There are many different life insurance companies for Canadians to do business with. Among the collection of quality insurance companies offering life insurance products is The First Canadian Life Insurance Corporation.
About the First Canadian Life Insurance Company
The company has been in business since 1988. It is one of many companies that come under the parent company which is the First Canadian Group of Companies. It is a company that was founded by the same founders of the Wheaton Automotive Group.
The First Canadian Life Insurance Company also goes by the name of;
- Millennium Insurance Corporation
- First Canadian Protection Plans
Although this insurance company does sell life insurance, it is unique compared to most.
Traditional Life Insurance
For standard types of life insurance, a beneficiary is named. The beneficiary receives the value of the policy that they are named as beneficiary on. Once the money from the policy is released to the beneficiary, it is totally up to them as to what they do with the funds.
First Canadian Life Insurance Company Policy
This company handles the payout of the insurance proceeds differently. The payout from this life insurance policy is used specifically to cover car loans. Upon the death of the insured, the balance owed on the vehicle covered by the insurance will be paid out.
First Canadian Creditor Life Insurance
As stated the proceeds from this life insurance coverage goes to paying off the balance of the car loan.
- Loved ones do not have to be concerned about paying out the amount owing on the car for the deceased.
- There is no worry about the car getting repossessed
- It may be easier to obtain financing for the car if you show you have insurance on the loan
- Payment is made directly to the lender, so loved ones don’t have to deal with this hassle
- Premiums are low
- Claims are an easy process
- No physical exam is required (there are some health questions)
First Canadian Group Life Insurance
This insurance company also offers group life insurance. The details of which are discussed through the group plan coverage.
Some First Canadian Life Insurance Statistics
- Currently, the company has 440K+ active life insurance policies
- The average time to activate a life insurance policy is within 30 days
- Their current unique client database is 500K+
Note that this Insurance company also provides vehicle and RV protection, and statistics may reflect this.
According to FSCO Ontario Statistics for First Canadian Insurance
- They have $27,054 direct written premiums
- Benefits and payments to policy holders are $2,672
- Assets for the total Company are $534,636
First Canadian Insurance Company Customer Feedback
With the Better Bureau, the company has received 19% positive reviews and 78% negative reviews. Keeping in mind that this Insurance company also deals with vehicle and EV clients. Overall the Company has received a 3.72* rating out of 5 based on 27 reviews. For Google reviews the company has a 3.9*-star rating based on 199 reviews.
Tips for Choosing Life Insurance
If the First Canadian Insurance Company doesn’t offer you the options you are looking for when it comes to life insurance then you will need to consider some of the other types of life insurance.
- Be knowledgeable as to what the Life Insurance Industry is about in Canada. Currently, there are 73 Life Insurance providers to serve the Canadian insurance consumer.
- Many of the Canadian Life Insurance Companies also see insurance products in more than 20 other countries.
- There are 3 Canadian Life Insurance Company that are ranked in the top fifteen for being the largest in the world.
The investments made by life insurers provide more than $690 billion in long-term investments. These are diversified in;
- Mutual funds
- Loans for Mortgages
- Real Estate
It is indicated that there are 22 million people with life insurance in Canada amounting to $4.3 trillion in coverage.
The Importance of the Life Insurance Industry to the Economy
- Benefits paid out reduces the stress on government assistance programs
- The industry is considered to be a major investor
- There are heavy tax contributions made
What Do Life Insurance Shoppers Base Their Decisions On?
- Their marital status
- How many dependents they have
- Their debt load
According to 2015 statistics, 78% of insurance shoppers bought private life insurance and 22% opted into group insurance.
Common Types of Life Insurance
Term Life Insurance:
- The most cost-effective
- Ideal for debt protection
- Options to convert
Permanent Life Insurance:
- Adds more stability for long-term protection
- Premiums can be spanned out over a number of years
- Can be used for financial emergencies
Whole Life Insurance:
For those who want to have an investment option as well as the security of knowing their loved ones are protected
What Insurance Company Do You Choose?
With so many Life Insurance Companies it can difficult to choose. But, you can look at specialized life insurance like what The First Canadian Life Insurance offers. Or, you can look into the more traditional forms of life insurance.
Do Life Insurance Comparisons
Life insurance is such an important product to buy the decision for it should not be made in haste. Each insurance company will have its uniqueness to it even though their products are similar. By getting insurance quotes, it allows you to narrow down your choices based on your wants and needs. Then you can take the cheapest quotes which you are going to get then compare them. Look at what they each have to offer to determine which one best suits your needs. Remember to think about not only your current needs but your insurance needs of the future. It is good to be able to have the option to convert your life insurance.
* Statistics as per date of live posting