Life Insurance Mississauga: Rates, Quotes, Tips

Panorama-Mississauga

Life Insurance Mississauga: Intro

Life InsuranceWelcome to your Life Insurance Guide for Mississauga, 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.

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How Much Do Others Choose to Pay for Life Insurance in ON 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 Mississauga 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.

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How Do Different Aspects Impact Your Life Insurance Rates?

#AspectRate Impact#AspectRate Impact
1SmokingIncrease of 200%5Your Depression HistoryIncrease of 50 - 200%
2DrinkingIncrease of 50%6Your Physical BuildDecrease of 25% to Increase of 200%
3Your Family HistoryIncrease of 50 - 250%7Your Driving RecordIncrease of 25% to 50%
4Your Medical HistoryExcludes coverage for some deseases8Your GenderDecrease of 25% for Women

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How Can You Save on Life Insurance?

  • Alumni: Graduates from certain Canadian universities (e.g York University) might be eligible for a discount at certain Insurance providers
  • 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.
  • 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.
  • 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.
  • 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.
  • 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).
  • 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.
  • Young means cheaper: Apply for the policy when you are young and your premiums will be lower.
  • 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%.
  • Interested in more saving tips for Life Insurance? Get an insurance quote below and connect with an experienced insurance professional to get more tips.

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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

ribo-logoThere 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)

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