Life Insurance Saskatoon: Intro
Welcome to your Life Insurance Guide for Saskatoon. 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 Saskatchewan
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 Saskatoon 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.
Life Insurance in Saskatoon: Expert Opinion
“If you are living in Saskatoon and looking into life insurance, you gonna wanna look at a few different things e.g. how much coverage you need. Now, a big variable how much coverage you might need would be your mortgage and an average price of a house in Saskatoon is now over $330,000 increasing almost 6% in the last year.
So mortgage is just one thing if you are looking at life insurance needs, you gonna wanna look at if you need money to cover emergency fund, if you need money to cover your child’s education, if you have a line of credit – all those things together determine the need that you have for your life insurance and a good way to determine those needs is to look at needs analysis. You can do it through variety of online tools which we can help you out with or there is an analysis calculator or spreadsheet that we can walk you through and figure out how much life insurance you need.
Then, once you determine how much life insurance you need, do you want a term policy to cover that need where the rates start off lower and go up as you get older, or do you want a permanent policy where the rates start off higher and never go up as you get older.
And we have a lot of good brokers in the (Saskatoon) area that we can connect you with and can help you and your family to make sure that you get your life insurance needs looked after and looked after properly.”
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?
- 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.
- 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.
- 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.
- 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.
- 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)? Then some insurance companies will offer you a discount.
- 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.
- Employee / Union members: Some companies offer discounts to union members.
- 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.
- High blood pressure cases can mean different premiums with different insurers: Typically high-blood pressure leads to higher insurance premiums but various life insurance providers treat and price those cases differently. Often any blood pressure exceeding 140/90 can trigger higher premiums. Some insurance brokers know those cases better and will be able to navigate you to the company with better rates.
- 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
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)
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Life Insurance by Province