Panorama-SK

Life Insurance Saskatchewan: Intro

Life Insurance

Welcome to your Life Insurance Guide for Saskatchewan. 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.

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 Saskatchewan 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?

#AspectRate Impact
1SmokingIncrease of 200%
2DrinkingIncrease of 50%
3Your Family HistoryIncrease of 50 – 250%
4Your Medical HistoryExcludes coverage for some deseases
5Your Depression HistoryIncrease of 50 – 200%
6Your Physical BuildDecrease of 25% to Increase of 200%
7Your Driving RecordIncrease of 25% to 50%
8Your GenderDecrease of 25% for Women

How Can You Save on Life Insurance?

  • 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%.
  • Great medical record drives savings: Having a healthy medical history in the past (not equal to the good current health state in the moment of application) has impact on your life insurance. If you’ve had serious issues, some potential disease cases can be excluded from your coverage.
  • 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.
  • 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.
  • 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.
  • Member of something? Some insurers reward it: Are you a member of a professional organization (e.g. Certified Management Accountants of Canada or The Air Canada Pilots Association)?
  • 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.
  • Bundles can be cheaper: Getting several insurance products from one provider e.g. Life insurance together with Disability Insurance and Critical Illness can be often rewarded by lower premiums. Or you can sometimes bundle Life insurance with Non-Life insurance (e.g. Home or Auto) – that depends from insurance provider
  • 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 Saskatchewan

Insurance Councils of Saskatchewan - Logo

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

Link: The Insurance Councils of Saskatchewan (ICS)

Our Publications related to Life Insurance

Life, Disability and Critical Illness Insurance: Do Men or Women Pay More?

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If Life Insurance Plans Were Cars: How to Look at Various Types of Life Insurance in Canada

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