The average cost of life insurance in Canada will vary depending on a number of factors. It can be difficult to get an exact figure immediately because the cost of life insurance depends on your own individual circumstances.
However, we’re here to say that it’s probably a lot more affordable than you think. When it comes to life insurance, we’re specialists. At Seniors Choice, we can offer you a personalised quote for coverage in a matter of minutes. When you get in contact us, we will help you work out how much your coverage might cost depending on your own personal needs. Our trusted care team will make sure that you feel comfortable with the cost of your Canadian Seniors Life Insurance policy.
What factors impact the cost of life insurance?
Every insurer in Canada is different but there are a number of common factors that can impact how much a life insurance policy could cost.
- Age
- Gender
- Smoking status
- Your health
- Health issues in the family
- Your policy type
- How much coverage you have
- Length of the coverage
This list is by no means comprehensive, but these are some of the most common factors that insurers in Canada consider when processing an application. It’s important for you to fully explore all your options and make sure you are choosing the right provider for your coverage.
How is the cost of life insurance calculated?
With a Canadian Seniors Choice Life Insurance policy, the cost of your monthly premium will depend on a couple of factors. Everyone’s personal circumstances are different so it’s important to consider each of these carefully. Here are some of the key factors that could impact the monthly cost of your coverage:
Your age
Generally, the younger you are when applying for life insurance, the cheaper your premiums could be. So, you may want to take out a policy sooner rather than later to get the best value for your money.
Canadian Seniors Life Insurance is available to Canadian residents aged 40-801. Your age at the time of applying will impact the coverage you can apply for with us. Here is a quick overview of how age affects the benefit amount you can apply for:
- 40 – 60 (Maximum $250k)
- 61 – 70 (Maximum $200k)
- 71 – 80 (Maximum $150k)
Your gender
In Canada, women generally live longer than men. In fact, the average life expectancy for women is 84, compared to 80 for men. Because of this, women may pay less for life insurance coverage than men.
Your smoker status
You don’t need to provide a medical or blood test to get approved for coverage with Seniors Choice, but you will need to disclose your smoker status. Smokers typically pay more for their life insurance due to the health risks associated with smoking.
Your benefit amount
How much coverage you want to take out will play a big part in how much you pay in monthly premiums. With Seniors Choice, you can apply for a minimum of $10,000 and a maximum of $250,000 depending on your age at the time of applying. The larger the benefit amount you want to apply for, the more you can expect to pay for your premiums.
How does the policy type impact the cost of life insurance?
The policy type can directly impact the monthly cost of your coverage and how much your coverage will cost in the future. Every life insurance provider in Canada is different and can vary depending on what type of coverage they are offering. With some life insurance policies, the cost will stay the same throughout the life span of the policy. There are also others that will increase over time.
At Seniors Choice, we offer age-based whole of life coverage. With Canadian Seniors Life insurance, the cost of your premiums will increase over time based on your age. This means that what you pay each month will start at a lower amount and then gradually increase each year based on your age. Each year on your policy anniversary date your premium will be recalculated, it will increase in line with your age. This also means that what your life insurance coverage pays out will also increase. This increase isn’t based on your age, it will increase by 3% every policy anniversary.
If you don’t want your benefit amount to increase, you can opt-out. However, you should be aware that your monthly premiums will still increase based on your age at your next policy anniversary. If you opt out of the benefit increases for 3 years in a row your increasing option will be removed permanently and your benefit amount will stay the same for the rest of your policy.
How do I work out how much life insurance coverage I need?
When it comes to something as important as life insurance, you want to make sure you’re getting it right. There are a few things to keep in mind, such as outstanding debts, loved ones you want to provide for, and of course, the cost of your funeral. Our Cost of Dying Report can give you an idea of how funeral costs and other end of life expenses might add up, but if you’re still not sure how much coverage you need, we’ve put together this handy guide to help you. You can also use our life insurance calculator for further guidance.
You can also speak to one of our highly trained team based right here in Canada. They will fully explain everything involved with securing your coverage and make sure you’re aware of all the costs involved. You can secure a policy from us in a matter of minutes without the need to go through a broker. To get a free no obligation quote, call us TOLL FREE at . Our highly trained sales team is available Monday to Friday 9am to 8pm ET (excluding public holidays).
Can I save money on my life insurance?
It’s understandable that you want to get the best possible price for your life insurance policy. With Seniors Choice, you can get coverage that doesn’t cost a fortune. In fact, it’s possible to get coverage from as little as $14.88 per month2.
If you’re a smoker, you could reduce the cost of your life insurance by quitting. However, it's important to note that quitting the day before you take out a policy won’t help you as you’ll still be classed as a smoker. To be considered a non-smoker, you must not have used any cigarettes, e-cigarettes that contain nicotine, cigars, a pipe, or any nicotine replacement products such as gums, patches or sprays in the last 12 months.
Unfortunately, you don’t have much control over how your age affects your premiums. But it is possible to save money on your premiums by taking out a policy when you’re younger.