Life Insurance FAQs

01

What does Protect Your Wealth do?

We are an independent life insurance brokerage based near Hamilton, Ontario, established in 2007. We place life insurance, critical illness, disability, no-medical coverage, and segregated fund solutions, with a particular focus on harder-to-place cases. Because we are independent, we are not tied to one company, so we compare across the market on your behalf.

02

Does it cost anything to work with a broker?

No. There is no fee to you. Brokers are paid by the insurance company whose policy you choose, and the premium is the same whether you buy through us or go directly to that company. Same price, more options compared.

03

Why use an independent broker instead of going to an insurer or my bank directly?

When you go directly to a company, you are dealing with someone who works for that company and sells that company’s product. By working with a broker, you compare multiple providers from one conversation. That matters most when your health is not textbook, because the same condition can be priced very differently from one carrier to the next.

04

Which provinces are you licensed in?

Ontario, British Columbia, Alberta, Manitoba, Saskatchewan, New Brunswick, and Nova Scotia.

05

How many insurance companies do you work with?

We have access to 20+ Canadian insurers. We do not quote all of them every time. We route your situation to the handful whose underwriting fits you best, usually three to five, and compare those side by side.

06

How does the process work from start to finish?

It starts with a conversation about what you need, your health, and your budget. From there we identify the carriers whose rules fit your situation. For borderline health, we can run an anonymous preliminary check with an underwriter before any formal application, so you know roughly where you stand before anything goes on record.

Then we present the top options side by side, you choose, and we handle the application and any required medical. Once a policy is issued there is a free-look period, usually 10 to 30 days, during which you can cancel for a full refund if you change your mind.

07

Will I qualify if I have a health condition?

Most people qualify. The real question is at what rate and with which company. The overwhelming majority of applicants receive standard offers, so a health history does not automatically mean a decline or a high premium. Carriers differ widely on the same condition, which is exactly where comparing the market pays off.

We regularly place coverage for conditions like ADHD, autism, and HIV, among many others.

08

Can I get life insurance with no medical exam?

Yes. No-medical coverage (also called simplified issue) replaces the exam with a set of health questions. It usually costs more than fully underwritten coverage, but the gap is smaller than people expect: often around 20% more, and up to roughly 50% more with some carriers, not the two to three times more that gets repeated online. See our guides on no-medical life insurance and simplified versus guaranteed issue.

09

Can I take out a life insurance policy on someone else?

Only with that person’s knowledge and consent, and only if you have an insurable interest in them, meaning you would suffer a real financial loss if they died. That covers situations like a spouse, a business partner, or a dependent. You cannot insure a stranger. We cover the rules in detail in our guide on buying life insurance for someone else.

10

Why are people denied life insurance, and what can I do about it?

A decline at one company is not a decline everywhere, because underwriting rules differ. Common reasons include a very recent diagnosis, information left off the application, or several recent applications showing on your shared insurance record. The fix is sequence: a broker can check where you stand before submitting, so you are not stacking declines. More on this in why life insurance claims get denied.

Not sure if you will qualify, or at what rate?

That uncertainty is exactly what an independent broker exists to remove. Get in touch and we can check where you stand before anything goes on an application.

11

Does life insurance cover suicide in Canada?

In most cases yes, but with a condition. Standard policies include a suicide clause that applies for the first two years from the policy start date. After that period, a claim is generally payable like any other. Within the first two years, the death benefit is typically not paid and premiums are refunded instead. The full details are in our guide on life insurance and suicide in Canada.

12

Is life insurance halal, and is there Shariah-compliant coverage?

Conventional life insurance raises concerns for some Muslim clients because of how it is structured. There are approaches designed to align with Islamic principles, and we work with clients to find arrangements that fit. See our guide on Shariah-compliant life insurance in Canada.

13

What is the difference between term and permanent life insurance?

Term covers you for a set period, costs less up front, and ends or renews at a higher rate when the term is up. Permanent covers you for life, holds a level cost, and builds cash value over time. Which one fits depends on whether your need is time-limited, like a mortgage, or lifelong.

When comparing any policy, ask three things: are the premiums level for life or do they rise each year, does the coverage expire at a set age, and is there a waiting period before full benefits apply. Those three answers tell you most of what you need. Compare term and permanent options.

14

Is a life insurance payout taxable in Canada?

A death benefit paid to a named beneficiary is generally received tax-free. Tax can come into play in other situations, such as cash value withdrawn from a permanent policy, or a benefit paid to your estate rather than a named person, which may also be exposed to probate. This is general information, not tax advice, so confirm your own situation with a tax professional.

15

Do you help seniors, and can anything be done about rising premiums?

Yes. Renewal shock is one of the most common reasons seniors call us, because some policies are built so premiums climb every year, which is hard to sustain on a fixed income. We compare level-cost alternatives. That said, switching is not always the right answer: if your health has changed since you bought the original policy, keeping it may genuinely be your best option, and we will tell you so. See our guide to life insurance for seniors.

16

Do you work with newcomers or work permit holders?

Yes. Coverage is available for many people on temporary status, not only citizens and permanent residents. The right carrier depends on your status, time in Canada, and plans. See our guides for newcomers to Canada and work permit holders.

17

Do you work with physicians and other professionals?

Yes. We work with professionals across a range of fields, including Ontario physicians weighing association coverage against private coverage. See our comparison of OMA insurance versus private life insurance for Ontario physicians.

18

I keep getting unsolicited life insurance calls. How do I know who is legitimate?

Unsolicited, high-pressure insurance calls are common, and a legitimate licensed advisor will not rush you or pressure you into signing on the spot. You can verify any advisor’s licence through your provincial insurance regulator before sharing personal information. If a call feels off, hang up and reach out to a broker you can identify and verify instead.

19

How do I find a lost or unclaimed life insurance policy?

Start with the deceased’s records and any insurer they mentioned, then contact that insurer’s claims line directly. If you cannot locate a policy, the OmbudService for Life and Health Insurance (OLHI) operates a free policy search service for Canada. We can also help you work through where to look. Get in touch if you are stuck.

Still have a question?

Talk to a broker directly. We offer life insurance and segregated fund solutions, and there is no cost or obligation to get answers.

Call 1-877-654-6119, get in touch, or schedule a call.

Independent brokerage established 2007. Licensed in Ontario, British Columbia, Alberta, Manitoba, Saskatchewan, New Brunswick, and Nova Scotia.