Life insurance is a crucial financial safety net and the only way to ensure that your loved ones can survive financially after your death. According to Statistics Canada, nearly half of Canadians have no life insurance, meaning millions of families could face financial ruin if something happens to their primary breadwinner. But how much does life insurance cost in Canada? The answer depends on factors such as your age, health status and smoking habits. Here’s what you need to know to find affordable coverage
The average term life insurance rate in Canada is $24 per month.
Term life insurance rates vary by province and health category. The average term life insurance rate in Canada is $24 per month, but it can be as low as $13 per month or as high as $32 per month. In Ontario, the average term rate is $27 per month and ranges from $18 to $36 per month; in Alberta, it’s $28 per month on average with a range of $16 to $43; Residents of British Columbia pay an average of $28 per month; New Brunswick residents pay an average of $29 per month; Nova Scotians pay an average of $30 per month; Quebecers pay an average of $30 per month; Saskatchewanians pay an average of $29/month while Manitobans pay $27.
The lowest average term life insurance rate in Canada is $16 per month and is found in Manitoba. The highest average rate for term life insurance in Canada is $32 per month, which is found in Quebec.
While life insurance rates have been rising since 2007, growth is not as strong as health and auto insurance.
According to a study by Desjardins Financial Security, the average rate of increase in annual premiums between 2007 and 2018 was 2.2%, while auto insurance increased by 4.1% annually over the same period (and by 5 % annually between 2013 and 2017).
The cost of your life insurance will depend on your particular situation and the terms of your policy.
The cost of your life insurance will depend on your particular situation and the terms of your policy. In general, several factors can affect the cost of your coverage:
- Your age, sex, state of health and if you smoke
- The type of life insurance policy you choose (term or permanent)
- The amount of coverage you want
- How long the plan will pay you after your death (the term)
It’s also worth noting that if you’re older (say over 50) or have pre-existing conditions like diabetes or heart disease, the price could be even higher than it would otherwise be at your age. .
Remember that life insurance is something you should consider for your family. This can help protect them financially if something happens to you. However, there are many types of fonts available in the market today and it is important that you do your research before making a decision on which one is best for you.