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How Does Life Insurance Work?

Getting life insurance can be a huge step forward in protecting your family’s future, but it’s often hard to know where to start. Choosing the coverage that’s right for you is a lot easier if you know exactly how your life insurance works – so let’s take a look at our straightforward coverage! 

How does Cover Direct life insurance work?  

Getting coverage with Cover Direct is straightforward. Simply request a quote and our experienced agents will walk you through each step. We offer two types of coverage: level premium and age-based. Our policies are exclusive to Cover Direct, and it’s easy to apply online or over the phone. With coverage from Cover Direct, if you were to pass away your family would be able to make a claim to receive the financial protection you’ve put in place.  

Do I need life insurance? 

Life insurance is a good way to help protect the people you love, including anyone who might be responsible for tying up your finances after you pass away. If you have children, a partner, or other loved ones you’d worry about if something were to happen to you, life insurance could give you some peace of mind and protection for the people who matter to you. It can also be a good way to make sure there’s some money available for financial obligations like debts and mortgages that you wouldn’t want your family to inherit after you pass away. 

Am I eligible? 

If you’re a Canadian citizen aged 18-65, you can apply for life insurance with Cover Direct. We’ll take certain things into account, like your general health and lifestyle, but you won’t be asked for medical records or blood tests. 

What kind of coverage can I get? 

We offer two types of single policies: age-based and level premium coverage. An age-based policy gives you whole of life coverage, with your monthly premiums increasing on an annual basis, as described in more detail in the policy terms and conditions. If you choose a level premium policy, you’ll decide on a term that suits you (between 10 and 30 years depending on your age), and your monthly premiums will remain level throughout your policy.

What else is covered? 

When you take out a policy with Cover Direct, you can also take out some optional extra coverage:

Critical illness insurance

Critical illness insurance provides your family with some additional protection if you were to become seriously ill with a condition covered under your policy and diagnosed by a medical professional. The conditions covered include heart attacks, cancer, strokes, and coronary artery bypass grafts. With a pay out of $50,000, critical illness insurance could help you and your loved ones through a difficult time while you recover, particularly if you’re losing income or have medical bills to pay.

Children’s coverage 

As unthinkable as it is, the truth is that accidents and illness can happen at any age. Caring for a seriously ill child can be a huge strain on any family. With a Cover Direct policy, you’ll have the option to cover the lives of any children under your care who are aged 1-17 at the policy start date, with coverage up to age 21. That way, your family will have some financial support in place if the unthinkable should happen. You'll be able to make a claim if your child dies within 90 days of an accident, or is diagnosed with any one of the following injuries:

  • Bacterial meningitis, resulting in permanent symptoms 
  • Permanent and irreversible blindness 
  • Permanent and irreversible deafness 
  • Encephalitis, resulting in permanent symptoms 
  • Loss of hands or feet (permanent physical severance) 
  • Total and irreversible paralysis 
  • Traumatic head injury resulting in permanent symptoms
     

How much does life insurance cost? 

Premiums start from as little as $9.28 per month1, but if you’re wondering exactly how much life insurance costs, it’s important to note that there are a few factors that go into calculating your monthly payments. We’ll consider your chosen benefit amount, the length of your policy term, your gender, and your age and health at the time of purchase.  

You can secure coverage between $100,000 to $1,500,000 depending on your age when you first take out your policy. The sooner you apply, the more coverage we can provide. 

How do I buy exclusive coverage from Cover Direct? 

Getting life insurance with Cover Direct is easy. Our policies are available exclusively through Cover Direct, so there are no additional broker fees to worry about and you can be sure you’re getting first-hand expert advice about your coverage. Apply online or call us at 1-844-990-4254 and our friendly agents will talk you through your application in just a few minutes.  

What happens when I pass away? 

When you pass away, your family or a named beneficiary can make a claim for the coverage you’ve secured. It can be difficult to think about this kind of thing when you’re grieving, but it’s important they get in touch with us as soon as possible. We’ll then aim to make the claims process as easy and straightforward as possible, so your loved ones won’t need to wait around to get the support you’ve arranged for them.

We’re here to help

Protecting the people you love shouldn’t be complicated, and it’s important to us that you know what you’re getting when you choose Cover Direct! If you’d like to learn more about what we can do for you, check out our guides or give our friendly team a call at 1-844-990-4254. You can reach us Monday-Friday, 9AM to 8PM ET.

Call us today about Life Insurance

1

Based on $100,000 of coverage for a 32-year-old female non-smoker with aged-based premiums. T&Cs apply.