decision when the time is right for you.

Yes, the agents of Wealth Insured are licensed through the Life License Qualification Program (LLQP) and by the  Financial Services Regulatory Authority of Ontario (FSRA). We are currently authorized to sell insurance anywhere in the province of Ontario.

Life insurance policies typically give you a 30 day grace period after which the policy May lapse and you lose your coverage. Contact us immediately to discuss your options.

Yes it is certainly possible to get insurance. We have access to a wide variety of policies for all different types of health history. Check out No medical life insurance for more information

We offer multiple ways to service your needs. Phone, email, text, video conferencing and in person are all available on our Contact Us page. Remember there are never any fees associated with using our services.