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Life Insurance
in Scarborough
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Get the best life insurance in Scarborough, Ontario
Scarborough, a residential paradise in the heart of Ontario, has become a top choice among young adults and seniors trying to settle down. The picturesque landscape, economic and financial development as well as world-class infrastructure has made Scarborough a dream city for many.
However, a growing city also means growing expenses, meaning having a life insurance policy can protect families living in Scarborough from any unfortunate incidents resulting from the demise of an earning member.
Why should you get life insurance in Scarborough, Ontario?
Life insurance policies provide financial security to your family and loved ones in case of your demise. Receiving a life insurance payout can help your family cover additional expenses such as:
- Mortgage or debts
- Children’s education
- Cost of funeral
- Additional living expenses
- And more
Key considerations for life insurance in Scarborough
If you’re considering purchasing life insurance in Scarborough, here are a few things to keep in mind:
- Cost of living
- Demographic profile
- Unique lifestyle factors
- Life expectancy in Scarborough
- Cost of funerals in Scarborough
Scarborough’s housing costs, while lower than Toronto’s downtown, still pose a significant financial burden for many residents.
The average price of a home in Scarborough is $850,000, and for a family of four, the estimated monthly cost of living is around $7,900.
With such high living expenses, a life insurance policy ensures that families can maintain their quality of life even after the loss of their primary earner.
As per Statistics Canada, 2021, the total population of Scarborough is 632,098 with a median age of 39.5 which indicates that a substantial number of families in Scarborough would benefit from a life insurance policy.
Additionally, with the district’s average per family mortgage payment of $2,167 per month, life insurance can provide crucial support to cover expenses in the event of the primary earner’s death.
Lifestyle factors such as occupation, smoking status, and medical history significantly impact life insurance costs in Scarborough. Given its diverse workforce, residents in high-risk occupations may face higher premiums due to the increased likelihood of work-related incidents.
Additionally, smokers and individuals with a family or personal history of serious illnesses like cancer or stroke will typically pay higher premiums.
Need help to find the best life insurance quotes in Scarborough, Ontario?
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!
Insurers factor in age when setting life insurance premiums, with younger individuals generally enjoying lower rates because they pose a lower risk of illness and death. Government data indicates that the average life expectancy in Scarborough is 82 years.
This extended life expectancy means that younger Scarborough residents can benefit from much lower premium rates, reflecting their longer anticipated lifespans and the reduced risk perceived by insurers.
This advantage allows them to secure affordable coverage, ensuring financial security for their families.
A funeral is a major expense that can cost between $5,000 to $10,000 in Scarborough, Toronto, Ontario.
A life insurance policy can help cover funeral costs and reduce the financial burden on a grieving family.
The cost of life insurance in Scarborough depends on age, gender, health status, and policy details. Here are some numbers for life insurance in Scarborough.
- Average coverage amount per person: $400,000
- Average premium starts at $19.50-$36.5 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 Scarborough?
Consulting with a licensed insurance advisor can help you obtain the best life insurance quote in Scarborough. Experts, like those at PolicyAdvisor, can assist in evaluating your needs and finding personalized coverage for you.
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 when you get older. 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 vary significantly based on personal factors such as gender, age, and health history. But it can also change based on the type of life insurance (term or permanent), term length, coverage amount, deductible, and payment options, among other factors, can also influence the cost.
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 Scarborough, Ontario?
| 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 | $25.28 | $15.78 | $24.54 | $14.67 |
| $500,000 | $38.34 | $26.17 | $42.25 | $21.70 |
| $1,000,000 | $55.43 | $50.33 | $43.90 | $48.65 |
*Representative monthly premiums, 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 Scarborough?
Whether you need term life insurance, whole life insurance, no medical life insurance or any other type of coverage available in Scarborough, PolicyAdvisor has you covered.
Our easy-to-use tools and expert advisors can help with life insurance quotes in Scarborough.
- Save time. Get no-obligation quotes from Scarborough‘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 Scarborough 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 Scarborough?
The best life insurance option in Scarborough will depend on your unique circumstances and needs. It may also depend on a few crucial factors, such as:
- Age
- Medical history
- Income status
- Quality of lifestyle
It’s best to have an in-depth discussion with our advisors. Once they assess your unique needs, they will help find the best life insurance policy for you.
How can I find affordable life insurance in Scarborough?
To find affordable life insurance in Scarborough, speak to our advisors, compare quotes from different insurers, consider policies that match your needs, and look for plans that cover you and your loved ones.
How does Scarborough’s cost of living affect my life insurance needs?
Scarborough’s cost of living affects how much life insurance coverage you might need. Higher living costs may require a larger coverage amount to ensure your family can maintain their standard of living in your absence.
