Life Insurance in Hamilton: Intro
Welcome to your Life Insurance Guide for Hamilton, Ontario. This page will give you an idea of Life Insurance Premiums people choose to pay in Ontario 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 Canadians pay for Life Insurance in Ontario and in Canada
The chart shows a comparison of term, whole 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 Hamilton are underinsured. Life Insurance premiums will also strongly depend on number of factors – these are average premiums.
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?
- 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.
- Member of something? Some insurers reward it: Are you a member of a professional organization (e.g. Certified Management Accountants of Canada or The Air Canada Pilots Association)?
- 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.
- Bundles can be cheaper: Getting several insurance products from one provider e.g. Life insurance together with Disability Insurance and Critical Illness can be often rewarded by lower premiums. Or you can sometimes bundle Life insurance with Non-Life insurance (e.g. Home or Auto) – that depends from insurance provider.
- 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.
- 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.
- Young means cheaper: Apply for the policy when you are young and your premiums will be lower.
- 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.
- 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 Ontario
Similar to other provinces there is s regulation body in Ontario that regulates life insurance matters, Financial Services Regulatory Authority of Ontario (FSRA) (former Financial Services Commission of Ontario: FSCO). It licenses and regulates insurers in the province of Ontario to ensure they comply with the law.
Link: Financial Services Regulatory Authority of Ontario (FSRA)
There is also another regulatory body for Insurance in Ontario. The Registered Insurance Brokers of Ontario (RIBO) is the self-regulatory body for insurance brokers in Ontario. RIBO regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all independent general insurance brokers in the province.
Link: The Registered Insurance Brokers of Ontario (RIBO)
Our Publications related to Life Insurance
Life, Disability and Critical Illness Insurance: Do Men or Women Pay More?
Introduction There were many articles written about men paying more for car insurance than women, but what about other insurance types? Do women always benefit from lower insurance rates? We took on this question and systematically went through various life insurance, disability insurance, and critical illness insurance by consulting with professionals who had the answers. […]
Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers
The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]
If Life Insurance Plans Were Cars: How to Look at Various Types of Life Insurance in Canada
Overall, insurance is considered a somewhat boring, though necessary, topic. On top of that, it is not always clear – there are plenty of various types of life insurance products in Canada that work differently. I decided to explain it in a bit of a different and funny way – I hope that you will […]
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 of insurers fall under the umbrellas of three large […]
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, that’s not the case. The cost of seeking […]