4 Reasons to Get a Life Insurance Quote
- Get cheap life insurance quotes in Nova Scotia from 20+ Canadian insurers
- Benefit from low life insurance rates that start at just a few dollars per month
- Protect your family and loved ones
- Talk to a licensed insurance broker and ask any questions you wan
What are typical Life Insurance premiums in Nova Scotia?
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 Nova Scotia are underinsured.
Life Insurance rates in Nova Scotia 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 Nova Scotia 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 Nova Scotia
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 Nova Scotia life insurance:
| Item | Estimation |
| Average property price in Canada, May 2019 | $507,837 |
| Average property price in Ontario, May 2019 | $269,871 |
| Average financial needs to raise a child to the age of eighteen, 2012 | $243,660 |
What aspects impact Life Insurance rates in Nova Scotia 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 Nova Scotia
Similar to other provinces there is s regulation body in Nova Scotia that regulates insurance matters (including life insurance) , Finance and Treasury Board of Nova Scotia and Office of the Superintendent of Insurance. It licenses and regulates insurers in the province of Nova Scotia to ensure they comply with the law.
Link: Finance and Treasury Board of Nova Scotia, Office of the Superintendent of Insurance
Examples of Term Life Insurance quotes in Nova Scotia
- Life insurance quote in Halifax, Nova Scotia for a female, 35 years old, non-smoker, Term 20 life insurance with $250,000 coverage: starting at $17 / month
- Life insurance quote in Lunenburg, Nova Scotia for a male, 35 years old, non-smoker, Term 15 life insurance with $350,000 coverage: starting at $24 / month
- Life insurance quote in Lower Sackville, Nova Scotia for a female, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $57 / month
- Life insurance quote in Truro, Nova Scotia for a male, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $81 / month
Life Insurance in Nova Scotia: Expert Opinion
“There is an increased need for life insurance in Nova Scotia because property prices are going up. The average property price in Nova Scotia is over $350,000 now. That is a 20%-increase over the last year. A lot of people from other parts of Canada are moving to Nova Scotia and that’s driving those property prices up. House prices are even higher.
So, when you have an increased house price, there is likely gonna be an increased mortgage. So, with higher mortgages there is a stronger need for life insurance. And mortgages are not your only need. You have things like lines of credit, replacing your income, covering educational costs, emergency funds… So, there is lots of different expenses and life insurance can allow you to bridge the gap, get you from point A to point B and that’s where you gonna wanna work with a good broker.
We have lots of great brokers in Nova Scotia who can find you the best possible plan at the best possible price.”
How to get cheap Life Insurance in Nova Scotia: 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 Nova Scotia 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 Life Insurance in Nova Scotia? Get an insurance quote below and connect with an experienced insurance professional to get more tips.
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