Life Insurance Manitoba: Intro
Welcome to your Life Insurance Guide for Manitoba. This page will give you an idea of Life Insurance Premiums people choose to pay in Manitoba 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 Choose to Pay for Life Insurance in MB and in Canada
The chart shows a comparison of term 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 Manitoba 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 deseases||8||Your Gender||Decrease of 25% for Women|
How Can You Save on Life Insurance?
- 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%.
- 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
- 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.
- Cancer cases are treated differently: Insurance companies treat cancer cases differently (often considering it high-risk insurance) – talking to a broker, who knows that field well, can save a lot.
- 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).
- Young means cheaper: Apply for the policy when you are young and your premiums will be lower.
- 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.
- 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.
- 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.
- 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 Manitoba
Similar to other provinces there is s regulation body in Manitoba that regulates life insurance matters, The Insurance Council of Manitoba. This organization is responsible for the licensing and discipline of insurance agents, brokers and adjusters in the Province of Manitoba. The key objectives of the Insurance Council of Manitoba are:
- Establish standards for applicants and licensees to promote high standards of professionalism, competence and integrity in the insurance industry
- Conduct investigations into the actions and/or conduct of insurance agents and adjusters in response to a complaint
- Come to a determination as to whether there has been a breach of any of the provisions of The Insurance Act of Manitoba, its Regulations, the Licensing Rules or the Insurance Councils Code of Conduct