How Much Does Term Life Insurance Really Cost?

The simplest way for you to get an answer is to go to Term Life Insurance Quotes.


I asked forty people - How much do you think $200,000 of ten year term life insurance would cost you each year?

On average, they thought the cost would be 65% higher than it really was.

The best thing about this Website 

• It is up to date - rates are updated every two weeks.
• It provides quotes for every insurance company offering term life insurance in Canada,
• They do not sell life insurance - you won't get hassled by anyone.
• They do not track your IP or require you to enter your email to get a quote.
• They provide a way for you to calculate how much life insurance you need.
• There are some very good articles to help you understand term insurance and the issues in the term life insurance industry today. 

There are a couple of things to keep in mind as you are doing quotes.  

• You can not get a joint term quote that would insure both you and your spouse on the same policy (or a business partner if you are looking for buy sell insurance).  The rates will be lower if you invest in a joint policy (usually 10%).  
• It may be a bit confusing as to your health rating category.  Are you regular, regular plus, preferred, or preferred plus?  I find that the questionnaire that they provide is reasonably accurate but often a person can achieve a higher rating once the application is reviewed by the insurance company.  This can make a fairly big difference as the rates are as much as 30% when you go from regular to preferred plus.   To go from regular to preferred is about 15%. 

I use the agents addition of this quoting engine.  It will allow me to quote any product sold in Canada.  It will allow me to do quotes where husband and wife are insured jointly.  As well it will allow me to quote multiple lifes as often happens when businesses set up buy sell agreeements and choose life insurance as the funding mechanism for the agreement.  If you want a joint quote just call me 306-821-1620. 



Getting the best rate possible rate requires more than just applying for insurnace with the lowest cost provider.  The second factor (next to your age) that determines your premium is you health.  Getting the insurance company to award you dicounts because you are in good health is the key to getting the lowest cost coverage.  A well prepared application with accurate information is a good start.  When you have your medical your blood sugars, blood pressure, and other indicators will be measured.   Results can vary dramatically depending if you fasted, smoked, what you drank, if you have a cold, or are taking medication, and so on .  Your advisor should review the proper protocol with you prior to your medical so you get the best possible results.

Now you have a pretty good  idea of what term life insurance really costs.

It is probably less than you thought.  You will know within a few dollars of what it should cost so you can move forward with confidence. 

If you want to discuss term life insurance please feel free to call me 306-821-1620.