1-888-601-9980
Life Insurance
in Vancouver, BC
Get a no-obligation quote for life insurance in Vancouver!
Get Instant Quotes from the Top 25 companies in Canada
Get the best life insurance in Vancouver
Vancouver, British Columbia, is renowned for its stunning natural beauty, vibrant cultural scene, and diverse economy. As the city continues to thrive, residents must secure their financial future. Life insurance plays a vital role in providing peace of mind and financial stability for families in Vancouver.
Why should you get life insurance in Vancouver, BC?
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 Vancouver
Some of the key factors to consider when purchasing life insurance in Vancouver are:
- Cost of living
- Demographic profile
- Unique lifestyle factors
- Life expectancy in Vancouver
- Cost of funerals in Vancouver
The cost of living in Vancouver is among the highest in Canada and can significantly impact life insurance needs and budgets. The average price of a detached home in Vancouver is approximately $1.5 million.
High housing costs contribute to significant mortgage debts for homeowners, hence increasing the need for comprehensive life insurance coverage in Vancouver, BC.
Vancouver’s diverse population includes a significant number of young families and an aging senior population.
According to Statistics Canada (2021), approximately 35% of Vancouver’s population is under the age of 30. The higher percentage of young adults and children suggests a substantial number of young families in Vancouver. Life insurance can help these families secure their children’s educational costs and financial future.
Lifestyle factors, including occupation, smoking status, and medical history, can impact life insurance costs in Vancouver.
High-risk occupations: Vancouver is known for its bustling port and tech industries. Residents with high-risk occupations might face higher premiums due to the associated risks.
Health and wellness: Insurers consider medical history and lifestyle choices such as smoking or vaping when determining premiums. Vancouverites with a history of serious illnesses or those who smoke may pay higher premiums.
Need help to find the best life insurance quotes in Vancouver, BC?
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!
Life expectancy is a critical factor in determining life insurance costs. Younger individuals typically enjoy lower premiums due to their lower risk of mortality.
As of 2022, the average life expectancy in Vancouver is 83 years. This high life expectancy means that younger residents can benefit from significantly lower premium rates.
A funeral is a major expense that can cost anywhere between $6,000 to $15,000. A life insurance policy can help cover funeral costs and reduce the financial burden on a grieving family.
Vancouver life insurance quotes vary based on several factors mentioned above. Generally, the younger and healthier you are when you purchase coverage, the lower your premiums are likely to be. Here are some numbers for life insurance in Vancouver, BC.
- Average coverage amount per person: $432,000
- Average premium starts at $10-20 per month
- Premiums for term life insurance in Vancouver can go up to $100 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 Vancouver?
The secret to finding the best life insurance quotes in Vancouver is to get started sooner rather than later. No, seriously!
Once you get a life insurance quote, that rate is locked in if you purchase the policy. So, no matter what happens in the future, you’ll be guaranteed that same rate!
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 Vancouver
| 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 | $20.28 | $12.40 | $22.73 | $13.98 |
| $500,000 | $31.10 | – | $43.20 | $26.70 |
| $1,000,000 | $45.00 | – | $76.50 | $50.02 |
*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 Vancouver?
Whether you need term life insurance, whole life insurance, no medical life insurance or any other type of coverage available in Vancouver, PolicyAdvisor has you covered.
Our easy-to-use tools and expert advisors can help with life insurance quotes in Vancouver.
- Save time. Get no-obligation quotes from Vancouver’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 Vancouver 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
How much life insurance do I need in Vancouver?
The amount of life insurance you need in Vancouver depends on factors like the income your family would need to cover everyday costs, outstanding debts you may have, childcare and education costs, and funeral costs. A good rule of thumb is to have coverage equivalent to 10-15 years of your income. Speak to one of our licensed advisors to help assess your needs.
How do I get the best life insurance rates in Vancouver?
To get the best rates, you should:
- Shop around and compare quotes from multiple insurers
- Buy coverage when you’re younger and healthier to lock in lower premiums
- Maintain good health by not smoking, exercising, and managing any medical conditions
- Opt for the coverage amount you truly need rather than over-insuring
What types of insurance options are available in Vancouver, BC?
The two main types are term life insurance and permanent life insurance:
- Term insurance provides coverage for a set period like 10 or 20 years and is the most affordable option
- Permanent insurance lasts your entire lifetime but costs more than term for the same coverage amount
The right type depends on your needs and budget. Term is good for income replacement, while permanent works well for bigger goals such as retirement planning.
