Life Insurance
in Windsor

While Windsor’s housing costs are relatively lower compared to some Canadian cities, residents have high mortgage levels. Recent data indicates that the average homeowner in Windsor carries approximately $457,000 in debt, with a significant portion linked to mortgage obligations.

For a family of four, the estimated monthly cost of living in Windsor is about $5,016, excluding rent. So, a life insurance policy in Windsor can alleviate the financial burden on a policyholder’s dependents in the event of their death.

As per Statistics Canada, 2021, the total population of Windsor is 229,660 with a median age of 41.4 which is higher than the national average. This indicates that there is a substantial number of families in Windsor who would benefit from a life insurance policy. A life insurance payout in the event of an earning individual’s absence would help the grieving family cover their living costs.

Various lifestyle factors, including occupation, smoking status, and medical history, can impact life insurance costs in Windsor. Given Windsor’s automotive industry roots, residents with high-risk occupations may face higher premiums due to the increased likelihood of premature accidental deaths associated with riskier jobs.

Insurance companies also charge higher premiums for smokers and individuals with a family or personal medical history of serious illnesses like stroke or cancer.

Insurers take age into account to calculate life insurance premiums. Younger people generally pay lower rates as they are viewed as having a lower risk of illness and death.

Government data shows that the average life expectancy in Windsor is 81.5 years. This longer life expectancy allows younger Windsor residents to obtain much lower premium rates, reflecting their expected longer lifespans.

A funeral is a major expense that can cost between $5,000 to $10,000 in Windsor, Ontario. A life insurance policy can help cover funeral costs and reduce the financial burden on a grieving family.