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Life Insurance
in Edmonton
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Get the best life insurance in Edmonton
Edmonton, the vibrant capital of Alberta, is known for its rich history, diverse culture, and thriving economy. As the city continues to grow, it’s essential for residents to secure their financial future. Life insurance plays a crucial role in providing peace of mind and financial stability for families in Edmonton.
Why should you get life insurance in Edmonton, Alberta?
A life insurance policy can provide financial security and can help cover the following:
- Debt or mortgage
- Funeral expenses
- Cost of living
- Children’s education
- And more
Key considerations for life insurance in Edmonton
Some of the key factors to consider when purchasing life insurance in Edmonton are:
- Cost of living
- Demographic profile
- Unique lifestyle factors
- Life expectancy in Edmonton
- Cost of funerals in Edmonton
The cost of living in Edmonton can significantly impact life insurance needs and budgets. The cost of housing in Edmonton is lower as compared to some of the other major cities in Canada. However, Edmontonians have relatively high debt levels, with an average of $350,665.
The high level of debt and the fact that residents in Edmonton have missed a credit payment increases the need for adequate life insurance coverage that will protect the dependents in the event of the policyholder’s demise.
38% of Edmontonians are under the age of 30 and 22% are under the age of 20. This younger population is at an advantage since they can get lower life insurance premiums due to a lower risk of mortality.
The higher percentage of young adults and children suggests a significant number of young families in Edmonton. Life insurance can help these families secure their children’s educational costs and financial future.
Certain lifestyle factors, including occupation, smoking status, and medical history, might impact life insurance costs in Edmonton. Edmonton is known for its oil and gas and mining operations, and residents with high-risk occupations in these industries can end up paying a higher premium for their life insurance. This is because these riskier occupations can lead to premature accidental deaths, which insurers keep in mind during the underwriting process.
Insurance companies also charge higher premiums to those who smoke, vape, or use cannabis. Edmontonions with a family or personal medical history of a stroke, cancer, and other serious illnesses can also expect to pay higher premiums.
Need help to find the best life insurance quotes in Edmonton?
Reach out to our team of licensed insurance advisors at any time. We’re happy to help walk you through it or find the best deals for you!
Age is the most influential factor in determining life insurance costs. Life insurance policies are cheaper for younger individuals since they are at lower risk of illnesses and death.
As per government data from 2022, the average life expectancy in Edmonton is 81. This high life expectancy means that the younger population in Edmonton will get significantly lower premium rates since they are expected to live longer.
Funerals are a major expense that can cost anywhere between $5,000 to $12,000 in Edmonton. A life insurance policy can help cover funeral costs and reduce the financial burden on a grieving family.
Life insurance quotes in Edmonton vary based on several factors such as age, gender, medical history, smoking status, etc. Younger Edmontonions are likely to get lower premiums as compared to seniors. Here are some numbers for life insurance in Edmonton, Alberta.
- Average coverage amount per person: $314,000
- Average premium starts at $10-20 per month
- Premiums for term life insurance in Edmonton can go up to $100-$120 per month
Best for simplified issue:
Best for combo coverage:
Best for affordability:
Best for financial strength:
Best for non-medical:
Best for stability:
Best for personalization:
Best for families:
How do I find the best life insurance quotes in Edmonton?
It is always best to get life insurance when you are younger. This will give you lower premiums as compared to older individuals.
Once you get a life insurance quote, you’ll be guaranteed that same rate at all times!
On the other hand, insurance usually costs more the older you get. Getting an affordable life insurance quote today will always be your best bet to finding the lowest rates and locking them in!
You can get even lower quotes by switching up some of the features of your policy.
Life insurance prices can change based on a wide range of personal details, like gender, age, and health history. But it can also change based on the type of life insurance plan (term or permanent), term length, coverage amount, deductible, and payment options, among other factors.
Take a look at the table below to get an idea of how changing the amount of coverage can change your life insurance quote.
Term life insurance quotes in Edmonton
| Coverage | 10-year term (female, smoker) | 20-year term (female, non-smoker) | 10-year term (male, smoker) | 20-year term (male, non-smoker) |
| $250,000 | $19.35 | $10.40 | $21.90 | $11.98 |
| $500,000 | $27.10 | – | $40.20 | $24.70 |
| $1,000,000 | $42.00 | – | $68.50 | $47.02 |
*Representative values, based on a term life insurance quotation for 29-30 year old male and female in regular health.
Why choose PolicyAdvisor for life insurance in Edmonton?
Whether you need term life insurance, whole life insurance, no medical life insurance or any other type of coverage available in Edmonton, PolicyAdvisor has you covered.
Our easy-to-use tools and expert advisors can help with life insurance quotes in Edmonton.
- Save time. Get no-obligation quotes from Edmonton‘s top life insurance companies in minutes
- Save money. Compare quotes from 30+ insurance providers at once to ensure you get the best price
- Shop anywhere. PolicyAdvisor’s next-gen insurance tools let you shop and compare quotes on your phone or computer from anywhere
- Personalized service. Every PolicyAdvisor customer in Edmonton is assigned their own experienced insurance advisor
Getting life insurance is one of the biggest decisions of your life, so it makes sense that you want to be sure. Reach out to our team if you need any help! Or visit our Life Insurance Learning Centre to get all the answers to your questions before you get started.
Frequently asked questions
What is the best life insurance in Edmonton?
The best life insurance option in Edmonton will depend on your unique circumstances and needs. For younger individuals, term life insurance makes sense since it can be easily renewed or converted to permanent life insurance.
A whole life insurance policy would be better for older individuals since it can help with estate planning and business costs.
Is life insurance mandatory in Edmonton?
Life insurance is not mandatory, but it is definitely necessary. It is a smart financial planning tool that can help save thousands of dollars that a policyholder’s beneficiaries might have to pay in the event of their demise. Whole life insurance policies also generate cash value and dividends that can help with mortgage payments and retirement planning.
How do I apply for life insurance in Edmonton?
Applying for life insurance in Edmonton is pretty straightforward. You can easily apply through an insurance agent or directly with an insurance company. The application process involves providing personal and medical information and may require a medical exam for the verification process.
