Best life insurance Calgary plans in 2024 + free quotes
- Fixed premiums for the term duration
- Option to renew the contract from the 5th year
- Fixed or decreasing insured capital
Term Life Insurance by Beneva offers tailored flexibility to adapt to various coverage needs over 10, 15, 20, 25, 30, or 40 years, making it ideal for those looking to cover specific financial responsibilities such as personal loans or educational expenses for dependents. This policy is particularly advantageous for first-time buyers or those on a strict budget due to its affordable nature compared to permanent policies. It includes options to extend or modify the term, switch to permanent coverage without further health checks, and choose between decreasing or fixed capital to match changing financial obligations or provide a consistent benefit.
- Over 75 years of combined insurance expertise
- Affordable and flexible with multiple term options
- Premiums are constant during the initial term, aiding in financial planning.
- Ability to choose between decreasing or fixed insured capital.
- Can switch to a longer term within five years without a medical exam.
- Add-ons like critical illness coverage, disability waiver, children’s insurance, and more
- Premiums may rise upon renewal, although increases are known in advance.
- Decreasing Benefit Option is economical but reduces coverage over time, which may not suit everyone's long-term needs.
- Website doesn’t provide enough information about coverage
- Fixed or decreasing insurance amount
- Fixed premiums and guarantees
- Option to convert to permanent life insurance without medical evidence
Pick-A-Term by iA is a term life insurance solution designed with affordability and flexibility in mind, suitable for various stages of life including young families and pre-retirees. It offers terms from 10 to 40 years, which can align with significant financial commitments like mortgages or educational expenses. The fixed and guaranteed premium structure simplifies budgeting, while options to renew annually or convert to permanent insurance provide adaptability as needs evolve. This product is ideal for those seeking financial security without the long-term commitment of permanent life insurance, accommodating both personal and business insurance needs.
- Versatile term options from 10 to 40 years, matching key financial periods.
- Premium rates are guaranteed and known upfront, aiding in financial planning.
- Allows conversion to permanent coverage at any time without health checks.
- Can be renewed annually to adapt to changing insurance needs.
- Available with additional benefits such as critical illness and disability insurance.
- At renewal, premiums may increase based on the new term.
- Decreasing Benefits Option is not suitable for those needing consistent coverage amounts throughout the term.
- Numerous coverage and benefit options could complicate decision-making.
- Flexible offer
- Policy convertible to permanent insurance
- Several optional guarantees available
RBC YourTerm® Life Insurance offers a range of flexible and affordable term life options to fit different life stages and financial needs, making it an attractive choice for individuals aged 18 to 70. With coverage terms from 10 to 40 years and amounts ranging from $50,000 to $25 million, this policy is versatile enough to protect everything from personal debts to family businesses. It features fixed premiums for the chosen term length, ensuring cost predictability and ease in budgeting. Additionally, the policy can be converted to a permanent policy without further health assessments, providing long-term security. It's particularly suited for young professionals starting their careers, families planning for the future, or anyone needing solid, temporary financial protection with the option for longer coverage.
- Premiums remain constant throughout the term, enhancing budget management.
- Offers substantial coverage up to $25 million, accommodating large financial needs.
- Ranges from 10 to 40 years, allowing tailored protection based on personal needs.
- Policies can be converted to permanent coverage without additional medical information.
- Additional benefits include accidental death benefits and a 10-day review period with a full refund option.
- Coverage limits decrease for individuals over 55.
- If not converted, premiums can increase significantly after the initial term.
- Multiple term lengths and coverage options may require careful consideration to select the appropriate plan.
- Cash advance if you are diagnosed with a terminal illness
- Access to Manulife Vitality benefits at no cost
- Cover your family’s bereavement counseling costs
Manulife Family Term life insurance offers an affordable and flexible way to secure financial protection for both families and businesses. This policy helps maintain lifestyles, cover debts, and fund future needs like education and retirement, with the option to enhance the plan through Manulife Vitality, a program that rewards healthy living. Coverage ranges from $100,000 to $20 million, with level premiums for set periods, and includes unique features like bereavement counseling and a terminal illness advance. It is well-suited for individuals or families seeking comprehensive coverage that adapts to changing life circumstances and those interested in linking their health with insurance benefits.
- Coverage is affordable and can be adjusted to meet changing family and business needs.
- Manulife Vitality Program offers rewards for healthy living, potentially reducing premiums.
- High coverage options available from $100,000 up to $20 million.
- Allows conversion to permanent insurance without further medical underwriting.
- Premiums are level for terms like 10 years, 20 years, or until age 65.
- Participation in the Manulife Vitality program requires meeting specific health milestones to maintain premium discounts.
- With coverage limits up to $20 million, there’s a risk of over-insuring, which could lead to unnecessarily high premiums.
- Level premiums throughout the chosen term duration
- Option to have Preferred and Elite rates
- Exchange privilege within the first 7 contract years
Empire Life's Solution Series of term life insurance offers a versatile range of products tailored to meet varying coverage needs, including the Solution 10, 15, 20, 25, and 30 plans. These products are designed to provide financial protection for specific periods ranging from 10 to 30 years, with guaranteed renewal options and premiums that are stable for the duration of the selected term. They are particularly suited to individuals seeking coverage for temporary needs such as debt coverage, mortgage protection, and family income replacement during crucial earning years. The ability to convert these term plans into permanent policies up to age 75 adds flexibility for changing long-term needs, making them an excellent choice for those who anticipate evolving insurance requirements.
- Terms of 10, 15, 20, 25, and 30 years cater to diverse needs and budgets.
- Stable premiums for the length of the chosen term provide predictable costs.
- Ability to convert to permanent life insurance up to age 75.
- Automatic renewal features ensure continuous coverage without requalification.
- Preferred and Elite premium rates offer potential savings for healthier individuals.
- Conversion options and optimal premium rates have age limits.
- Coverage beyond the initial term can become costly, especially as one ages.
- Best rates require meeting specific health standards, potentially excluding some individuals.
Considering a life insurance Calgary plan? It's most essential for protecting your loved ones financially, and with Albertans having the highest average coverage in Canada at $314,000, it's clear it's a priority here.
But don't know where to start? We've got you covered. This comprehensive guide on life insurance Calgary plans introduces you to life insurance basics, highlighting its significance and guiding you through choosing the right coverage for your needs.
Whether you're just starting out or reassessing your current policy, understanding your options is key to building a secure future. And for that, you can use our free comparator at the top of this page to explore the best life insurance policies and get personalized quotes tailormade for you and your family.
Life Insurance Calgary: 5 key takeaways
- A $250,000, 20-year life insurance policy in Calgary can cost as little as $17.50/month
- Term life insurance is the most affordable type of life insurance
- Permanent life insurance will provide cover for your entire life
- Life insurance is a great tool to cover final expenses
- Calgary life insurance quotes can easily be compared online using HelloSafe comparator
What is the best life insurance Calgary plan in 2024?
The best life insurance provider in Calgary depends on your situation, i.e if you are looking for high coverage, renewability, the ability to convert term life to whole life insurance, or simply affordability.
With plenty of options and life insurance providers in Calgary, it can sometimes be hard to know exactly what it is that you are looking for. To simplify, here is a non-exhaustive list of the top Calgary life insurance companies.
| Company | Key Features | Get A Quote |
|---|---|---|
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| Get a Empire Life Quote |
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| Get a Sun Life Quote |
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| Get a Beneva Quote |
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| Got an iA Quote |
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| Get a Manulife Quote |
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| Get a PolicyMe Quote |
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| Get an Assumption Life Quote |
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| Get a Humania Insurance Quote |
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| Get an Equitable Life of Canada Quote |
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| Get a Foresters Quote |
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| Get a Canada Life Quote |
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| Get an RBC Quote |
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| Get a BMO Quote |
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| Get an Ivari Quote |
What is Calgary life insurance?
Life insurance is simply a contract between an individual, aka policyholder, and an insurance company. The life insurance company agrees to pay a death benefit (sometimes referred to as sum assured) to the insured person’s beneficiaries upon their death, in exchange for regular premium payments throughout the policyholder’s life.
Below is a quick example of how term life insurance works:
- A 30-year-old man buys a 20-year term life insurance policy with a $250,000 death benefit and a monthly premium of $29.90. He names his wife as his sole beneficiary on the life insurance contract.
- 15 years later the insured man passes away unexpectedly.
- The life insurance company pays the $250,000 death benefit to the beneficiary, in this case, the man’s wife, which she receives tax-free.
- The money can be used to pay for funeral expenses or replace the husband's missing income etc.
Life insurance is an incredibly important financial planning tool that should be used to help protect your loved ones in the event of your passing.
What types of life insurance Calgary plans can you get?
There are two main types of Calgary life insurance: term life insurance and permanent life insurance.
Term life insurance is the purest and most affordable type of life insurance. It simply provides coverage for specific term lengths, such as 10, 20 or 30 years, and if you pass away within your policy term your beneficiaries will receive the pre-determined death benefit. Term life insurance is often used by families as a financial tool to cover temporary financial needs in the event of death, such as paying off a mortgage, covering rent or replacing lost income.
Permanent life insurance provides coverage for the policyholder’s entire life and usually comes in the form of whole life insurance or universal life insurance. In addition to the death benefit, both of these forms of permanent life insurance have the ability to build a cash value that can either be borrowed against or withdrawn during the insured’s lifetime.
Let’s dive further into term, whole and universal life insurance in Calgary.
Calgary term life insurance
Term life insurance provides policyholders with:
- Guaranteed premiums
- Varied term limits
- Insurance that can be renewed without new medical underwriting (but premiums increase)
- Guaranteed death benefit
Calgary term life insurance is a great way to protect your dependents at a reasonable cost while still getting a good amount of coverage. It will also provide you with the peace of mind that if the worst were to happen your loved ones would be financially secure and able to comfortably deal with the future.
Term life insurance is also an amazing way to temporarily satisfy your financial security needs. A short-term 10-year policy may be enough to bridge the gap between any down periods of employment where the employer would usually provide life insurance.
Good to know
You can explore our complete guide on term life insurance and compare the best plans so you can get a plan that fits you best.
Calgary whole life insurance
Just like throughout the rest of Canada, whole life insurance in Calgary is a type of permanent life insurance policy. This means that you will be covered for life as long as you maintain your annual premium payments.
Compared to term life, whole life insurance is more expensive but this is due to the fact that both your death benefit and premiums are set for life. This makes a whole life insurance policy easy to manage and plan for financially and can be included in any estate planning activities.
Full features of Calgary whole life insurance include:
- Fixed and guaranteed premiums
- Guaranteed death benefit
- Cash value accumulation
- Cover for life
- Option to borrow against the cash value
- No policy fees
Calgary universal life insurance
Just like whole life, universal life insurance is a version of a permanent life insurance policy. Similarly, the universal life insurance policy will provide you with coverage for as long as you live, provided that premium payments are made on time, and it has a cash value accumulation element.
Calgary universal life insurance is, however, slightly more complex. The cash value component is allocated from a portion of your premium payments and grows in a separate tax-advantaged account.
The flexibility of your investment options is usually determined by the life insurance provider, but usually, you will be able to invest in mutual funds. This flexibility also allows you to increase or decrease your premiums as well as your death benefit.
Good to know
If you think universal life insurance is the right fit for you, explore our complete guide on universal life insurance in Canada and get a plan that suits you best. You can get free quotes in no time.
Universal life insurance often comes with the following benefits:
- Flexible death benefit
- Flexible premiums
- Cover for life
- Tax-advantaged investment growth
- Ability to borrow against the cash value
- Paid-up option means you can pay off all your premiums early
Expert advice
Make sure to keep an eye on your universal life insurance policy. Since the cash value of the policy is tied to the investment market, your plan may become underfunded in periods of significant economic downturn. This will, in turn, lead to you having to pay increased premiums to keep the policy active.
Who should buy a life insurance Calgary plan?
Life insurance should be considered by anyone who has a stable career and someone who is even partially reliant on their income to survive. The dependent(s) could be anyone from a spouse to a child, or even elderly parents who need some form of financial or hands-on support.
It should even be considered by young married couples just starting out. This is because they will likely want to buy life insurance later in life and by locking in cover sooner rather than later they would be paying a significantly lower premium and would save large amounts of money over time.
However, with the numerous Calgary life insurance options available it can be difficult to determine if you should buy term life or permanent life insurance. Hopefully, the checklist below will help you decide which type of life insurance you should buy taking into consideration your needs.
| Life Insurance Options | Term Life Insurance | Whole Life Insurance | Universal Life Insurance |
|---|---|---|---|
| Guaranteed lifetime protection | |||
| Most affordable option | |||
| Good short-term plan | |||
| Fixed premiums | |||
| Fixed death benefit | |||
| Flexible premiums | |||
| Ability to loan against policy | |||
| Guaranteed cash value growth | |||
| Tax-advantaged investment option |
Do I need life insurance in Calgary?
The importance of life insurance as a financial planning tool cannot be overstated. But if you’re still on the fence as to whether you need life insurance or not to protect your dearest in the event of your death, then maybe the below examples can help you decide!
Life insurance for final expenses
With the average cost of a funeral in Calgary falling between $6,000.00-$8,000.00, families may find themselves stuck with a large and unexpected expense when a loved one passes. Having life insurance is an excellent way to plan and cover any final expenses your passing may incur. You could also explore funeral insurance plans if you want more coverage specifically for this purpose.
Life insurance for peace of mind and household stability
Consider that you have a mortgage and, just like most families, your family’s ability to cover mortgage payments is reliant on receiving your salary. In the event of your absence, your spouse will likely not be able to continue making mortgage payments which would likely lead to them having to sell and move. Having a life insurance policy can mean the difference between being uprooted and maintaining household stability because the death benefit can be used to pay off the mortgage early.
If you are considering purchasing life insurance, it is important to compare policies from different companies to find the best coverage for your needs and budget. You can do it right here using our free tool below.
Compare the best life insurance companies
How much does a life insurance Calgary plan cost?
The price of life insurance in Calgary varies depending on several factors including, but not limited to, your age, smoking status, type of insurance, and the chosen death benefit. As a rule of thumb, life insurance will therefore be cheaper when you are young and healthy and increase significantly in price as you get older and start picking up a few health conditions.
To get an idea of the rough life insurance costs in Calgary, we have compiled the below monthly premiums from Sunlife insurance for healthy, non-smoking females and males with a 20-year term policy and a $250,000 death benefit.
| Age | Female | Male |
|---|---|---|
| 20 | $17.50 | $22.28 |
| 30 | $18.18 | $22.50 |
| 40 | $26.27 | $32.50 |
| 50 | $58.64 | $82.27 |
| 60 | $169.76 | $254.52 |
The Calgary life insurance prices listed above are only to be used as a guide and in order to get an accurate price you will have to formally apply to a life insurance provider. This is because final life insurance premiums are calculated depending on:
- Life insurance type
- Your age and health
- Exact residency
- Death benefit
- Medical conditions and history
- Gender
How do you get Calgary life insurance quotes?
You can get Calgary life insurance quotes in a couple of different ways. You could contact multiple insurance providers and speak directly to their sales teams. By doing so, you will ensure that you receive the exact life insurance price for your specific situation. However, this process can be a bit tedious when all you are after is to compare rough quotes.
Another option is to speak to local insurance agents in your region. These are often also known as insurance intermediaries and they should have a licence to act on behalf of insurance providers to sell their products. The benefit of an insurance agent is that you can receive multiple quotes at a time.
The fastest way to get Calgary life insurance quotes is to use our free online life insurance comparison tool. Get access to the best life insurance providers in your area and get numerous quotes in just a few moments.
Compare the best life insurance companies
How much coverage do I need in my life insurance Calgary plan?
The amount of life insurance you need in Calgary is completely dependent on your situation. The more expenses you have and the more your dependents rely on your income to get by, probably means that you need a higher death benefit.
However, you should only buy as much life insurance as you can afford. Since there is no limit to how many life insurance policies you can have, you can start small and then increase your life insurance death benefit successively or take out new policies altogether.
Some factors you should consider when thinking about buying Calgary life insurance include:
- The full financial needs of your dependents
- What your income covers
- Future educational costs for children
- Your family’s retirement plans
- Current financial obligations
- Increasing cost of living
- Age and health
- If you need short-term or permanent life insurance
Even after we have taken into consideration all of the above, it’s still not easy to calculate an actual sum assured (death benefit). Luckily, our online Canada life insurance calculator does just that. Simply input your current details and you’ll receive a target sum assured.
