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Types of life insurance in Alberta
Alberta boasts the highest average life insurance coverage in Canada, with an impressive $567,000 per household, surpassing the national average of $458,000. This highlights the importance of getting life insurance in Alberta to keep one’s loved ones secure.
Types of life insurance in Alberta
Term life insurance
Term life insurance is a popular choice in Alberta due to its affordability. It provides coverage for a specified period, usually between 10 and 30 years. If you pass away during this term, your beneficiaries receive a death benefit. This type of insurance is ideal for covering temporary financial needs, such as mortgage payments or education costs.
Whole life insurance
Whole life insurance offers lifelong coverage with fixed premiums. It also accumulates cash value over time that you can borrow against or withdraw. This insurance is suited for those seeking long-term financial stability for their loved ones.
Other insurance options in Alberta
Disability insurance
Disability insurance replaces your income if you’re unable to work due to a disability. This coverage ensures that you can continue to meet your financial obligations, such as mortgage payments and daily living expenses, even if an illness or injury prevents you from working.
Critical illness insurance
Critical illness insurance pays out a lump sum if you’re diagnosed with a covered critical illness, such as cancer, heart attack, or stroke. This payment can be used to cover medical bills, pay off debts, or make necessary lifestyle changes, such as modifying your home or taking time off work to focus on recovery.
Health insurance
Health insurance covers medical expenses not included in Ontario’s provincial health plan, such as prescription drugs, dental care, vision care, and specialist services. This coverage helps you avoid out-of-pocket costs for essential healthcare services.
Visitor insurance
Visitor insurance in Canada protects against unexpected costs, including medical emergencies, trip cancellations, lost luggage, and other unforeseen events.
How much does life insurance cost in Alberta?
Life insurance costs in Alberta depend on factors such as age, health, and lifestyle. For example, a healthy 30-year-old might pay around $15 to $22 per month for a $500,000 term life policy.
Generally, younger and healthier individuals secure lower rates. Premiums increase with age, calculated based on your nearest birthday. As you get older, life insurance premiums naturally increase.
To explore how life insurance rates vary by age in Alberta, click on the age groups here or use our online insurance quote tool for a personalized estimate in minutes.
Calculating the right amount of life insurance involves balancing coverage to pay off debts and provide for your family’s needs without overextending yourself financially.
A common guideline is to have coverage 10-12 times your annual income. Consider your debts, living expenses, children’s education costs, end-of-life expenses, and any other financial goals.
Our life insurance needs calculator helps you find the right coverage by assessing your financial situation and preferences.
Our calculator quickly determines what you need and gives you the best options
Some of the top life insurance companies in Alberta include:
Best for affordability: BMO Insurance
Best for financial strength: Canada Life
Best for non-medical: Canada Protection Plan
Best for stability: Desjardins
Best for personalization: Empire Life
Best for families: Equitable Life
Best for digital innovation: Manulife
Best for value for money: RBC
Best for buying in-person: Sun Life
Best for Marijuana Users: Beneva
Best for Smokers: iA Financial Group
Explore life insurance quotes in other provinces
Get life insurance quotes in different cities
No-medical life insurance in Alberta
Many people in Alberta live with medical conditions and health issues. They assume this will prevent them from getting insurance coverage. Fortunately, Albertans can get an insurance policy without medical underwriting or bloodwork.
PolicyAdvisor offers several ways for those in Alberta to apply for life insurance without a face-to-face meeting. Besides an aversion to blood tests or prior health concerns, there are several other reasons someone might choose non-medical life insurance. In these cases, a simplified or guaranteed issue insurance policy provides more options.
You can compare quotes, speak to a licensed Alberta online insurance broker, and apply for life insurance all without leaving your own home or having a face-to-face meeting.
Why PolicyAdvisor?
PolicyAdvisor makes finding life insurance simple. Compare quotes, get expert advice, and find the best policy for your needs—all in one place.
- Save time: Get instant quotes from Alberta’s top life insurance companies
- Save money: Compare multiple quotes to find the best price
- Shop anywhere: Use our online tools to compare quotes from your phone or computer
- Personalized service: Receive expert advice from a dedicated insurance advisor
Frequently asked questions
How does Alberta’s oil and gas industry impact life insurance costs?
Alberta’s oil and gas industry is considered high-risk by insurers, leading to potentially higher life insurance premiums or challenges in obtaining coverage. Those working in this sector should compare quotes from multiple life insurance companies in Alberta to find the most competitive rates and terms.
Can I get life insurance if I work in a high-risk occupation in Alberta?
Yes, you can secure life insurance if you work in a high-risk occupation in Alberta, but premiums may be higher, and coverage might have exclusions. It’s beneficial to consult with our advisors to find insurers who offer coverage for high-risk professions and to compare life insurance quotes in Alberta for the best options.
How do life insurance premiums compare between Edmonton and other Alberta cities?
Life insurance premiums in Edmonton can differ from those in other Alberta cities like Lethbridge due to local risk factors and insurance market conditions. To get the best rates, it’s advisable to compare quotes from various insurance companies in Edmonton, Alberta and other cities. Using our online insurance quote tool in Alberta can also help in finding competitive premiums.
What should I know about life insurance for self-employed individuals in Alberta?
Self-employed individuals in Alberta might face higher premiums due to variable income and fewer financial safety nets. It’s important to assess your needs and seek coverage from reputable life insurance companies in Alberta.
