Life Insurance Thunder Bay: Intro
Welcome to your Life Insurance Guide for Thunder Bay, Ontario. This page will give you an idea of Life Insurance Premiums people choose to pay in Ontario 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 ON 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 Thunder Bay 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?
|#||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?
- 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.
- Young means cheaper: Apply for the policy when you are young and your premiums will be lower.
- 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.
- 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.
- 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).
- 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.
- 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.
- 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 Ontario
Similar to other provinces there is s regulation body in Ontario that regulates life insurance matters, Financial Services Regulatory Authority of Ontario (FSRA) (former Financial Services Commission of Ontario: FSCO). It licenses and regulates insurers in the province of Ontario to ensure they comply with the law.
Link: Financial Services Regulatory Authority of Ontario (FSRA)
There is also another regulatory body for Insurance in Ontario. The Registered Insurance Brokers of Ontario (RIBO) is the self-regulatory body for insurance brokers in Ontario. RIBO regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all independent general insurance brokers in the province.
Link: The Registered Insurance Brokers of Ontario (RIBO)
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