Best life insurance Alberta plans in 2024: Free quotes
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Did you know that Albertans, on average, invest more in life insurance with policies valued at $562,000, surpassing other provinces?
With a youthful median age of 38, many are recognizing the importance of life insurance for supporting dependents, ensuring a debt-free legacy, and effective estate planning. So if you're new to life insurance, or still don't have a life insurance Alberta plan, or looking to change your provider, we got you.
In this guide, we take you through how life insurance Alberta plans work, their coverage, costs, and the best plans. You can use our free comparator tool to explore the best life insurance Alberta plans and get free personalized quotes, so you can buy a plan that truly fits your needs.
Best life insurance Alberta plans 2024
- Manulife Life Insurance - Family Term and CoverMe Term Life
- iA Financial Group Life Insurance
- Empire Life Insurance
- Assomption Life - FlexTerm
- Sun Life - SunSpectrum Term Life Insurance
- Humania Insurance - HUGO Life
- Equitable Life of Canada
- Foresters Financial Life Insurance
- Canada Life Insurance
- RBC Life Insurance
- Canada Protection Plan
Our ranking of the best life insurance Alberta plans in 2024
While the best life insurance depends on factors like age, health, and personal financial goals and budgets, here are some of the best life insurance companies in Canada providing comprehensive coverage options with the best prices.
| Provider and plan | Features | Get a Quote |
|---|---|---|
| Manulife - Family Term and CoverMe Term Life | Family Term
CoverMe Term Life
| Get a quote from Manulife |
| iA Financial Group |
| Get a quote from iA Financial |
| Empire Life Insurance |
| Get a quote from Empire Life |
| Assomption Life - FlexTerm |
| Get a quote from Assomption |
| Foresters Financial |
| Get a quote from Sun Life |
| Humania Insurance - HUGO Life |
| Get a quote from Humania |
| Equitable Life of Canada |
| Get a quote from Equitable |
| Foresters financial |
| Get a quote from Foresters |
| Canada-Life - Term Life Insurance |
| Get a quote from Canada Life |
| RBC Insurance - Term 100 |
| Get a quote from RBC |
| Canada Protection Plan - Simplified Elite Term Life Insurance and Deferred Elite Term Life Insurance |
| Get a quote from Canada Protection Plan |
Do you need life insurance in Alberta?
There are many good reasons to get a policy. Life insurance can provide financial support for your loved ones if you pass away unexpectedly. It is one popular method to leave an inheritance for children or grandchildren. Permanent life insurance policies offer another big advantage — they can be borrowed from in life. Let's look at a few examples.
Example 1: For peace of mind
For example
Joanne, 34, is buying term life insurance in suburban Calgary. She is married and has two small children. Both she and her partner Tom, 35, work full-time and are paying off their 4-bedroom single-family home. Her priority is ensuring that her family would be able to cover living expenses if she or Tom unexpectedly passed away and they lost half of their income. She settles on a 25-year term life insurance policy with a $1 million benefit. That will ensure that the surviving partner can continue living in the house and that the children will be provided for until their independent adults.
Example 2: For investment
For example
Blanche, 48, is a successful small business owner. Her priority is investing so she can leave something for her family and a sizeable donation to her local food pantry. She decides on a whole life insurance policy with a $2 million death benefit. As a healthy, affluent, and relatively young buyer, the policy fits into her budget. She loves that she can leave a guaranteed benefit behind. An added benefit? She can tap into the policy if her business has a few lean years.
If you want to take a quick look at what your options are, you can use our free comparator below and explore the best life insurance products offered by popular providers right here. Compare plans and get free personalized quotes in no time.
Compare the best life insurance companies
Who should buy life insurance in Alberta?
Most Albertans can benefit from some type of life insurance. If you’re concerned about the financial well-being of your dependents consider purchasing life insurance. Because beneficiaries of a life insurance policy get the benefit directly, they’re able to spend it in any way they choose. This includes essentials like:
- Financial support
- Funeral costs
- Mortgage payments
- Paying off existing debts
- Leaving money for charity
- Tuition
This can offer the policyholder valuable peace of mind knowing that their dependents will be provided for.
How much life insurance do you need in Alberta?
Experts recommend purchasing a life insurance policy worth at least ten times your annual income in Alberta, especially if you have dependents.
This can ensure your family can maintain their lifestyle and pay off any debt or mortgage in the event of your passing. You can use the HelloSafe life insurance calculator to help determine the right amount of coverage for your needs.
Life insurance policies in Alberta range from $5,000 to more than $10 million, so you can choose a policy that fits your situation.
How much is life insurance in Alberta?
The cost of life insurance in Alberta varies depending on the type and amount of coverage you choose. Term life insurance premiums for young buyers start at less than $20 per month but increase depending on the buyer's age or the type of insurance policy.
Permanent life insurance for older buyers with high coverage amounts is much more expensive. It is best to compare personalized quotes from different insurance providers to determine the cost of a policy that fits your needs.
For reference, here are quotes for 20-year term life insurance policies with $250,000 and $1 million in coverage:
| Male, Non-smoker | Premium/ month ($250k) | Premium/ month ($1 million) |
|---|---|---|
| 30 years old female | $15.00 | $41.00 |
| 30 years old male | $20.00 | $56.00 |
| 45 years old female | $36.00 | $115.00 |
| 45 years old male | $50.00 | $161.00 |
| 60 years old female | $175.00 | $649.00 |
| 60 years old male | $254.00 | $921.00 |
These quotes are for illustrative purposes and may not reflect your rates. Comparing quotes from multiple insurance providers is the best way to find a policy for your needs and budget. You can do it right here using our free comparator below. Compare plans and get multiple free personalized quotes.
Compare the best life insurance companies
What types of life insurance are available in Alberta?
Two main types of life insurance are available in Alberta: term and permanent. Term life insurance provides coverage for a specific period, such as 5, 10, 20, or 25 years. It only pays out if the policyholder passes away while the policy is active.
Permanent life insurance, on the other hand, pays out whenever the policyholder passes away as long as the policy is in good standing. It is more expensive and often has stricter enrollment criteria.
Permanent life insurance can be further divided into the subtypes of whole life insurance and universal life insurance. Universal life insurance includes an investment component. The amount of coverage and type of life insurance that is right for you will depend on your situation. Compare quotes from different insurance providers to find a policy that fits your needs and budget.
| Type of life insurance | Term | Premium | Our verdict |
|---|---|---|---|
| Term life insurance | Limited term: usually between 10 and 30 | Cheaper premiums, especially if you are young and healthy. |
|
| Permanent life insurance | Covers you until the end of your life | Guaranteed payout means much higher premiums |
|
Term life insurance is a good option for younger individuals without health problems. It’s inexpensive and gives peace of mind that the policyholder’s dependents would be cared for financially in the event of their passing. For older individuals who do not want to undergo additional medical exams, a guaranteed life insurance policy may be a good option. It can offer enough to cover funeral expenses and remaining debt.
Whole life insurance, on the other hand, can provide a guaranteed death benefit while also providing a financial resource in life. It is a good choice for those who want to leave a legacy for their dependents while giving themselves greater financial flexibility. For Alberta life insurance quotes and to find the right policy for your needs, compare life insurance providers now.
How do you get Alberta life insurance quotes?
To get life insurance quotes in Alberta, use our comparison tool to get quotes from more than 20 insurance providers.
Compare the best life insurance companies
You can also contact Alberta life insurance brokers or financial advisors who can help you find a policy that fits your needs.
When applying for life insurance, you may be required to undergo a medical exam. At least expect to answer potentially sensitive questions about your:
- Age
- Medical history
- Family’s medical history
- Occupation
- Hobbies and lifestyle
- Smoking status
- Relationship with alcohol
- Weight
- And more
This information determines your risk profile and the premium for your policy. Carefully consider your options and choose a policy that provides adequate coverage for your family.
What are ways to get cheap Alberta Life insurance plans?
Here are a few tips for saving on life insurance premiums in Alberta:
- Purchase term life insurance instead of the more expensive permanent life insurance.
- Buy life insurance while you are young and healthy, as premiums tend to increase with age and declining health.
- Choose a policy with a long term. Longer terms let you lock in the lower premiums for years.
- Maintain a healthy lifestyle. Your health affects the cost of your life insurance. Quit smoking, eat a healthy diet, and exercise regularly to improve your health before shopping for life insurance quotes.
- Finally, shop around. Compare quotes from multiple insurance providers to find the best rate for your needs. You can simply use our free comparator at the top of this page and get results in no time.
Is life insurance taxable in Alberta?
In Alberta, life insurance premiums are taxed at a rate of 3%.
Death benefits paid to a named beneficiary are generally not taxable, as they are considered an inheritance or gift by the Canada Revenue Agency (CRA).
Be aware that there are exceptions to this rule. If the life insurance policy earns interest, that interest may be taxable. In this case, the life insurance company should provide a T5 Statement of Investment Income to the policyholder or beneficiaries.
Closing or accessing the cash value of a permanent life insurance policy may also be taxable. The portion of the policy's cash value that is made up of the policyholder's premiums is generally not taxable, but any above basis earnings usually are.
Expert advice
We always recommend speaking with a tax professional for specific advice on the tax implications of life insurance in Alberta.
Can I get no medical life insurance in Alberta?
No medical life insurance is available in Alberta. Many life insurance providers in the province offer guaranteed acceptance life insurance policies, which do not require a medical exam or extensive questionnaire. These policies are only available to applicants within a certain age range, usually between 40 and 75 years old.
The major downside of no medical life insurance is that they have lower coverage limits compared to traditional plans. For example, many guaranteed acceptance life insurance policies are limited to $25,000 in coverage. A few allow for coverage up to $50,000. That’s a longshot from the $5+ million coverage available with an exam, but it is enough to cover funeral costs and final expenses.
While no medical life insurance can be a convenient option for some people, it is not the most competitive choice. In many cases, going through the process of a medical exam or answering a questionnaire can help you access higher coverage limits and better rates.
What is the Alberta Insurance Council?
The Alberta Insurance Council works to protect Albertans by licensing, educating and enforcing standards for the province’s insurance professions. Insurance consumers benefit by working with licensed and regulated insurance agents, brokers and adjusters.
Should something ever go wrong, consumers in Alberta can register complaints and compliance inquiries to the AIC. Just leave a message through their online form.
Good to know
Would you like to confirm that an agency or broker that you’re working with is licenced? The AIC makes it easy to check.
How do I get mortgage life insurance in Alberta?
Mortgage life insurance, sometimes called "life insurance for a mortgage", can be beneficial for some homebuyers. Like term life insurance, mortgage life insurance policies last for a set term, typically the length of the policyholder's mortgage. If the policyholder dies during the term of the policy, the insurance company pays off the remaining balance of the mortgage. This leaves the beneficiaries with a paid-off home they can continue to live in.
One advantage of mortgage life insurance is that it typically requires less medical information than other types of life insurance. For example, someone with a pre-existing health condition may find it easier to obtain mortgage life insurance than a traditional term or whole life policy.
Let's look at an example of why someone might prefer this type of coverage:
For example
Jianguo is a 48-year-old financial advisor in Edmonton. He is married and has a young son. They live in a downtown condo worth $700,000 that required a large mortgage. As the family's primary breadwinner, he wants to know that his family can keep their home if something ever happens to him. He chooses a mortgage life insurance policy because he is concerned that his existing cardiac arrhythmia will make finding a traditional life insurance policy too difficult and expensive. Mortgage life insurance offers him the assurance he needs at a price that makes sense for his family.
