Know the true cost of good life insurance in Quebec

Saving money, buying a house, making investments, starting a family, preparing for retirement… these are things most people think of when it comes to personal finances!

Yet life insurance is the foundation of security in any financial situation, and serves to protect you and your family in the event of premature death.

In Quebec, there are two types of life insurance- term life insurance and permanent life insurance, both designed to cover two different needs. To answer your question right away, yes, there is one type of product that is more expensive than the other!

But how much does it cost to have good life insurance when you are a resident of Quebec?

Further, what is good life insurance and how do we know what our own needs are?

This is what we will reveal to you in this article by providing you with a comparative table to give you an idea of ​​the probable premiums for life insurance in Quebec, depending on various factors!

 

Know the true cost of good life insurance in Quebec

What is the definition of a GOOD life insurance policy in Quebec?

First, what is GOOD life insurance and how do you know if it’s right for you?

In fact, a good life insurance policy could be defined as a policy offering the owner and the beneficiary optimal protection of capital, assets, and liabilities in the event of the death of the owner.

Well, that sounds very technical as a definition, but basically what it means is that it’s life insurance that takes into account YOUR financial situation, your accumulated debts upon your death, as well as the assets that you want to protect.

For example, at your death, you will have funeral expenses that need to be paid for your burial, ceremony, etc.

Then, you may have assets with deferred tax payable. We can think, among other things, of a chalet that you wish to bequeath to your children, and which has increased in value over the years. In the event of your death, you will leave your heirs with tens of thousands of dollars in tax liabilities if you do not have enough insurance benefits to cover that amount.

Eventually, over the course of your life, you will incur debts such as a mortgage which you will need to protect with life insurance. For example, with mortgage life insurance, in the event of premature death, your insurer will remit a sufficient amount to your beneficiary so that he pays the balance of the mortgage with some cash left over, depending on the type of insurance.

To cover all these risks, there are two types of insurance, which we will present to you in detail.

 

Life insurance can protect your assets and provide for final expenses

Term life insurance vs. permanent life insurance: which is the most expensive?

If an insurance advisor took the time to develop your financial profile and your insurance needs, they would have to determine what your needs are for 2 types of policies.

First, do you need permanent life insurance? Permanent life insurance is the type of policy that stays in place for your entire life. This is usually used to cover funeral expenses, taxes at death, and other debts that you have at the time of death.

Then there is term life insurance. This type of policy remains in effect for a certain number of years, for example, 10 years, 15 years, 25 years, 30 years, etc. Term life insurance is used to cover a risk or a debt that will disappear after a certain time, for example a mortgage, a car loan, etc.

But which of these types of policies is the most expensive?

The answer: permanent life insurance!

In fact, permanent life insurance is more expensive than term life insurance in Quebec. Why?

Because with a permanent life insurance policy, the insurer is certain to pay the death benefit to the beneficiary regardless of when the insured dies.

With term life insurance, the policyholder may outlive the term of the policy, and the insurer will not have to pay a single penny to the beneficiary.

The cost of permanent life insurance is calculated based on a multitude of criteria, and cannot be calculated online. You must make an appointment with an advisor to get a quote.

However, you will find a comparison table below providing different price guidelines for various EXCELLENT life insurance products.

Life insurance can protect your assets and provide for final expenses

Cost of term life insurance based on amount, age, and other criteria - Comparative table


What is the monthly premium of good life insurance for a resident of Quebec? This is the question you are most likely asking yourself.

To help you see more clearly, we used Industrial Alliance’s online term life insurance premium calculator.

We have created 5 different tables illustrating various scenarios to give you the maximum possible premiums based on the excellent life insurance products chosen.

We used different ages, gender, smoking status, and coverage amounts.

For our simulations, we used plausible and realistic scenarios to show you the premiums you are likely to pay for term life insurance based on a multitude of scenarios in your situation.

Price of Term Life Insurance for $250,000 – Varying Factors

Amount of Coverage Gender Smoker/Non-Smoker Age Monthly Premium
$250,000 Male Non-smoker 30 years old $20.25
$250,000 Female Non-smoker 30 years old $15.98
$250,000 Male Smoker 30 years old $38.48
$250,000 Female Smoker 30 years old $28.35
$250,000 Male Non-smoker 55 years old $156.60
$250,000 Female Non-smoker 55 years old $105.08
$250,000 Male Smoker 55 years old $365.40
$250,000 Female Smoker 55 years old $200.92
* Table for illustration only. Does not constitute a valid quote. To get an accurate price, complete our form to speak to a partner advisor.

Price of Term Life Insurance for $100,000- Varying Factors

Amount of CoverageGenderSmoker/Non-smokerAgeMonthly premium
$100,000MaleNon-smoker20 years old$11.79
$100,000FemaleNon-smoker20 years old$10.26
$100,000MaleSmoker20 years old$17.91
$100,000FemaleSmoker20 years old$13.32
$100,000MaleNon-smoker40 years old$18.45
$100,000FemaleNon-smoker40 years old$14.76
$100,000MaleSmoker40 years old$41.85
$100,000FemaleSmoker40 years old$28.71

* Table for illustration only. Does not constitute a valid quote. To get an accurate price, complete our form to speak to a partner advisor.

Term life insurance prices at age 35 – Varying Factors

Amount of Coverage Gender Smoker/Non-smoker Age   Monthly Premium
$200,000 Male Non-smoker 35 years old $19.98
$200,000 Female Non-smoker 35 years old $15.84
$200,000 Male Smoker 35 years old $45.18
$200,000 Female Non-smoker 35 years old $33.30
$50,000 Male Non-smoker 35 years old $13.41
$50,000 Female Non-smoker 35 years old $11.52
$50,000 Male Smoker 35 years old $21.46
$50,000 Female Smoker 35 years old $18.18
$500,000 Male Non-smoker 35 years old $38.25
$500,000 Female Non-smoker 35 years old $28.35
$500,000 Male Smoker 35 years old $97.65
$500,000 Female Smoker 35 years old $72.00
* Table for illustration only. Does not constitute a valid quote. To get an accurate price, complete our form to speak to a partner advisor.

Prices of Term life insurance for a 25-year-old male non-smoker – Variations in death benefits

Amount of coverage Gender Smoker/Non-smoker Age Monthly premium
$50,000 Male Non-smoker 25 years old $12.20
$75,000 Male Non-smoker 25 years old $15.59
$100,000 Male Non-smoker 25 years old $11.97
$150,000 Male Non-smoker 25 years old $15.26
$200,000 Male Non-smoker 25 years old $16.56
$250,000 Male Non-smoker 25 years old $19.35
$275,000 Male Non-smoker 25 years old $20.74
$300,000 Male Non-smoker 25 years old $22.14
$350,000 Male Non-smoker 25 years old $24.93
$500,000 Male Non-smoker 25 years old $33.30
$750,000 Male Non-smoker 25 years old $47.25
$1 Million Male Non-smoker 25 years old $61.20
** Table for illustration only. Does not constitute a valid quote. To get an accurate price, complete our form to speak to a partner advisor.

Prices of Term life insurance for a non-smoking 25-year old female – Variations in death benefits

Amount of coverage Gender Smoker/Non-smoker Age Monthly premium
$50,000 Female Non-smoker 25 years old $10.84
$75,000 Female Non-smoker 25 years old $13.57
$100,000 Female Non-smoker 25 years old $10.44
$150,000 Female Non-smoker 25 years old $12.96
$200,000 Female Non-smoker 25 years old $13.32
$250,000 Female Non-smoker 25 years old $15.30
$275,000 Female Non-smoker 25 years old $16.29
$300,000 Female Non-smoker 25 years old $17.28
$350,000 Female Non-smoker 25 years old $19.26
$500,000 Female Non-smoker 25 years old $23.40
$750,000 Female Non-smoker 25 years old $32.40
$1 Million Female Non-smoker 25 years old $41.40
** Table for illustration only. Does not constitute a valid quote. To get an accurate price, complete our form to speak to a partner advisor.

Have your life insurance needs assessed and compare the rates of multiple insurers by filling-out our free form!

What is the PERFECT LIFE INSURANCE POLICY FOR YOU?

To find out, an insurance professional needs to take the time to assess your financial and family situation, and assess the potential risks and the amount of coverage needed.

Fill out our 100% free and non-binding form to have your life insurance need assessed and then compare the prices of several insurers in Quebec!

It’s a quick, easy and efficient way to find an insurance advisor to help you get the policy that best meets your needs!

No matter where you are in the province, we can find an excellent advisor to help you!

Use our form to take the first step to getting the right life insurance for you!

Speak to our partner advisors to have your insurance needs assessed

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