Life Insurance Ottawa: Rates, Quotes, Consumer Tips

What Are Typical Life Insurance Premiums in the Ottawa-Gatineau area?

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 Ontario and in Ottawa, in particular, are underinsured.

Life Insurance rates in Ottawa 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 Ottawa and any other location:

1. 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)?
2. What type of life insurance product do I need (e.g. Term Life, Whole Life, Universal Life etc)?
3. What life insurance company should I choose?
4. 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 Ottawa

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 Ottawa life insurance:

What Aspects Impact Life Insurance Rates in Ottawa and in Canada?

Life Insurance Regulation Body in Ontario

Similar to other provinces there is s regulation body in Ontario that regulates life insurance matters, Financial Services Regulatory Authority of Ontario (FSRA) (former Financial Services Commission of Ontario: FSCO). It licenses and regulates insurers in the province of Ontario to ensure they comply with the law.

Link: Financial Services Regulatory Authority of Ontario

There 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)

Examples of Term Life Insurance Quotes in Ottawa

• Life insurance quote in Ottawa for a female, 35 years old, non-smoker, Term 20 life insurance with $250,000 coverage: starting at $17 / month  
• Life insurance quote in Gatineau for a male, 35 years old, non-smoker, Term 15 life insurance with $350,000 coverage: starting at $24 / month  
• Life insurance quote in Kanata for a female, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $57 / month  
• Life insurance quote in Ottawa for a male, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $81 / month

Life Insurance in Ottawa: Expert Opinion

“If you are living in Ottawa and looking into life insurance, it’s a good time to look into it because there is an increased need right now. The average property price in Ottawa is over $640,000 and it has gone up over 16% (in the last year). So, with those increased property values, people are taking on larger mortgages, they gonna wanna make sure that their families are protected. You not just gonna wanna cover your mortgage, you gonna wanna cover things like educational costs, emergency funds, replacing your income.

So, the key message here is (that) you wanna determine how much insurance you need, you wanna go through a needs-analysis to determine what’s that number that will allow your family to maintain their standard of living. Do you wanna do a Term or Permanent plan – these are all the things that you can work on with a good broker and we have a whole team of brokers in the Ottawa area who can make sure that you find the best possible plan at the best possible price.”

How to get cheap life insurance in Ottawa: 8 Tips

1. 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%.
2. 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.
3. 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.
4. 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.
5. 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 Ottawa life insurance, choose Term.
6. 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).
7. 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.
8. 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.