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Understanding the Average Cost of Term Life Insurance in Canada
How can you best protect those closest to you? This is a question that many people ask themselves, particularly as we get older.
One of the most valuable gifts you can give your loved ones after you're gone is having owned Term Life Insurance from Blue Cross Life. Not only can it provide financial security for your family to maintain their quality of life, but it can protect them from many of life’s unexpected changes in the years to come.
Before we can start discussing some of the factors that can impact the monthly costs of your Term Life Insurance policy, it’s important to note that because Blue Cross Life operates nationwide, term life insurance coverage costs the same in every province.
However, this doesn’t mean that people living in every province would benefit from the same types of coverage, which is part of the reason we offer such a wide variety of personalizable options.
For instance, Ontario has one of the highest average costs of living in the country. If you live here, you may want $3-5 million dollar coverage to ensure your loved ones can maintain their quality of life for years to come, without having to move.
Conversely, someone living in Saskatchewan (where the cost of living is lower compared to most other provinces in Canada), may only need $1-3 million dollar coverage to provide their family with the same level of long-term financial security.
This is just one of many reasons why there are likely going to be some variances in monthly costs of term life insurance, based on where you live, but Blue Cross Life is committed to providing some of the most affordable, reliable protection in the country - no matter where you live in Canada.
Many people hesitate to obtain term life insurance when they’re younger, because they’re afraid it will end up being an expense they would rather spend elsewhere.
If you’re in this group, you may be raising a family of your own, while also taking care of your aging parents. Life’s full of expenses, so you may feel like the monthly costs of term life insurance will eat into your savings or ability to enjoy life to its fullest.
But the truth of the matter is that the younger you are, the more affordable it is to purchase term life insurance. This means, if you’re looking to keep down the monthly costs of your term life insurance, you should be looking into purchasing it sooner rather than later.
In addition, you have a better chance to be approved without the possible need for medical underwriting requirements when you’re young; especially if you’re under the age of 50. This can also help reduce the cost of your term life insurance.
The best way to consider how term life insurance costs vary is to look at it like a tiered scale.
The higher the amount of coverage you’re looking for, the higher the monthly cost of your term life insurance policy will be. This is because Blue Cross Life is making a larger commitment to you, in the event that you pass away during the term of your coverage.
By the same token, the higher your term life insurance coverage, the more protection that your loved ones may receive. This helps ensure that your family can maintain the same quality of life after you’re gone, as well as ensuring things like plans for post-secondary education for children and retirement savings for spouses remain intact.
It’s important to remember that the length of your term can also affect the average cost of term life insurance in Canada, because your premium rate is locked in for the entire length of your policy.
While this could mean a slight increase in how much your monthly term life insurance costs are, it’s important to remember that your rate won’t go up throughout your term; even if Blue Cross Life’s rates increase during that period.
Taking the time to think ahead and plan for longer-term coverage is a great way to maintain an affordable cost for term life insurance, for as long as you need it.
There are certain other factors that can impact the average monthly costs of your term life insurance in Canada, even after you’ve already signed up for a policy.
For instance, within the first 5 years of your term life insurance policy, you can convert your existing plan into a longer term plan. However, this will very likely increase the monthly costs of your term life insurance premiums.
Also, there are renewal rates that could apply if you reach the end of your term life insurance policy and would like to renew for another period of time.
In turn, this could potentially increase the average cost of term life insurance in Canada, depending on your age, and the amount of coverage that you’re looking to renew.
Blue Cross Life, with its affordable premiums and flexible coverage options, offers a number of benefits for our policyholders. Some of these benefits include:
These are just a few of the reasons why Blue Cross Life Term Life Insurance is a smart and simple solution to ensure that your family is financially secure should the unexpected happen.
Are you ready to protect your loved ones with one of the most affordable and reputable term life insurances in Canada? Then you should contact Blue Cross Life to speak with a licensed insurance advisor.
They can meet with you over the phone to offer personalized advice on what policy or coverage amount could work best for you and your loved ones, based on your unique situation. Plus, it only takes 60 seconds to get started!
Or you can apply online from the comfort of your own home and get coverage in as little as 20 minutes. This way, you can start protecting your loved ones faster than it takes to get takeout delivered.
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Term Life and Critical Illness Insurance products are underwritten by Blue Cross Life and distributed by PolicyMe Corp.
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