Panorama-Regina

Life Insurance Regina: Intro

Life InsuranceWelcome to your Life Insurance Guide for Regina. This page will give you an idea of Life Insurance Premiums people choose to pay in Saskatchewan and across other provinces, will inform about key factors that impact your Life Insurance Rates, and share some savings opportunities when choosing Life Insurance.

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How Much Do Others Choose to Pay for Life Insurance in SK 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 Regina 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.

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How Do Different Aspects Impact Your Life Insurance Rates?

#AspectRate Impact#AspectRate Impact
1SmokingIncrease of 200%5Your Depression HistoryIncrease of 50 - 200%
2DrinkingIncrease of 50%6Your Physical BuildDecrease of 25% to Increase of 200%
3Your Family HistoryIncrease of 50 - 250%7Your Driving RecordIncrease of 25% to 50%
4Your Medical HistoryExcludes coverage for some deseases8Your GenderDecrease of 25% for Women

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How Can You Save on Life Insurance?

  • 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.
  • 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.
  • 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.
  • Backdating your policy: That’s one of the interesting ways to lower your premiums similar to the situation described in the previous point. You can actually backdate your policy locking into an earlier age and rates bracket. You will need to pay some premiums starting from the new backdated date but it will impact all your future premiums. Sometimes that can save you up to 10% in annual 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.
  • Explore Return of Premiums conditions: Some policies allow getting back the part of the premiums if you have not made use of them – ask your broker to make the calculation for you. Slightly higher premiums upfront can make sense in case of later premiums returns.
  • Cancer cases are treated differently: Insurance companies treat cancer cases differently (often considering it high-risk insurance) – talking to a broker, who knows that field well, can save a lot.
  • Diabetics is not easy to ensure but not impossible: Many companies will not cover you but some will and again you’d better to rely on a broker who has experience in this field and can help to get insurance and optimize premiums.
  • 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.
  • 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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Life Insurance Regulation Body in Saskatchewan

Insurance Councils of Saskatchewan - LogoSimilar 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

Link: The Insurance Councils of Saskatchewan (ICS)

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