Panorama-Windsor

Life Insurance Windsor: Intro

Welcome to your Life Insurance Guide for Windsor, Ontario. This page will give you an idea of Life Insurance Premiums people choose to pay in Ontario and across other provinces, will inform about key factors that impact your Life Insurance Rates, and share some savings opportunities when choosing Life Insurance.

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Life Insurance in Windsor: Expert Opinion

“If you are looking into Life Insurance in Windsor, now is a good time. The average price of property in Windsor is over $540,000. So, with those increased prices, people are taking on larger mortgages and that’s gonna increase the need for life insurance as well as other costs, like, if you wanna cover your lines of credit, your funeral expenses, your emergency funds, child’s education.

All those things are things you wanna look into and you gonna wanna work with a broker who can make sure that they look at your overall needs and come up with a good solution and a solution that helps you and your family.

There is term policy that can cover your needs with costs starting off lower but go up as you get older and permanent policies where the costs, the premiums, start off higher but don’t go up as you get older and we have a lot of great brokers in Windsor who can help you set up a plan or determine what plan would be best for your situation and make sure that your family is well looked after.”

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How Much Do Others Choose to Pay for Life Insurance in ON and in Canada

The chart shows a comparison of term life and universal life insurance premiums that consumers pay for Life Insurance in Canada. Please consider that though these are are self-reported data, we found out that many consumers in Windsor are underinsured. Life Insurance premiums will also strongly depend on number of factors – these are average premiums.

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How Can You Save on Life Insurance?

  • Member of something? Some insurers reward it: Are you a member of a professional organization (e.g. Certified Management Accountants of Canada or The Air Canada Pilots Association)? Then some insurance companies will offer you a discount.
  • Avoid insurance agents: Insurance agent is not equal to insurance broker. Agents typically work for one company only and can offer only products of this company. That does not leave too many options.
  • Say no to guaranteed issue life policy: People with good health do not need a guaranteed issue life insurance policy (these are policies that do not require a medical exam but they cost more) – do a health check / exam and enjoy lower life insurance premiums.
  • Insurance type matters: Term insurance products have lower than initial premiums than Whole Life or Universal Life. So, if you are looking to maximize your initial coverage, choose Term.
  • Smoking impacts your health and insurance rates: Stop smoking well in advance (at least a year) before applying for a policy – otherwise your premiums will double. Like cigars? Well, many life insurance companies consider smoking more than 1 cigar per month and you won’t be able to get non-smoker rates.
  • Family history: Having a healthy family without any serious diseases lowers your life insurance premiums as you are less likely to face a critical illness. Known serious issues in your family’s medical history can increase the premiums by 50% to 250%.
  • Rounding mathematics matters: If you decide to buy a life insurance policy, make sure that your age rounds down and not up, i.e. if you are going to be 30 years old on December 31, buy the policy in the first 6 months of the year where your age is still rounded down to 29 and not 30.
  • Got in shape recently? Cash out!: If you already have a life insurance policy and got in shape compared to your state when you signed up for a policy (e.g. spending hours in a gym), you can request a review of your life insurance premiums.
  • Interested in more saving tips for Life Insurance? Get an insurance quote below and connect with an experienced insurance professional to get more tips.

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Life Insurance Regulation Body in Ontario

FSRA logo

Similar to other provinces there is s regulation body in Ontario that regulates life insurance matters, Financial Services Regulatory Authority of Ontario (FSRA) (former Financial Services Commission of Ontario: FSCO). It licenses and regulates insurers in the province of Ontario to ensure they comply with the law.

Link: Financial Services Regulatory Authority of Ontario (FSRA)

ribo-logo

There is also another regulatory body for Insurance in Ontario. The Registered Insurance Brokers of Ontario (RIBO) is the self-regulatory body for insurance brokers in Ontario. RIBO regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all independent general insurance brokers in the province.

Link: The Registered Insurance Brokers of Ontario (RIBO)

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Our Publications related to Life Insurance

Life, Disability and Critical Illness Insurance: Do Men or Women Pay More?

Life, Disability and Critical Illness Insurance: Do Men or Women Pay More?

Introduction There were many articles written about men paying more for car insurance than women, but what about other insurance types? Do women always benefit from lower insurance rates? We took on this question and systematically went through various life insurance, disability insurance, and critical illness insurance by consulting with professionals who had the answers. […]

Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers

Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers

The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]

If Life Insurance Plans Were Cars: How to Look at Various Types of Life Insurance in Canada

If Life Insurance Plans Were Cars: How to Look at Various Types of Life Insurance in Canada

Overall, insurance is considered a somewhat boring, though necessary, topic. On top of that, it is not always clear – there are plenty of various types of life insurance products in Canada that work differently. I decided to explain it in a bit of a different and funny way – I hope that you will […]

Insurance Companies in Canada – Easily Explained

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The life insurance landscape in Canada is quite unique. The infographic below shows all the key players and their size, reflecting their assets under management (AUM) based on life and wealth segments of the company’s business. scroll further down to continue reading In Canada, the majority of insurers fall under the umbrellas of three large […]

What is Travel Insurance, and Why Do I Need it?

What is Travel Insurance, and Why Do I Need it?

By RateHub.ca When it comes to budgeting for your vacations, travel insurance is one of those things that’s often overlooked. It’s easy to understand why: we have publicly funded healthcare in Canada, so many people assume that benefit applies to wherever we travel in the world. Unfortunately, that’s not the case. The cost of seeking […]

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