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ConsumerTerm.Com utilizes the WinQuote term insurance comparison and information service, designed by consumers for consumers. ConsumerTerm.Com is the most objective and independent resource of this nature for Canadians. The purpose of this site is to educate and inform. This site does not offer nor solicit for the sale of insurance and no personal identifying information is either requested or collected. The WinQuote™ term insurance comparison and information service for Canadian consumers is run on the web-based versions of the most advanced and feature packed insurance quotation, comparison and evaluation software in Canada, including LifeGuide® and CompeteCA™. These software systems set the standards for independent, multiple company life insurance software in Canada.
To maximize the benefits that you'll derive from this site, WinQuote is advanced far beyond mere "initial" premium comparisons. Using the extensive facilities provided by this WinQuote site, you will receive objective information without the sales talk or sales solicitation. More importantly, you will be better equipped with market and cost information to ask the questions that should be asked before you sign on the dotted line.
In addition to "initial premium period" quotes and comparison surveys, this site also provides you with the following investigative research facilities:
Explanations of the terms used
Explanations of the terms used
In order to avoid confusion with jargon that simply does not have any standardized meaning, this site avoids such jargon. Instead, this site uses plain language while assigning the software with the task of sorting out the different jargon interpretations that are specific to each product (policy). For better understanding and accuracy of user input, this WinQuote site provides extensive context sensitive pop-up help and explanation prompts and windows.
The WinQuote input screen provides you with brief explanations of the input items. Help on the input screen is provided through pop-up windows such as this one. To view context sensitive help click on the [?] help icons or click on any of the links for the terms used under the heading "Risk"
Context sensitive pop-up help prompts are
also provided on the comparison screens and pages. These pop-up help
prompts appear in yellow background rectangles when you move your mouse cursor
over various items listed on the comparisons screen.
Rather than take a short-cut
through a vague and superficial question such as "Are you a smoker?" or
the like, WinQuote treats this fundamental and material aspect with the
seriousness that it demands. Thus, the "tobacco/nicotine" question
on this consumer site is very specific and asks whether you have EVER used
or consumed any form of tobacco or nicotine. If you currently smoke
or consume tobacco and/or nicotine in any form - or if you have EVER done
so in the past - please check off the "Yes" option.
Please check off the "No" option only if you have NEVER smoked or used tobacco or nicotine in any form during your lifetime
If you have EVER smoked or consumed tobacco or nicotine products during your lifetime and therefore checked off the "Yes" option to this question, WinQuote automatically presents a pop-up window with an easy tobacco/nicotine consumption questionnaire. Please enter the time period since your last (most recent) use or consumption for the applicable forms of tobacco/nicotine. Then, click on the "Proceed" button in the tobacco/nicotine consumption questionnaire pop-up to accept your input and return to the main input screen..
Why is this so important? The term insurance offerings by the various companies differ substantially in acceptance requirements (also known as "qualification requirements" or "issue requirements"). For a good number of term insurance offerings, tobacco smokers such as smokers of pipe or cigar may qualify as "non-smokers". In contrast, other offerings may require no tobacco or nicotine consumption whatsoever for varying minimum periods of time. Some may require the immediately past 3 or 5 or 10 years of "absolutely no tobacco or nicotine consumption/use" whereas it is not beyond the potential that some may require "no tobacco or nicotine" for the entire duration of the applicant's lifetime.
A simple question such as
"Have you smoked or used tobacco during the past 12 months?" may have been
acceptable in the 'old days', 20 years ago and may still be applicable
to some of the classes of some of the term insurance offerings. However,
such a question is still overly simplistic and too inexact for realistic
comparisons of present-day multiple-class (also known by the generic insurance
industry descriptor "preferred underwriting") term insurance offerings.
and Renewal Cost Evaluations
Examination of individual
policy renewal costs:
using your choice of any of the 4 common premium payment modes
The premium calculation methods and factors employed by different insurance companies to arrive at the modal premiums for each of the 4 common premium payment modes may differ. Thus, the relative cost-ranking order of policy offerings on a comparison survey may differ depending on the premium payment mode that you choose.
In general, though every
general rule has its exceptions, the most cost effective premium payment
mode is the "Annual" mode whereas the least cost effective mode is the
"Monthly". The CompeteCA™ Professional life insurance comparison
software that powers this site provides for research, quotations and comparisons
based on any of the 4 premium payment modes. Therefore, this site
also offers this facility and you can choose to compare in any of the 4
common premium payment modes.
by Side, detailed "MontAge™" comparisons
To take advantage of "MontAge", run a comparison survey first. Then, on the comparison survey page, click on the "MontAge" button. After you click on the "MontAge" button, the comparison survey is re-displayed with check-boxes to the left of each of the listed policies. Pick an X number of policies (where X is any number of policies from 2 to 18) by checking them off on their check-boxes and then click on the "MontAge" button again.
The side by side "MontAge"
comparison is then presented, in year by year detail and showing the modal
cost during each year for each of the picked policies ("products").
This facility can be very valuable and allows you, the consumer, to pick
the policies that interest you. You can repeat the "MontAge" examination
again and again, picking groups of anywhere from 2 to 18 policies at a
time to compare.
The "NG" ("Not Guaranteed")
The notation "NG" (for "Not
Guaranteed") is placed in the notations column to identify those polices
where the premium is not guaranteed to remain level on a single stated
premium schedule during the entire initial premium period. In other
words, the notation "NG" identifies polices where the level premium is
PROJECTED but NOT guaranteed to remain level during the entire intial premium
period. It is strongly recommended that you consult with an agent
or broker who is equipped with the CompeteCA™ Professional Software.
It is also strongly recommended that you also request that the agent or
broker supply you with an authorized life insurance company illustration
that gives further information and descriptions of the guarantees that
The "D1" ("Discounted
in the first year") Notation
The "D1" notation may appear on its own or in conjunction with other notations such as the "NG" notation discussed briefly above.
The "D1" notation indicates that the premiums for later years during the initial level premium period are higher than the "initial" first year premium (or, in other words, higher than the start-off premium costs).
To view the year by year
costs of these policies, click on the premium amount for the policy shown
in the initial premium cost comparison survey and review the yearly costs.
Alternatively, use the "MontAge"
facility described above. As always, we strongly recommend that you
consult with an agent or broker who is equipped with the CompeteCA Professional
Software. For the name and telephone number of consumer minded agents
and brokers who subscribe to the CompeteCA Professional Software, click
on the "Find Agent/Broker" button
located at the top or bottom of the comparison survey pages.
For this reason, and as an
added service, this site includes a number of valuable financial tools.
These tools include:
As a side note, this type
of calculation is sometimes mistakenly named - and even paraded - as a
"life insurance needs analysis". The mere calculation of the present
value of a series of future payments is NOT an "analysis" but merely just
a Present Value calculation. It should not be viewed as a "life insurance
needs analysis". A proper analysis needs to be detailed and comprehensive.
A proper life insurance portfolio to address your needs, and based on proper
planning and periodic reviews, will save you money and will reduce the
potential for unpleasant avoidable surprises.
Sales ("marketing") costs are built into the premium that is charged and that you would pay for. You would be paying those sales or "marketing" charges regardless of whether you buy on-line, by mail order or through a full-service agent or broker.
Actually, there is a good potential that a term insurance policy purchased without full service would cost you more. For example, as noted earlier, most of the on-line term insurance sales sites fail to deal with current or past tobacco or nicotine consumption adequately. Such sites could end up selling you a policy that would cost more than it should (for example, a cigar smoker paying a "smoker" rate when (s)he could be eligible for lower special cigar smoker "non-smoker" rates). Alternatively, such sites could quote "mirage" rates for which you may not qualify and have you end up with a more expensive policy than you would if you bought through a properly equipped and caring agent who invested the effort and time to do the needed research.
It is important to keep in mind that this site is designed to provide the most objective and unbiased consumer information resource on the subject of term insurance on the Internet. The detail and depth of the facilities on this site are made available to provide you with objective and thorough research resources and also to demonstrate the numerous aspects that need to be examined BEFORE you sign on the dotted line. Since this site is operated by consumers and not by a direct or indirect insurance sales entity, we don't ask for your name (nor do we want to know your identity). On the other hand we strongly recommend that you consult with a consumer interest oriented agent or broker who is equipped with the CompeteCA™ Professional Software. As noted earlier, this will not cost you more and will more than likely end up saving you money.
No one can guarantee the conduct of another person. You will need to speak to the listed agents/brokers yourself and determine who you are most comfortable with. On the other hand, because the CompeteCA software is most attractive to agents and brokers who are knowledgeable and are consumer minded - and because agents and brokers have to pay to subscribe to the CompeteCA™ software - an agent or broker who subscribes to the CompeteCA™ software gives a good indication that (s)he is keen to provide value and service. The CompeteCA™ software that powers this site provides numerous functions, facilities and resources that go far beyond those on this site. Although this site provides substantial depth and detail, an agent or broker who subscribes to the CompeteCA™ software has access to far more product, costs, underwriting and other important information than we can provide here.
To locate a CompeteCA™ subscriber
near you, click on the "Find Broker/Agent" button on the survey page at
this site. The names and telephone numbers of three CompeteCA™ subscribers
near you will be displayed and you are free to call them directly for service.
Also, to let the agent that you call know that you are a careful consumer
who demands good service, may we suggest that you let the agent know that
he or she was listed at this site.
NOTICE AND DISCLAIMER ABOUT RATES AND FIGURES SHOWN IN COMPARISONS AND
SURVEYS AT THIS SITE
To the best of our ability we have done all that we could to check and double check in effort to present the most up-to-date and accurate information. HOWEVER, WE CANNOT GUARANTEE ACCURACY.
In the event that there may be a discrepancy between the information on this site and/or figures on this site used in comparison surveys, and any illustration or document or policy produced and/or authorized by an insurance company, the insurance company's authorized documents shall apply. In the event that there may be a discrepancy between the information on this site and/or figures on this site used in comparison surveys, and an insurance policy issued by an insurance company, the policy shall govern.
We do not sell insurance and none of the figures shown on this site are intended to be, nor should be understood to be, a sales illustration or a solicitation of term insurance for sale. The purpose of this site is to provide objective and unbiased consumer information and this site is operated as a non-profit public service.
and Trademarks Notice:
This site is dedicated to objective, consumer information. It is not to be used in conjunction with any commercial or "for profit" business or venture. This site and the entirety of its contents are Copyright (C) CompuOffice Software Inc. and may not be duplicated or copied or transmitted in whole or in part by any commercial entity or for financial gain by any person or entity without the prior expressed written permission of CompuOffice Software Inc.
Permission is granted to
consumer advocacy and protection organizations as well as educational institutions
to use this site free of charge for consumer education purposes.
For further information and for technical software assistance to consumer
organizations and educational institutions to include this service in their
respective web sites, please contact CompuOffice Software Inc. 1-888-316-5433.