How Much Do Others Choose to Pay for Life Insurance in Surrey and in Canada
- 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?
Several Numbers You Must Know when looking for Life Insurance in SurreyIn 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 numbers to help you when searching for life insurance in Surrey:
|Average property price in Canada, July 2017||$478,696|
|Average property price in Surrey, July 2017||$698,718|
|Average property price in Vancouver, July 2017||$1,029,786|
|Average debt in Canada, 2016||$22,081|
|Average debt in Surrey, 2016||$23,597|
|Average debt in Vancouver, 2016||$24,445|
|Average financial needs to raise a child to the age of eighteen, 2012||$243,660|
How Do Different Aspects Impact Your Life Insurance Rates in Surrey?
|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 SurreySimilar to other provinces there is s regulation body in Surrey that regulates life insurance matters, The Insurance Council of Surrey. Council’s mandate is to provide a level of protection to the public pertaining to the sale of insurance products and services under the framework provided by the Act. The key objectives of The Insurance Council of Surrey are:
- Ensure education requirements for licensing meet the minimum standards necessary to protect the public
- Provide licensing ensuring that all licensees are competent, trustworthy, financially reliable and intend to carry on the business of insurance in good faith and in accordance with the usual practice
- Discipline licensees when there has been a breach of the Act or Rules
Examples of Term Life Insurance Rates in Surrey
- Life insurance quote in Victoria for a male, 35 years old, non-smoker, Term 15 life insurance with $350,000 coverage: starting at $24 / month
- Life insurance quote in Vancouver for a female, 35 years old, non-smoker, Term 20 life insurance with $250,000 coverage: starting at $17 / month
- Life insurance quote in Burnaby for a female, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $57 / month
- Life insurance quote in Nanaimo for a male, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $81 / month
How Can You Save on Life Insurance in Surrey?
- 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)? Then some insurance companies will offer you a discount.
- 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.
- 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.
- 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.
- 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.
- 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.
Our Publications related to Life Insurance
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. […]
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 […]
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 […]
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 […]
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 […]