Life Insurance Ottawa: Intro
Welcome to your Life Insurance Guide for Ottawa, Ontario. This page will give you an idea of Life Insurance Premiums people choose to pay in Ontario 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 ON 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 Ottawa 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 deseases||8||Your Gender||Decrease of 25% for Women|
How Can You Save on Life Insurance?
- Alumni: Graduates from certain Canadian universities (e.g York University) might be eligible for a discount at certain Insurance providers.
- Annual vs. monthly payments: In comparison to monthly payments, annual payments save insurers administrative costs (e.g. sending bills) and therefore they may reward you with lower 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).
- Got a solid group policy from your employer? Bingo! Group Life Insurance can be an alternative to your Personal Life insurance if your employer offers sufficient coverage – at least you are protected as long as you work for the company. On the downside the coverage ends when you leave your company.
- 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.
- Stay Happy – otherwise it can become really expensive: Mental health matters – those with a history of depressions pay between 50% and 200% more.
- 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.
- 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 Regulation Body in Ontario
Similar to other provinces there is s regulation body in Ontario that regulates life insurance matters, Financial Services Commision of Ontario (FSCO). It licenses and regulates insurers in the province of Ontario to ensure they comply with the law.
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.