What Are Typical Life Insurance Premiums In the Manitoba Area / GTA?
The chart shows a comparison of term life and universal life insurance premiums for Life Insurance across Canada.
Please consider that though these are self-reported data, we found out that many consumers in Ontario and in Manitoba, in particular, are underinsured.
Life Insurance rates in Manitoba will also strongly depend on number of factors – here you see average rates paid by Canadians.
Overall there are several important questions to answer before choosing Life Insurance in Manitoba and any other location:
- 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 life insurance company should I choose?
- Should I use an insurance broker or buy directly from an insurance company or bank?
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.
Several data points you must know when looking for Life Insurance in Manitoba
In most cases, your financial obligations will dictate your need for life insurance – e.g. mortgages, lines of credit, need to ensure that your children and love ones have been take care of.
Here are a few values to help you when searching for Manitoba life insurance:
| Item | Estimation |
| Average property price in Canada, May 2019 | $507,837 |
| Average property price in Manitoba, May 2019 | $302,311 |
| Average financial needs to raise a child to the age of eighteen, 2012 | $243,660 |
What Aspects Impact Life Insurance Rates in Manitoba 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 Ontario
Similar to other provinces there is s regulation body in Ontario that regulates life insurance matters, Financial Services Commision of Ontario (FSCO). It licenses and regulates insurers in the province of Ontario to ensure they comply with the law.
Link: Financial Services Commission of Ontario
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.
Examples of Term Life Insurance Quotes in Manitoba
- Life insurance quote in Manitoba – Etobicoke for a female, 35 years old, non-smoker, Term 20 life insurance with $250,000 coverage: starting at $17 / month
- Life insurance quote in Manitoba – Markham for a male, 35 years old, non-smoker, Term 15 life insurance with $350,000 coverage: starting at $24 / month
- Life insurance quote in Manitoba – North York for a female, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $57 / month
- Life insurance quote in Manitoba – Downtown for a male, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $81 / month
Life Insurance in Manitoba – What you Must Know
“If you are looking for life insurance in Manitoba, there are a few things you want to determine. The first thing is to make sure that your agent or your broker is licensed in that province. That is crucially important.
Another thing you want to look at – what are your life insurance needs, what are they exactly? You gonna look at the things like your overall income, if you have a mortgage, and your mortgage can be tied a lot to your property value.
The property values in Manitoba are substantially less than they are throughout Canada. $480,000 is an approximate property value in Canada. It is about $280,000 in Manitoba. So, it is less, and people are also carrying less debt. So, generally speaking, somebody in Manitoba would need less life insurance than someone in another province but it is really an individual thing.
So, you have to factor in how much your income is, how much of this income you need to replace, how does it factor in with any mortgage or any other debt and you have to determine what that need is.
Once you determined what that need is, then you can find the right type of policy – if it is a permanent policy, a term policy – these are all things you gonna want to discuss with your broker, who should be licensed, who must be licensed in Manitoba.”
How to get cheap life insurance in Manitoba: 8 Tips
- Family history: Having a healthy family without any serious diseases lowers your life insurance premiums as you are less likely to face a critical illness. Known serious issues in your family’s medical history can increase the premiums by 50% to 250%.
- 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.
- 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.
- 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.
- 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 for Manitoba life insurance, choose Term.
- Get rid of unnecessary riders: Check additional riders offered with a life policy to decide if you need them e.g. Accident death benefit (higher payouts in case of death through an accident), term conversion rider (in case you want convert your Universal policy into Term).
- Be healthy, save on insurance: If you are in a good health and have a good build when you apply for a life insurance policy, insurers will reward that with lower premiums. Insurance companies use a so called BMI index (body-mass index, a ratio of your height and weight) to determine your premiums.
- Young means cheaper: Apply for the policy when you are young and your premiums will be lower.
Interested in more saving tips for Life Insurance? Get an insurance quote below and connect with an experienced insurance professional to get more tips.