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Types of life insurance in British Columbia
Life insurance is not a one-size-fits-all product. It comes in various different types, with a wide range of available customization options.
Term life insurance policy
Term life insurance in British Columbia offers a straightforward and affordable way to protect your loved ones financially in the event of your death.
This type of insurance provides coverage for a specified term, typically ranging from 10 to 30 years. If the policyholder passes away during the term, the beneficiaries receive a tax-free death benefit.
Whole life insurance policy
Whole life insurance in British Columbia provides lifelong coverage with the added benefit of building cash value over time. Unlike term life insurance, which covers you for a specific period, whole life insurance remains in effect as long as premiums are paid.
Other types of insurance in British Columbia
Disability insurance
According to statistics, there are about 546,760 people in B.C. who identify as having a disability, representing 14.8% of British Columbians over 15 years of age.
Disability insurance in British Columbia provides income protection if you’re unable to work due to illness or injury. This insurance replaces a portion of your income, helping cover living expenses as you recover.
Critical illness insurance
Critical illness is quite common in Canada. Based on official figures, about 1 in 2 Canadians will be diagnosed with cancer in their lifetime, amounting to 50% of the population.
Critical illness insurance offers financial protection by providing a lump-sum payment if you’re diagnosed with a covered serious illness, such as cancer, heart attack, or stroke.
This benefit can be used for any purpose, including medical treatments, living expenses, or debt repayment. Critical illness insurance helps alleviate financial stress during a challenging time.
Health insurance
Although the Canadian government provides health insurance to its residents, it is not enough. In 2021, 26% of British Columbians reported having no prescription drug coverage, the highest percentage among all Canadian provinces.
Health insurance helps to cover all the costs of treatment, such as prescription drugs, disease-specific medical equipment, hospitalization charges, diagnostic procedures, etc.
Visitor insurance
Visitor insurance keeps insurers covered while they’re away from the comfort of their home. It provides coverage for unexpected events while traveling, such as medical emergencies, trip cancellations, lost luggage, and travel delays.
How much does life insurance cost in British Columbia?
Life insurance premiums vary widely from company to company. However, there are some ballpark average values that can help to determine the cost of life insurance in British Columbia. Take a look:
- A 20-year term life insurance in BC with approximately $200,000 coverage value may cost around $146/year for a 30-year-old, non-smoking female
- Whole life insurance in BC for a $500,000 coverage amount may cost around $3,025/year for a 35-year-old, non-smoking female
- Universal life insurance in BC for a $600,000 coverage amount will cost around $5,099/year for a 40-year-old, non-smoking male
The values may vary slightly depending on the individual’s insurability risks. People with high-risk jobs and compromising lifestyles end up paying higher premiums than healthy individuals.
How much life insurance do you need in British Columbia?
The exact amount of life insurance that you need depends upon your individual requirements and financial planning. Here are a few things that can impact your life insurance coverage needs:
- Number of dependants
- Mortgage
- Additional debts
- Children’s education
- Estate planning
- Cost of living
In order to protect your loved ones, you might need a life insurance coverage that sums up to 10 times your annual income. You can plan the right coverage amount to fulfill your goals and provide complete financial protection to your loved ones.
Our calculator quickly determines what you need and gives you the best options
Best life insurance companies in British Columbia
Some of the top life insurance companies in British Columbia 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
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No medical life insurance
Many people in British Columbia live with medical conditions and health issues they assume will prevent them from getting insurance coverage. Others need insurance coverage quicker than traditional medical underwriting can take. Fortunately, British Columbians can get an insurance policy without a medical examination or bloodwork.
Given the recent global pandemic and a greater focus on physical distancing, many are uncomfortable with the thought of going to a doctor’s office for medical tests or inviting a stranger into their home for a medical exam.
PolicyAdvisor.com offers several ways for those in British Columbia to apply for life insurance without a face-to-face meeting. Besides an aversion for blood tests or prior health concerns, there are several reasons someone might elect for non-medical life insurance in British Columbia. In these cases, a simplified or guaranteed issue insurance policy provides more options.
You can shop for quotes, speak to a licensed British Columbia 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 British Columbia’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
Can I get life insurance in British Columbia with no medical exam?
Yes, you can get life insurance in British Columbia without a medical exam through simplified issue or guaranteed issue policies.
These options typically require only a health questionnaire, making them faster and easier to obtain. However, premiums are usually higher, and coverage amounts may be lower compared to traditional policies.
How to get the best life insurance rates in BC?
To get the best life insurance rates in British Columbia, start by comparing quotes from multiple insurers to find the most competitive rates.
Additionally, purchasing insurance at a younger age and working with a knowledgeable broker (such as our experts at PolicyAdvisor) can help secure the best possible rates.
Are there any limitations to getting life insurance in BC?
Yes, there are limitations to getting life insurance in British Columbia, which can include:
- Age restrictions: Most insurers have age limits for purchasing new policies, often capping at 75 years old
- Health conditions: Pre-existing health conditions can lead to higher premiums, exclusions, or even denial of coverage
- Coverage limits: Simplified or guaranteed issue policies, which don’t require medical exams, often have lower coverage limits
- Smoking status: Smokers typically face higher premiums due to increased health risks
- Waiting periods: Some policies, especially no-medical-exam ones, may have waiting periods before full coverage kicks in
What is the maximum age limit for getting life insurance in BC?
The maximum age limit for getting life insurance in British Columbia typically ranges from 75 to 85 years, depending on the insurer and the type of policy. It’s essential to check with individual insurers for their specific age limits.
