What are typical Life Insurance rates In the Newfoundland and Labrador?
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 Newfoundland and Labrador are underinsured.
Life Insurance rates in Newfoundland and Labrador 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 Newfoundland and Labrador 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 NL
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 Newfoundland and Labrador life insurance:
| Item | Estimation |
| Average property price in Canada, May 2019 | $507,837 |
| Average property price in Newfoundland and Labrador, May 2019 | $233,456 |
| Average financial needs to raise a child to the age of eighteen, 2012 | $243,660 |
What aspects impact Life Insurance rates in NL 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 diseases |
| 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 NL
Similar to other provinces there is s regulation body in Newfoundland and Labrador that regulates life insurance matters, The Superintendent of Insurance Office via Digital Government and Service NL. It deals with licensing and regulates insurance matters.
Examples of Term Life Insurance Quotes in Newfoundland and Labrador
- Life insurance quote in St. John’s, Newfoundland and Labrador for a female, 35 years old, non-smoker, Term 20 life insurance with $250,000 coverage: starting at $17 / month
- Life insurance quote in Torbay, Newfoundland and Labrador for a male, 35 years old, non-smoker, Term 15 life insurance with $350,000 coverage: starting at $24 / month
- Life insurance quote in Mount Pearl, Newfoundland and Labrador for a female, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $57 / month
- Life insurance quote in St. John’s, Newfoundland and Labrador for a male, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $81 / month
How to get cheap life insurance in Newfoundland and Labrador: 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 Newfoundland and Labrador 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.
Life Insurance by ProvinceOur 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 […]