How Much Do Others Choose to Pay for Life Insurance in Victoria 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 self-reported data.
We found out that many consumers in Victoria, BC 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.
Several Numbers You Must Know when looking for Life Insurance in BC
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 numbers to help you when searching for life insurance in Victoria:
|Average property price in Canada, July 2017||$478,696|
|Average property price in Victoria, July 2017||$698,718|
|Average property price in Vancouver, July 2017||$1,029,786|
|Average debt in Canada, 2016||$22,081|
|Average debt in Victoria, 2016||$23,597|
|Average debt in Vancouver, 2016||$24,445|
|Average financial needs to raise a child to the age of eighteen, 2012||$243,660|
How Do Different Aspects Impact Your Life Insurance Rates in Victoria?
|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 Victoria
Similar to other provinces there is s regulation body in Victoria that regulates life insurance matters, The Insurance Council of British Columbia. Council’s mandate is to provide a level of protection to the public pertaining to the sale of insurance products and services under the framework provided by the Act. The key objectives of The Insurance Council of British Columbia are:
- Ensure education requirements for licensing meet the minimum standards necessary to protect the public
- Provide licensing ensuring that all licensees are competent, trustworthy, financially reliable and intend to carry on the business of insurance in good faith and in accordance with the usual practice
- Discipline licensees when there has been a breach of the Act or Rules
Examples of Term Life Insurance Rates in Victoria
- Life insurance quote in Victoria for a male, 35 years old, non-smoker, Term 15 life insurance with $350,000 coverage: starting at $24 / month
- Life insurance quote in Langfog for a female, 35 years old, non-smoker, Term 20 life insurance with $250,000 coverage: starting at $17 / month
- Life insurance quote in Cordova Bay for a female, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $57 / month
- Life insurance quote in Nanaimo for a male, 45 years old, non-smoker, Term 20 life insurance with $500,000 coverage: starting at $81 / month
How Can You Save on Life Insurance in Victoria?
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
Interested in more saving tips for Life Insurance in Victoria? Get an insurance quote below and connect with an experienced insurance professional to get more tips.
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