Lethbridge Life Insurance: Intro
Welcome to your Life Insurance Guide for Lethbridge, Alberta. This page will give you an idea of Life Insurance Premiums people choose to pay in Alberta and across other provinces, will inform about key factors that impact your Life Insurance Rates, and share some savings opportunities when choosing Life Insurance.
How much do others pay for Life Insurance in Alberta and in Canada
The chart shows a comparison of term life, whole life, and universal life insurance premiums that consumers pay for Life Insurance in Canada. Please consider that though these are are self-reported data, we found out that many consumers in Lethbridge are underinsured.
Overall there are several important questions to answer before choosing Life Insurance:
- How much coverage (e.g. $100,000 or $$2,000,000) do I need and how long (e.g. for the next 25 years to insure my mortgage vs till end of my life to ensure that my family is safe)?
- What type of life insurance product do I need (e.g. Term Life, Whole Life, Universal Life etc)?
- What provider should I choose?
When you are getting a quote with us, we not only calculate the best rate for you based on your needs but also give an opportunity to speak with an experienced adviser who can answer all your questions, address your concerns and explain all insurance details.
How do different aspects impact your Life Insurance rates?
| # | Aspect | Rate Impact | # | Aspect | Rate Impact |
|---|---|---|---|---|---|
| 1 | Smoking | Increase of 200% | 5 | Your Depression History | Increase of 50 - 200% |
| 2 | Drinking | Increase of 50% | 6 | Your Physical Build | Decrease of 25% to Increase of 200% |
| 3 | Your Family History | Increase of 50 - 250% | 7 | Your Driving Record | Increase of 25% to 50% |
| 4 | Your Medical History | Excludes coverage for some diseases | 8 | Your Gender | Decrease of 25% for Women |
How Can You Save on Life Insurance?
- Great medical record drives savings: Having a healthy medical history in the past (not equal to the good current health state in the moment of application) has impact on your life insurance. If you’ve had serious issues, some potential disease cases can be excluded from your coverage.
- Ladies, you rock: Female policyholders pay on average 25% less than male policyholders. Changing your gender will not really help – insurers consider the gender you were born with.
- Don’t drink excessively and reduce your low insurance rates: If you do not have any drinking issues, you can benefit from lower insurance rates – otherwise your premiums can increase by up to 50%. An intensive drinker would be considered somebody who drinks 3-4 beers a day.
- Rounding mathematics matters: If you decide to buy a life insurance policy, make sure that your age rounds down and not up, i.e. if you are going to be 30 years old on December 31, buy the policy in the first 6 months of the year where your age is still rounded down to 29 and not 30.
- Avoid insurance agents: Insurance agent is not equal to insurance broker. Agents typically work for one company only and can offer only products of this company. That does not leave too many options.
- Got Life, Disability and Critical Illness? Cancel Mortgage insurance: Mortgage insurance is a fascinating product created by money lenders. Simply said, it is a different name of Life, Disability and Critical Illness insurance policy associated with payments for your mortgage. Got a mortgage of $500k together with mortgage insurance for that? Well, if you have a Life policy large enough, you can save yourself mortgage insurance.
- High blood pressure cases can mean different premiums with different insurers: Typically high-blood pressure leads to higher insurance premiums but various life insurance providers treat and price those cases differently. Often any blood pressure exceeding 140/90 can trigger higher premiums. Some insurance brokers know those cases better and will be able to navigate you to the company with better rates.
- Diabetics is not easy to ensure but not impossible: Many companies will not cover you but some will and again you’d better to rely on a broker who has experience in this field and can help to get insurance and optimize premiums.
- Annual vs. monthly payments: In comparison to monthly payments, annual payments save insurers administrative costs (e.g. sending bills) and therefore they may reward you with lower premiums.
- Interested in more saving tips for Life Insurance? Get an insurance quote below and connect with an experienced insurance professional to get more tips.
Life Insurance Regulation Body in Alberta
Similar to other provinces there is s regulation body in Alberta that regulates life insurance matters, The Life Insurance Council of Alberta. It is one of four Alberta Insurance Councils. The Councils are formed under the Insurance Act and they derive their authority under a delegation from the Minister of Finance for the province. Together with General Insurance Council, the Life Insurance Council is responsible for licensing and discipline of insurance agents, brokers and adjusters in the Province of Alberta.
Link: The Alberta Insurance Council
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Life Insurance by Province