4 Reasons to Get a Life Insurance Quote
- Get cheap life insurance quotes in Regina 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 want
What Are Typical Life Insurance Premiums in Regina?
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 Saskatchewan and in Regina, in particular, are underinsured.
Life Insurance rates in Regina 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 Regina 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 Regina
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 Regina life insurance:
|Average property price in Canada, May 2019||$507,837|
|Average property price in Saskatchewan, May 2019||$295,219|
|Average property price in Regina, May 2019||$266,500|
|Average financial needs to raise a child to the age of eighteen, 2012||$243,660|
What Aspects Impact Life Insurance Rates in Regina and in Canada?
|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 Saskatchewan
Similar to other provinces there is s regulation body in Saskatchewan that regulates life insurance matters, The Life Insurance Council of Saskatchewan. It is one of three Insurance Councils of Saskatchewan (ICS). All three of them operate under an authority delegated by the Superintendent of Insurance to licence and regulate insurance agents, brokers, adjusters and agencies in the province of Saskatchewan. The key objectives of the Council are:
- Maintain a fair, ethical and professional industry
- Ensures that consumers receive responsible, trustworthy advice and service regarding insurance and related financial matters
- Conduct investigations into the conduct of insurance brokers, agents and adjusters in response to a complaint
- Determine if there has been a breach of any of the provisions of The Saskatchewan Insurance Act, its Regulations or the Insurance Council Bylaws
Examples of Term Life Insurance Quotes in Regina
- Life insurance quote in Regina for a female, 35 years old, non-smoker, Term 20 life insurance with $250,000 coverage: starting at $17 / month
- Life insurance quote in Regina for a male, 35 years old, non-smoker, Term 15 life insurance with $350,000 coverage: starting at $24 / month
- Life insurance quote in Regina for a female, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $57 / month
- Life insurance quote in Regina for a male, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $81 / month
Life Insurance in Regina: Expert Opinion
“If you are looking into Regina and you are looking into Life Insurance, now is a good time – an average price of a property in Regina is $270,000. The property has gone up in cost over 4%. So, with that increase in property value, people are taking on bigger mortgages. They have mortgage, line of credit, educational costs, replacing your income – there is a lot of different needs for life insurance.
The key message is make sure that you find the right plan and the right amount for you and your family so you can look at a needs analysis calculator that is something that you gonna wanna do to find out how much you specifically need. Some people might take out $300,000 life insurance but is that really what you need? That needs analysis calculator, that needs analysis process will allow you to determine exactly how much insurance you need, and you can then find the right plan via permanent or term policy to fulfil that need.
And that’s where a good broker can come in. We work with a lot of terrific brokers in Regina who can help you find that plan and will help to protect your family.”
How to get cheap life insurance in Regina: 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 Regina 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.
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