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Toronto and the GTA · by phone and video
Independent Life Insurance Broker in Toronto
Parvesh Benning, Founder and CEO, Protect Your Wealth
Licensed Life Insurance Broker · Independent since 2007
I don’t work for any insurance company. I’m a broker. And I work for my clients.
On my end, I deal with almost 20 carriers, and this really is all I do. I do a few hundred applications a year and I’ve been doing this for over 20 years, a lot of it for families in Toronto, Hamilton and across the GTA. And really, what it comes down to is figuring out which avenue makes most sense and is most cost effective.
Toronto and the GTA · by phone and video
Independent Life Insurance Broker in Toronto
Parvesh Benning, Founder and CEO, Protect Your Wealth
Licensed Life Insurance Broker · Independent since 2007
I don’t work for any insurance company. I’m a broker. And I work for my clients.
On my end, I deal with almost 20 carriers, and this really is all I do. I do a few hundred applications a year and I’ve been doing this for over 20 years, a lot of it for families in Toronto, Hamilton and across the GTA. And really, what it comes down to is figuring out which avenue makes most sense and is most cost effective.
You don’t want to leave your family with a mortgage of a million dollars.
That’s the conversation I have most often with Toronto and GTA homeowners, and it usually starts at closing, when the lender offers its own mortgage insurance. Before anything gets signed, I sort out which of three buckets your file belongs in.
How your application gets placed
So the thing is there’s three buckets here in terms of options.
For most healthy people the first bucket costs the least. With a health history the math can flip, and that’s the part I check before anything is submitted.
No broker fee. You pay the insurer’s published premium.
Bank, direct or broker
Is It Better to Use a Life Insurance Broker, Your Bank, or Buy Direct?
Usually a broker. When you’re going direct and only focusing on one product or one solution from one company, you get a very biased opinion. From a broker perspective you’re able to compare multiple carriers, and that’s really what a life insurance broker is for.
The gap shows up most with a mortgage. The lender offers its own insurance at closing, and that’s the one moment nobody is comparing anything.
Three ways to buy, side by side
Who gets paid and how the payout changes on lender insurance, per the Financial Consumer Agency of Canada.
From my bank years
I come from a banking world, and you have to be very careful on mortgage insurance.
I worked at a bank for many years. I’ve seen it time and time again.
Weighing the lender’s offer at closing right now?
One Toronto file, start to finish
Lender Mortgage Insurance vs Your Own Policy: A Toronto Condo Example
“So the mortgage insurance is very ironic, because not only is it more expensive, but it’s a declining benefit.” You can’t name a beneficiary, and with most lender plans you can’t convert it or move it. I said that almost word for word this summer, on the phone with a mother helping her daughter close on a Toronto condo.
The file
BuyerDaughter, early 20s
PropertyFirst condo, Toronto
Mortgage$400,000
Helping outHer mother, mid-50s
At closingLender’s life and disability quote
What happened
1
She passed on the lender’s plan. She’d already decided the quote was too much and wanted policies her family would own.
2
Sized to the debt, then rounded up. Mom’s 10-year term matched the mortgage at $400,000. For her daughter, the reason I went to 500,000 around the 400,000 is just to get better bang for buck at that number. Insurance companies discount in increments of $250,000.
3
Compared, then picked the easy path. The insurers that wanted a medical and the one that didn’t came in within about a dollar a month. It’s amazing how close a lot of these companies are. She took the one with no nurse visit, and we backdated it a couple of weeks to save her age.
4
Both approved by phone, the same day. Her daughter was approved automatically, and hers came through later that day. Nine days before closing.
Her take
It cost a lot less than the lender’s insurance. What she couldn’t do on her own was see the other insurers side by side before closing, because at the closing table she’d only been shown one option.
My take
To me, the bank coverage is always a nice to have, like group coverage. Owning your independent policy just gives flexibility for the future. On top of that, it is often much more cost-effective.
The longer breakdown: mortgage insurance vs life insurance
One family’s file, shared without names. Your result depends on your age, health, the amount and the insurer.
What it costs
Life Insurance Quotes in Ontario: Age Matters, Your Postal Code Doesn’t
As we get older, premiums increase quite a bit. For a healthy 35-year-old non-smoker, $1,000,000 of 20-year term starts from about $37 a month for a woman and about $52 for a man.
Insurers price on age, sex, health, amount and term. Across the provinces I’m licensed in, where you live doesn’t move the number.
Over 60 is a different conversation
At 60, a non-smoking man pays from about $192 a month for $500,000 on a 10-year term.
It’s a lot easier, especially before 60. There’s no medical necessarily required, no blood work, no physician’s reports, typically speaking, depending on the amount. After 60 insurers usually ask for more of that, and it does get more expensive.
$1,000,000 of 20-year term, per month, starting from
Woman · Man · non-smoker
Age 35
$37
$52
Age 40
$57
$80
Age 45
$93
$133
Age 50
$151
$231
Sample monthly premiums for illustration only: non-smoker, the best standard health rating, no other health factors, based on current carrier rates. Your premium depends on your age, sex, health history, amount, term and the insurer’s approval, and rates can change. The same assumptions apply to every figure in this section.
How much to buy
01
Add up all of it
Size it to all your property debt, not just the house. One couple I worked with owed about $1.15 million across their home and a rental, so they each took $1 million. More on how much life insurance you need.
02
Know the ceiling
Insurance companies will tell us this is the maximum amount we’re able to do. It’s usually a multiple of income and debt, so a big mortgage can actually raise how much you’re allowed.
03
Go as long as you can afford
Longer is unfortunately not cheaper. At 35, a non-smoking man pays from about $36 a month for 10 years, $52 for 20 and $101 for 30. Do whatever is affordable for the longest time that’s affordable.
Want to see where your own numbers land?
Phone or video, start to finish
How Applying by Phone or Video Works, and How Long It Takes
So everything is done electronically these days. We can do a video call, but you don’t have to come into the office. I’ve been doing Zoom calls since 2015, and these days most of my Toronto and GTA clients never meet me in person.
Some files are approved the same day we apply. If an insurer wants a nurse visit or a report from your doctor, it takes longer.
No office visit Sign from your own phone Nurse comes to you, if needed
From first call to policy in hand
Day one · 15 to 30 minutes
A call or video chat
You tell me what you’re protecting and anything in your health history. I have a tool here that gives me quotes, but then I also have another tool that compares every carrier’s requirements. So you see the price and what each insurer will ask of you, side by side.
Before anything is submitted
An anonymous check, if your file needs one
I wouldn’t blindly send an application. A preliminary doesn’t include any of your information. I simply say, this is the profile, how would you underwrite this, and I like to send that to two, three carriers. If you have a health history, here’s how that works with a pre-existing condition.
Application day
We apply together on video
When you do the application itself, I often recommend doing at least a Zoom call or a virtual call where you’re able to see the screen and the application. It just adds a layer of protection. You sign electronically from your own phone or computer, and you need to be in Ontario or another province I’m licensed in when we do it.
Only if the insurer asks
The nurse comes to you
It’s a nurse that contacts you. You don’t need to go anywhere, and they come out evenings, they come out weekends, they can come out to your work. Plenty of files never need one, and sometimes it’s just a phone interview.
Approval and delivery
Some files are approved the same day
Premiums go directly to the insurance company. A legitimate broker will never ask for cash or an email money transfer, which is the first thing to know about spotting a fake agent. The review period in your policy, usually 10 days, starts when it’s delivered to you, not when it’s approved.
Talk to a broker directly
Pick whichever is easiest. Most people start with a quick call and decide from there.
Who I work with
Life Insurance for Families, Business Owners and Newcomers in the GTA
The reality is that just because one company has limitations, that doesn’t mean that there aren’t other options from very reputable large life insurance companies. These are the situations I see most often across Toronto and the GTA.
Families and homeowners
The snag
A mortgage, kids, and incomes the household can’t afford to lose.
What I do
We wanna protect you and your family today. Of course, we wanna extend it as long as possible, but it has to fit your budget, because you gotta pay for it. And as your situation changes, we can reevaluate or look at other options.
Self-employed and business owners
The snag
Income that’s harder to prove, and deciding what the business should own and what you should own personally.
What I do
Our main concern on the onset is let’s establish the protection side. Disability is usually owned and paid for personally, and when you pay the premiums with after-tax dollars, the benefits are generally tax-free. Life coverage can sit in the corporation and, within the policy’s conversion terms, be converted to a lifelong policy later.
Disability insurance quotes · Insurers for self-employed Canadians
New to Canada
The snag
Some insurers cap coverage on a work permit, and a short income history here can slow things down.
What I do
If you’re a permanent resident, the rates are the exact same as for someone that has Canadian citizenship. Insurers still look at how long you’ve been here and any travel plans, and in your first year after arriving, some ask for extra medical tests. I had a couple who’d only been here a few months, and we were able to show their income statements since they arrived, and the insurer accepted that.
A health history or a past decline
The snag
A condition, a medication change, or a no from another insurer.
What I do
I come across many times where a carrier will decline, but that doesn’t mean that there isn’t five others that will approve. It’s disheartening when you get a decline from one place. But it’s understanding the market and what’s out there, and worst case scenario, we look at a simplified policy based on your health today.
Denied life insurance? What to do · No-medical life insurance quotes
Ownership and tax points are general information, not tax advice. Corporate-paid coverage needs its own tax review, so confirm with your accountant.
Which coverage fits
Which Life Insurance Do You Actually Need? Usually Term First
First things first would just be making sure that the right amount of coverage is put in place. And then to do it for as long as affordable. I wouldn’t necessarily jump to the idea of doing permanent insurance right off the bat, because it’s just something that can be evaluated down the line.
Start here, for most people
Term life insurance
If you’re covering a mortgage and the years until the kids are on their own.
On a level term, your premium does not change for that entire term.
Then, depending on your situation
If
Your income is what pays for everything.
Disability insurance
Disability insurance is meant to replace your income for the period of time that you’re not working.
If
A serious illness would hit you hard, even if you went back to work.
Critical illness insurance
Pays a lump sum if you’re diagnosed with a covered condition, meet the policy’s definition and survive the waiting period, commonly 30 days. It generally pays whether or not you go back to work. Often it’s a smaller policy, added on as a complement.
If
You want coverage that lasts your whole life, for an estate or inside a corporation.
Permanent life insurance
Costs far more than term, so it’s usually layered on later, not bought first.
If
Your health makes a full medical a long shot, or you need coverage in place fast.
No-medical life insurance
Fewer questions and no nurse visit. Still underwritten, and usually a higher price.
Not sure yet? See every type of coverage on one page, or ask me on the first call.
Where I work
Life Insurance Across Toronto, the GTA and Hamilton
I work with clients all over the Greater Toronto and Hamilton Area, by phone and video. This is the head office location: 50 Coreslab Drive in Dundas, in the City of Hamilton.
Head office
Protect Your Wealth
50 Coreslab Drive
Dundas, ON L9H 0B2
All meetings by phone or video
Licensed in Ontario, British Columbia, Alberta, Manitoba, Saskatchewan, New Brunswick and Nova Scotia.
Independent since 2007
Where my clients are
Toronto
Downtown North York Scarborough Etobicoke
Peel
Mississauga Brampton
Halton
Oakville Burlington Milton
Hamilton
Hamilton Dundas Ancaster Stoney Creek Waterdown
York Region
Vaughan Markham Richmond Hill Aurora
Durham
Pickering Ajax Whitby Oshawa
The insurers
Life Insurance Companies Available Through an Independent Broker
There’s not one company that I would consider better than the other. They’re all just as good and bad as each other. Really, what it comes down to is determining if there’s a viable solution that makes sense for you.
If an insurer ever fails
Among the insurers I work with
Listed alphabetically, not ranked. Logos identify each insurer and don’t imply an endorsement. Tap any insurer for my review.
Client reviews
Protect Your Wealth Reviews: What Clients Say
Six clients, in their own words.
“
I am lucky to find Parvesh. He listened to us and provided us with options that best benefited our needs. He searched several companies for different policies for our life insurance and came up with a wonderful policy at a huge savings. He provided explanation on things we didn’t understand, gave us the pros and cons of each types of policies and most importantly, never forced us to get anything. He let us decide on our own. I will definitely recommend him.
Martin Pineda
“
My spouse and I recently worked with Parvesh on our life insurance policies. We really appreciated how approachable & professional he was throughout the process. He took the time to explain all of the options available to us and answer any of our questions so that we felt confident moving forward. Definitely worthy of 5 stars and would highly recommend him!
Regan Fitzgerald
“
Parvesh was very informative and easy to deal with. He didn’t push us to make a decision. He showed us a bunch of options and based on that we made the most informed decision for us. I would highly recommend him to others.
Steven St. Angelo
“
Exceptional one on one customer service. He listened to our family needs evaluated what we had and what we actually needed. I now feel comfortable we are headed in the right track for our insurance needs.
Davis
“
Parvesh was an absolute delight to work with! His customer support was outstanding! Thank you for being so patient with me, I know I had a lot of questions but you took the time to explain everything in detail until I had no doubts.
Roberto Ferreira
“
He’s knowledgeable, flexible and provided advice specific to my needs. Parvesh was always prompt in responding to any of my request. I look forward to working with him again on the future.
Kristy Westmass
FAQ
Life Insurance Questions Toronto and GTA Clients Ask Most
Real questions from calls and emails, answered the way I answer them on the phone.
01
Do I have to come into an office, or can we do this by video?
No. Everything is done electronically these days: a call or video meeting, an e-signature from your own phone or computer, and a nurse who comes to your home or work if the insurer needs one. You do need to be in Ontario or another province I’m licensed in when you apply.
02
How does my own policy compare with my lender’s mortgage insurance, and what if we refinance?
Your own policy pays whoever you name, and on a level term the amount doesn’t shrink. With lender insurance, the lender is the beneficiary and the benefit drops as you pay down. If you refinance, switch lenders or pay the mortgage off, your own policy carries on unchanged, while lender coverage usually ends.
03
Should our workplace group coverage count when we decide how much to buy?
Count it, but don’t lean on it. The thing with group coverage is it typically expires at 65, whereas we can do coverage that goes well beyond that, and it usually ends if you leave the job. More on how group life insurance works.
04
Is your fee covered by the insurer?
Yes. You don’t pay a broker fee. You pay the insurer’s published premium, and the insurer pays the brokerage a commission. Premium payments go directly to the insurance company, never to me.
05
Can you check with insurers before I formally apply?
Yes. A preliminary is an anonymous check: I send your profile to two or three insurers with no name attached and ask how they’d underwrite it. And just because one company declined you doesn’t mean you’re declined everywhere. Here’s what insurers treat as high risk.
06
Who is the best life insurance broker in Toronto?
There’s no official ranking, so check any broker yourself on four things. They’re licensed in Ontario, which you can confirm by name on FSRA’s public registry. They work with several insurers, not one. They’ve placed files like yours. And they walk you through the contract before you sign.
07
What are the best life insurance companies in Ontario?
It depends on your age, your health and what the coverage needs to do, so the right company for your neighbour may not be right for you. For a side-by-side look at five of the big names, see the top 5 life insurance companies in Ontario.
08
Do I need a financial advisor to buy life insurance?
No. Life insurance is sold by licensed life insurance agents and brokers. In Ontario, the titles financial planner and financial advisor are protected and need their own approved credential, so the licence to look for is the life licence. I’m a Licensed Life Insurance Broker.
Get in touch
Compare Life Insurance Quotes With an Independent Toronto Broker
Do your own research. Be in control of your own destiny. Look at reviews, and you be the one to reach out, not the other way around.
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