Life Insurance New Brunswick: Intro
Welcome to your Life Insurance Guide for New Brunswick. This page will give you an idea of Life Insurance Premiums people choose to pay in New Brunswick 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 NB 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 New Brunswick 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?
- 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.
- 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%.
- 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.
- 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.
- 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).
- 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 New Brunswick
Similar to other provinces there is s regulation body in New Brunswick that regulates life insurance matters. New Brunswick’s Financial and Consumer Services Commission is responsible for the administration and enforcement of provincial legislation that regulates the following sectors: securities, insurance, pensions, credit unions, caisses populaires, trust and loan companies, co-operatives, and a wide range of other consumer legislation.
The Insurance Division of the Commission provides day-to-day administration of the Insurance Act through the regulation, oversight and licensing of insurers and insurance intermediaries (adjusters, agents and brokers, damage appraisers).
Link: The Insurance Division of FCBN
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 […]