Affordable Life Insurance in Calgary – Get a Free Quote

Panorama-Calgary

4 Reasons to get a Life Insurance Quote

  • Protected your family and loved ones
  • Compare life Insurance quotes in Calgary from 20+ Canadian insurers
  • Talk to a live insurance broker and ask any questions you want
  • Benefit from low life insurance rates starting at just a few dollars per month

Life Insurance Average rates – how much do Calgarians and Albertians pay?

The chart, based on a life insurance calculator for Canada, shows a comparison of term, whole life, and universal life insurance premiums that consumers pay for Life Insurance in Canada. Please consider that though these are self-reported data, we found out that many consumers in Alberta are underinsured. Life Insurance premiums will also strongly depend on a number of factors – these are average premiums.

Overall there are several important questions to answer before choosing Life Insurance:

  1. 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 the end of my life to ensure that my family is safe)?
  2. What types of life insurance exist (e.g. Term Life, Whole Life, Universal Life etc)?
  3. What provider should I choose – Manulife, Sun Life, Great-West Life or any other?

When you are getting a life insurance 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.

Several Numbers You Must Know when looking for Life Insurance in Calgary

In most cases, your financial obligations (e.g. mortgages, lines of credit, need to ensure that your children and love ones have been take care of.

Here are a few numbers to help you when choosing Calgary life insurance:

Item Estimation
Average property price in Canada, July 2017 $478,696
Average property price in Alberta, July 2017 $396,946
Average property price in Calgary, July 2017 $458,480
Average debt in Canada, 2016 $22,081
Average debt in Alberta, 2016 $27,956
Average debt in Calgary, 2016 $28,810
Average financial needs to raise a child to the age of eighteen, 2012 $243,660

What Aspects Impact Life Insurance Rates in Calgary and in Canada?

# Aspect Rate Impact
1 Smoking Increase of 200%
2 Drinking Increase of 50%
3 Your Family History Increase of 50 – 250%
4 Your Medical History Excludes coverage for some deseases
5 Your Depression History Increase of 50 – 200%
6 Your Physical Build Decrease of 25% to Increase of 200%
7 Your Driving Record Increase of 25% to 50%
8 Your Gender Decrease of 25% for Women

Life Insurance Regulation Body in Alberta

Similar to other provinces there is a regulation body in Alberta that regulates Calgary life insurance and Alberta 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

Examples of Term Life Insurance Rates

  • Life insurance quote in Calgary for a female, 35 years old, non-smoker, Term 20 life insurance with $250,000 coverage: starting at $17 / month
  • Life insurance quote in Edmonton for a male, 35 years old, non-smoker, Term 15 life insurance with $350,000 coverage: starting at $24 / month
  • Life insurance quote in Medicine Hat for a female, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $57 / month
  • Life insurance quote in Calgary for a male, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $81 / month

Life Insurance in Calgary – What you Must Know

“When looking at the Life Insurance in Calgary, the first thing you gonna want to look at, is my broker licensed in Alberta.

Once you’ve determined that he or she is licensed in Alberta, you can go over how much life insurance I need and, in fact, do I need life insurance?

People with dependents generally need life insurance much more than people without dependents. Now, those people with dependents and even the ones without they gonna want look at what types of things need to be covered in the event they pass away.

A big thing is a property, if you a have property and a mortgage on the home you gonna want make sure that’s covered.

The average home in Canada is (worth) $480k, the average detached home in Calgary is (worth) $490,000 and you also wanna look at things like consumer debt…

You look at consumer debt in Calgary – it’s $28k which is significantly higher than the country as a whole. You factor those with other needs such as covering final expenses, replacing part of your income in the event that you pass away – that determines your life insurance needs.

Once you’ve got this need covered, you gonna want determine the right type of life insurance – if that is a permanent policy or a term policy.

A good broker can make sure that he or she helps you to find the right amount of coverage and the best type of plan.”

8 tips for Calgarians to save on Life Insurance and Reduce Their Rates.

  1. Smoking impacts your health and insurance rates: Stop smoking well in advance (at least a year) before applying for a policy – otherwise your premiums will double. Like cigars? Well, many life insurance companies consider smoking more than 1 cigar per month and you won’t be able to get non-smoker rates.
  2. 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.
  3. Young means cheaper: Apply for the policy when you are young and your premiums will be lower.

Insurance type matters: Term insurance products have lower than initial premiums than Whole Life or Universal Life. So, if you are looking to maximize your initial coverage, choose Term.

  1. Say no to guaranteed issue life policy: People with good health do not need a guaranteed issue life insurance policy (these are policies that do not require a medical exam but they cost more) – do a health check / exam and enjoy lower life insurance premiums.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Interested in more saving tips for Life Insurance? Get an insurance quote below and connect with an experienced insurance professional to get more tips.

Our Publications related to Life Insurance

Insurance Companies in Canada – Easily Explained

Insurance Companies in Canada – Easily Explained

The life insurance landscape in Canada is quite unique. The infographic below shows all the key players and their size, reflecting their assets under management (AUM) based on life and wealth segments of the company’s business. (scroll further down to continue reading) In Canada, the majority [...]
What is Travel Insurance, and Why Do I Need it?

What is Travel Insurance, and Why Do I Need it?

By RateHub.ca When it comes to budgeting for your vacations, travel insurance is one of those things that’s often overlooked. It’s easy to understand why: we have publicly funded healthcare in Canada, so many people assume that benefit applies to wherever we travel in the world. Unfortunately,[...]
12 Critical Illness Insurance Myths You Must Know Before Purchasing a Policy

12 Critical Illness Insurance Myths You Must Know Before Purchasing a Policy

Critical illness insurance is one of those insurance types that often gets neglected. Here are a few statistics based on Manulife’s disability and critical illness calculator (a link is provided at the end of this article). If you are 30 and 40 years old respectively, here are your chances to get[...]
111 Insurance Myths – Everything You Must Know

111 Insurance Myths – Everything You Must Know

Hundreds of websites on the Internet perpetuate insurance myths. In this article, we have summarized all the insurance myths we are aware of and catalogued them by type, starting with home insurance, followed by auto insurance, life Insurance etc. If interested, you can unlock another 20 additional [...]
Funeral Insurance in Nova Scotia: What You Must Know about its Recent Changes

Funeral Insurance in Nova Scotia: What You Must Know about its Recent Changes

Nova Scotia has just passed a new amendment to change two acts that affect the funeral service industry. We decided to zoom in on this topic to provide more clarity and to also get a consumer-focused perspective. What are the Recent Changes Related to Funeral Insurance in Nova Scotia? In the p[...]
magnifier  Life Insurance by Province
Life Insurance in AlbertaLife Insurance in Newfoundland and LabradorLife Insurance in Prince Edward Island
Life Insurance in British ColumbiaLife Insurance in Nova ScotiaLife Insurance in Quebec
Life Insurance in ManitobaLife Insurance in OntarioLife Insurance in Saskatchewan
Life Insurance in New Brunswick
magnifier  Life Insurance by Location
Life Insurance in BarrieLife Insurance in MississaugaLife Insurance in Regina
Life Insurance in BramptonLife Insurance in LethbridgeLife Insurance in Saskatoon
Life Insurance in BurlingtonLife Insurance in SudburyLife Insurance in St. Catharines
Life Insurance in CalgaryLife Insurance in SarniaLife Insurance in Toronto
Life Insurance in EdmontonLife Insurance in OttawaLife Insurance in Windsor
Life Insurance in EtobicokeLife Insurance in ScarboroughLife Insurance in Thunder Bay
Life Insurance in HamiltonLife Insurance in Red DeerLife Insurance in Winnipeg
Life Insurance in KingstonLife Insurance in KitchenerLife Insurance in Waterloo
Life Insurance in LondonLife Insurance in Medicine Hat