Life Insurance Red Deer: Intro
Welcome to your Life Insurance Guide for Red Deer, Alberta. This page will give you an idea of Life Insurance Premiums people choose to pay in Alberta 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 AB 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 Red Deer are underinsured. Life Insurance premiums will also strongly depend on number of factors – these are average premiums.
- 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?
- 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.
- Got Life, Disability and Critical Illness? Cancel Mortgage insurance: Mortgage insurance is a fascinating product created by money lenders. Simply said, it is a different name of Life, Disability and Critical Illness insurance policy associated with payments for your mortgage. Got a mortgage of $500k together with mortgage insurance for that? Well, if you have a Life policy large enough, you can save yourself mortgage insurance.
- 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).
- 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.
- Time goes by, driving offenses disappear (almost): If your driving record improved while you have a life insurance policy, you can review your premiums with your insurer and get them reduced (typical time for smaller offenses to come off your driving record is 3 years).
- 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.
- Don’t drink excessively and reduce your low insurance rates: If you do not have any drinking issues, you can benefit from lower insurance rates – otherwise your premiums can increase by up to 50%. An intensive drinker would be considered somebody who drinks 3-4 beers a day.
- 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.
- 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.
- 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 Alberta
Similar to other provinces there is s regulation body in Alberta that regulates life insurance matters, The Life Insurance Council of Alberta. It is one of four Alberta Insurance Councils. The Councils are formed under the Insurance Act and they derive their authority under a delegation from the Minister of Finance for the province. Together with General Insurance Council, the Life Insurance Council is responsible for licensing and discipline of insurance agents, brokers and adjusters in the Province of Alberta.
Link: The Alberta Insurance Council
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Life Insurance by Province