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What you need to know about life insurance for mom 

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Welcoming a baby into the world is an incredible event that completely disrupts your routine. There are also some big financial changes, as new expenses are added on. As we celebrate new life, and even beforehand if possible, it’s important to think about the possible death of a parent and plan what you would do then. Life insurance could be a great tool to add to your kit, as it provides financial protection for your family in the event of premature death.

In this article:

What is life insurance?

The purpose of life insurance is to give your loved ones a non-taxable amount when you die. There are two types of life insurance: term and permanent.

Permanent insurance

Permanent insurance can be divided into two categories: whole life and universal life.

When referring to permanent insurance, whole life is usually what’s meant. This type of coverage is a great choice for people who want to pay their funeral expenses and taxes upon death, or would like to leave an inheritance. In all these cases, people want to be insured until their death; that’s why this type of coverage is called permanent.

Even though term insurance has lower premiums, permanent life insurance is a more economical choice if you want coverage for your entire lifetime. Instead of renewing your term life insurance several times over the course of your lifetime, which will make your premium increase each time you renew, taking out a permanent insurance policy locks in a fixed premium for your entire lifetime, with no increase even if your health deteriorates.

Term insurance

This insurance is intended for those with temporary insurance needs. For example, when you take on a mortgage or other large debt, or when you have children who depend on your earnings, term insurance is what you need, because that financial burden will disappear after a certain period of time.

It’s the most affordable type of insurance, allowing you to insure yourself for the length of time and the amount that you choose. If you die during the term of the insurance policy, your beneficiaries will receive the amount you insured yourself for.

This type of coverage also gives you flexibility: depending on your changing needs, you may decide to renew it when the selected term ends. You may also cancel it, change the coverage amount or convert it to permanent insurance.

For more information on the types of life insurance available, check out our article about the 6 types of life insurance.

Why buy life insurance as a parent?

Buying life insurance may be relevant when you’re about to become a parent to protect your family financially in case of premature death.

Life insurance gives you the peace of mind that you won’t leave a financial burden on your family in the event of premature death. Should this happen, your beneficiaries would receive a tax-free amount to repay your debts, such as credit cards, bills, lines of credit, student loans, car loans, mortgages, children’s education fees, as well as funeral or other expenses. It will also enable them to maintain a certain standard of living after you pass on.

Whether your family relies on two salaries to cover expenses or one parent stays at home, both people’s work is necessary to support your family. There would be serious consequences should one parent pass on, whether it be a lack of money to cover expenses or additional expenses to help with housing and children. Regardless of your situation, any tax-free amount is always welcome.

Still have questions about the life insurance offered by Matcha Insurance? Our financial security advisors are available to answer any questions you may have and to reassure you.

Call us today at 1 844 532-3228 or make an appointment.

How much does life insurance cost for mom or a parent?

Several factors influence the cost of life insurance: 

  • Your gender: life insurance is cheaper for women, because they have a longer life expectancy than men.
  • Your age: the younger you are, the less likely you are to die. Insurance is therefore more affordable for young people.
  • Amount of insurance: the higher the amount you choose, the higher your insurance premium.
  • Type of insurance chosen: the premium for permanent life insurance will be higher than the premium for term insurance.
  • Length of coverage, for term life: the longer your coverage period, the higher the price.
  • Tobacco or marijuana use: smokers may pay twice as much for the same insurance coverage as non-smokers.
  • Health and family history: your health and family medical history may influence the cost of your life insurance.

For example, here’s a comparison of monthly premiums for moms with different pofiles and coverage: 

Profile

Insurer 1

Insurer 2

Woman, age 35, non-smoker – $450,000 10-year term life

$17.46

$17.69

Woman, age 22, single, non-smoker – $100,000 10-year term life 

$6.84

$7.83

Woman, age 45, single mother of 2 children, non-smoker – $50,000 10-year term life

$12.26

$12.42

Profile

Woman, age 35, non-smoker
$450,000 10-year term life

Insurer 1

Insurer 2

$17.46

$17.69

Woman, age 22, single, non-smoker
$100,000 10-year term life

Insurer 1

Insurer 2

$6.84

$7.83

Woman, age 45, single mother of 2 children, non-smoker
$50,000 10-year term life

Insurer 1

Insurer 2

$12.26

$12.42

When comparing the monthly premium to other household expenses, you can quickly see it only represents a small fraction of Quebecers’ average monthly budget.

Make an informed choice and compare! 

Insurers may each offer you a different price for the same life insurance coverage, so it’s in your best interest to compare quotes. Matcha Insurance offers an online life insurance premium comparison tool to make your life easier! Compare now

On the same subject

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.
Ginette St-Laurent
Ginette St-Laurent
FINANCIAL SECURITY
ADVISOR

Known for her natural ability to advise, Ginette is highly valued by her clients.

Ginette holds an AMF accreditation in personal insurance and is a member of the CSF. She is a seasoned financial security advisor with extensive industry experience. Ginette’s expertise lies in providing financial services and advice.

During her career, she has worked at reputed financial institutions such as Industriel Alliance and National Bank, where she served as a financial security advisor. Through this experience, Ginette developed a thorough understanding of people’s personal financial needs.

As a financial services advisor for Matcha Insurance, now her mission is to make every effort possible to find you the best insurance coverage, wherever you are, based on your needs and financial means.

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.

Two Ways to Get a Quick Quote

By Phone: 1 844 532‑3228

Online:

Fill out the form. One of our financial security advisors will contact you as soon as possible.
Marc Moisan
FINANCIAL SECURITY ADVISOR

Marc works with you, providing smart, conscientious, expert advice based on tons of experience.

Marc is coming on 20 years’ experience in property and casualty insurance as well as financial services. He’s a proud alumnus of Cégep de Jonquière and the Université du Québec à Chicoutimi.

And as a former personal insurance broker and financial services representative with the likes of Industrial Alliance, Infoprimes, and Bélair Direct, he knows it all, and that means solutions that are incredibly well suited to your needs.

Today as a Matcha Insurance financial services advisor, he’s on a mission to get you the very best insurance coverage, wherever you are, whatever your needs, whatever your financial capacity—and whatever it takes.

Fatimata Dia
FINANCIAL SECURITY ADVISOR

When Fatima is on your case, you notice the difference. She’s right there—patient, attentive, meticulous—with insurance solutions that do exactly what you need them do.

Her ACS in customer service and degree in management inform 15+ years’ experience in client services. Before joining the Matcha Insurance team, her career included a multi-year position as financial security advisor with IA Financial Group.

That experience left her with the expertise both to help you understand your financial situation and to come up with insurance solutions personalized to your specific needs.

Now that she’s a Matcha Insurance financial services advisor, she’ll make sure you get the best insurance coverage based on your needs and financial capacity.

Laurent Goyette - Conseillers
Laurent Goyette
FINANCIAL SECURITY ADVISOR

Laurent’s proactive approach to finding the best insurance solution for each client and his sympathetic ear make him a trusted advisor.

Young and vibrant, Laurent has a mission to develop relationships of trust with his clients in the search for the best insurance of persons on the market.

Laurent listens to everyone’s needs and expectations and takes the time to explain all the intricacies of insurance policies in order to educate each of his clients about insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Karl Lenz Gravenhorst - Conseillers
Karl Lenz Gravenhorst
FINANCIAL SECURITY ADVISOR

With an ongoing commitment to protect the future of my clients through life’s uncertainties, I promise to guide and inform you with full transparency so that you are able to make the right decisions.

I am Karl Lenz Gravenhorst, a financial security advisor for Matcha Insurance, a Quebec-based financial services firm. As a financial security advisor since 2014, I have more than six years’ experience in the banking and financial services industries. I belong to that young generation of professionals who have developed a passion for working with people and an aptitude for clearly explaining at-times complex concepts.

My mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Driss Labad - Conseillers
Driss Labad
Financial Security Advisor

With an ability to break things down in an easy-to-understand manner, Driss can clearly explain life and health insurance products and discuss their pros and cons.

With a master’s degree in computer science from the Université du Québec à Montréal and a bachelor’s degree in science, Driss has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held various positions in the life and health insurance industry, particularly with Industrial Alliance and InfoPrimes as a financial advisor. Decoding an insurance policy and reading between the lines holds no secret for him. The more specific your needs, the more effective he can be.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

Anita Mpola Mbele - Conseillers
Anita
Mpola Mbele
Financial Security Advisor

Thanks to her keen analytical and synthesis skills, she will easily guide you through your process.

Anita Mpola Mbele is known for her thoroughness and professionalism. She quickly identifies her clients’ needs and supports them throughout their process.

She has worked as a financial security advisor since 2015 and has over five years of experience in managing the financial health of individuals, including roles at Industrial Alliance and Desjardins Financial Security. In addition, Anita has experience with life insurance products and in personal finance. She will be happy to help you and propose solutions that meet your needs.

Today, as a financial services advisor for Matcha Insurance, her mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Roberto Sepulveda - Conseillers
Roberto Sepulveda
Financial Security Advisor

Known for his analytical mind and ability to synthesize information, he will assess your needs in a thorough and capable manner

With a Master’s degree in Civil Engineering from the École de Technologie Supérieure de Montréal, Roberto has over 8 years of experience in financial services. Before joining Matcha Insurance, Roberto held a number of management positions across Canada, including at Desjardins Financial Security, London Life and United Chartering in Vancouver.

Drawing from his experience in life insurance, disability and critical illness files, and wealth transfer and investment portfolio maximization, he has the skills required to provide the best solutions to his clients. He pays close attention to his clients’ needs to design strategies that will meet their objectives.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Mickaël Miller - Conseillers
Mickaël Miller
Financial Security Advisor

Mickaël's thoroughness, his ability to listen and his drive make him a versatile advisor and unifier

With strong listening and analytical skills, Mickaël knows how to identify and understand his clients’ needs. His humour and drive also allow him to find new ways to take the analysis of his files to the next level.

A financial security advisor since 2015, Mickaël has over four years of experience in managing the financial health of individuals, including roles at RBC Insurance and Combined Insurance.

Today, as a financial services advisor for Matcha Insurance, his mission is to make every effort possible to obtain the best insurance coverage for you wherever you are, based on your needs and financial means.

Michael Stearns - Conseillers
Michael Stearns
FINANCIAL SECURITY ADVISOR

Known for his analytical skills and his judicious guidance and advice, Michael consistently rises to the challenge.

With a bachelor’s degree in business administration from the University of New Brunswick – Fredericton and a Certificate in Personal Finance from the Institute of Canadian Bankers in Montreal, Michael has more than 15 years’ experience in the financial services industry. Before joining the Matcha Insurance team, he held several positions where he was involved in managing the financial health of individuals and businesses, particularly for National Bank Insurance and Freedom 55 Financial. Perfectly bilingual, Michael is also a mutual fund representative.

Today, as a financial advisor for Matcha Insurance, his mission is to do the utmost to ensure you get the best insurance coverage, no matter where you are, based on your needs and your payment capacity.

How do I file a complaint?

  • In case of dissatisfaction, start by getting in touch with our Director of operations, Mrs Sylvie Chartrand:
    Mrs Sylvie Chartrand
    Director of operations:
    sylvie.chartrand@matchaassurance.ca
    Telephone: 1-844-532-3228
  • If you are not satisfied with her response, you can contact our Complaints officer to make a formal complaint:
    Mr. Jean-Benoît Forgues
    Assistant Vice President, Legal Affairs and Compliance
    1705-625, Avenue President-Kennedy
    Montreal (Québec) H3A 1K2
    Email: jean-benoit.forgues@humania.ca
    Telephone: 1-800-363-1334 ext. 263
    or from Montreal: 514-485-1334, ext. 307
    Fax: 1-844-773-4999

The complaint must be filed in writing. If you need help filing your complaint, you may call Ms. Marie-Kim Larouche, Legal advisor, at 1-800-363-1334 ext. 479.

Any complaint made in writing to our Complaints officer will be recorded in Matcha Insurance’s complaints registry if it includes at least one of the following:

  • A reproach against Matcha Insurance;
  • The identification of real or potential harm that a consumer has sustained or may sustain; or
  • A request for remedial action.

A complaint file is opened for each complaint. The file includes all of the documents required to assess your complaint.