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Life Insurance Waterloo: Intro

Life Insurance

Welcome to your Life Insurance Guide for Waterloo, 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.

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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 Waterloo 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 diseases8Your GenderDecrease of 25% for Women

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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.

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Life Insurance Regulation Body in Ontario

FSRA logo

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)

ribo-logo

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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Our Publications related to Life Insurance

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

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

Introduction There were many articles written about men paying more for car insurance than women, but what about other insurance types? Do women always benefit from lower insurance rates? We took on this question and systematically went through various life insurance, disability insurance, and critical illness insurance by consulting with professionals who had the answers. […]

Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers

Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers

The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]

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

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Overall, insurance is considered a somewhat boring, though necessary, topic. On top of that, it is not always clear – there are plenty of various types of life insurance products in Canada that work differently. I decided to explain it in a bit of a different and funny way – I hope that you will […]

Insurance Companies in Canada – Easily Explained

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The life insurance landscape in Canada is quite unique. The infographic below shows all the key players and their size, reflecting their assets under management (AUM) based on life and wealth segments of the company’s business. scroll further down to continue reading In Canada, the majority of insurers fall under the umbrellas of three large […]

What is Travel Insurance, and Why Do I Need it?

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By RateHub.ca When it comes to budgeting for your vacations, travel insurance is one of those things that’s often overlooked. It’s easy to understand why: we have publicly funded healthcare in Canada, so many people assume that benefit applies to wherever we travel in the world. Unfortunately, that’s not the case. The cost of seeking […]

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