Know your life expectancy to obtain the right life insurance in Quebec

 

Know your life expectancy to obtain the right life insurance in Quebec

AT 40 YEARS OLD, YOU HAVE A 50% CHANCE OF LIVING ANOTHER 55 YEARS!

Planning one’s retirement isn’t easy for many reasons, the most important of which is: « How many years of income do you need to plan for? »

According to the Quebec Institute of Financial Planning (QIFP), in a document presented on April 30, 2018 (this one based on several life expectancy tables, including the much-talked-about table CPM2014), most people aged 50 and over have an estimated 15% chance to celebrate their 100th birthday.

Of course, no one can really accurately predict their life expectancy.

On the other hand, estimates exist. These, based on province-wide data collection, provide us with several tables of the probability of survival according to the age of the individual.

Insurance companies set the price of their premiums on these same statistics. Thus, they analyze all changes by age group, lifestyle, and gender, in our society.

Their goal is to set the lowest possible prices to be competitive.

If you want to save enough money to retire without worrying about running out of money, start by figuring out how much your life insurance needs are.

Fortunately, you can find the answers yourself using a platform that brings together multiple brokers who can accomplish all this for you!

Get a no-obligation quote from one of our partners (all insurance brokers and insurers) for your life insurance needs! Fill out the form on this page!

Are you curious to know your chances of celebrating your 100th birthday? Continue reading this article.

 

Life insurance projecting your life expectancy

Choose your life insurance based on your life expectancy

When you consult these tables, the QIFP recommends planning your future finances based on life expectancy of not exceeding 25%.

In this way, you will not run out of money even if you live longer than the average lifetime.

Remember:

  • A wealthy and healthy person is more likely to live longer
  • A smoker subtracts from 20 to 25% in the number of years of his life expectancy

 

AT 20, YOUR CHANCES OF SURVIVAL
The probability of survival at age 20 for men and women in life insurance
Chance of survival For a woman For a man General
10% 101 years 99 years 102 years
20% 98 years 96 years 100 years
30% 96 years 94 years 98 years
40% 94 years 92 years 97 years
50% 93 years 90 years 95 years

 

AT 30 YEARS,  YOUR CHANCES OF SURVIVAL
Life expectancy in your thirties show these results if you want life insurance.
Chances of survival For a woman For a man General
10% 101 years 98 years 102 years
20% 98 years 96 years 99 years
30% 96 years 94 years 98 years
40% 94 years 92 years 96 years
50% 92 years 90 years 95 years

 

AT 40 YEARS, YOUR CHANCES OF SURVIVAL
At age 40, you probably will live this number of years if you are thinking of taking out life insurance.
Chances of survival For a woman For a man General
10% 100 years 98 years 101 years
20% 98 years 95 years 99 years
30% 96 years 93 years 97 years
40% 94 years 91 years 96 years
50% 92 years 89 years 95 years

 

AT 50 YEARS,  YOUR CHANCES OF SURVIVAL
In your fifties, here is your life expectancy (men-women) when you buy life insurance at « Compare Insurances Online».
Chances of survival For a woman For a man General
10% 100 years 98 years 101 years
20% 97 years 95 years 99 years
30% 95 years 93 years 97 years
40% 93 years 91 years 96 years
50% 91 years 89 years 94 years

 

AT 60 YEARS, YOUR CHANCES OF SURVIVAL
At 60 years of age and over, this is your probability of survival in life insurance.
Chances of survival For a woman For a man General
10% 100 years 97 years 101 years
20% 97 years 95 years 98 years
30% 95 years 93 years 97 years
40% 93 years 91 years 95 years
50% 91 years 89 years 94 years

 

AT 70 YEARS, YOUR CHANCES OF SURVIVAL
For people aged 70, your life expectancy decreases more and more, and hopefully you already have life insurance
Chances of survival For a woman For a man General
10% 99 years 97 years 100 years
20% 97 years 95 years 98 years
30% 95 years 93 years 97 years
40% 93 years 91 years 95 years
50% 91 years 89 years 94 years

 

AT 80 YEARS, YOUR CHANCES OF SURVIVAL
The numbers for the chances of survival of men and women in their eighties at « Compare Life Insurances Online»
Chances of survival For a woman For a man General
10% 100 years 97 years 100 years
20% 97 years 95 years 98 years
30% 95 years 93 years 97 years
40% 94 years 91 years 96 years
50% 92 years 90 years 94 years

 

AT 90 YEARS, YOUR CHANCES OF SURVIVAL
For a woman or a man 90 years and over, here is their life expectancy in terms of life insurance.
Chances of survival For a woman For a man General
10% 101 years 99 years 102 years
20% 99 years 97 years 100 years
30% 97 years 96 years 99 years
40% 96 years 95 years 98 years

50%
95 years 94 years 97 years

 

 

The types of life insurance to protect your family

Choose your life insurance based on your life expectancy

Your family’s future and their protection can be decided based on your choice of life insurance acquired.

If you perish, this protection offers your family with a financially stable future.

Thus, planning your estate is essential, particularly if you expect to live only another 15 to 20 years.

Moreover, if you are still young, don’t leave your debts to posterity. To resolve these problems, subscribe to life insurance as quickly as possible, but first determine from which type you can get the maximum advantage.

 

Term life insurance

This insurance is usually a good choice for many people because it provides good coverage at low prices.

Term life insurance is a way to provide your family with a certain income after your death, to eliminate debts or your mortgage, to give tax-free amounts to charity, or to pay for higher education of your children.

This type of life insurance also provides assistance to your business operations.

For example, it can be used as collateral on a loan or partner financing to a buy and sell agreement at a fraction of the cost of the actual business.

It is available to all Quebec residents, provided that they are Canadian residents or are 65 years old or younger.

It provides an insurance benefit of up to $5 million or a minimum of $5,000.

 

Below is an estimate of the price* of a term life insurance based on your age (for $100,000 at 20 years).

YOUR Age MALE FEMALE
Smoker Non-smoker Smoker Non-smoker
20 YEARS $17.91 $11.79 $13.32 $10.26
30 YEARS $18.90 $12.15 $14.49 $10.71
40 YEARS $38.16 $17.19 $26.82 $13.95
50 YEARS $91.89 $38.25 $54.81 $27.72
60 YEARs $222.03 $109.26 $127.26 $73.53
70 YEARs $475.38 $301.32 $325.89 $200.97

*These prices were obtained from an online calculator in Dec. 2018. These rates are only estimates and may vary.


Get your quote from a partner broker in your area.

He will reveal to you an offer.

Our partners do business with over 20 insurers in Quebec.

Just fill out the form at the top of this page!

 

Permanent life insurance

This insurance will protect you throughout your lifetime.

You will see, at the signing of the contract, that the rates for premiums are set at a cost that will never change.

This will help you to avoid unpleasant surprises, a certainty that term life insurance can not provide because of regular increases during policy renewals.

After your death, permanent life insurance provides your family with financial security and is a symbol of your legacy.

A medical examination will only be required of you at the very beginning. Thereafter, your protection remains the same and needs no renewal. Your age and your health will not matter.

As your health condition may decline over the years, insurance companies will normally reassess your condition regularly to increase your rates. Permanent life insurance allows you to happily avoid this.

 

Disability insurance

Disability or salary insurance is financial compensation for the total or partial loss of income during a specific period of time after a diagnosed disability.

Your daily expenses are then guaranteed by benefits received every month.

These benefits are a fraction of your earnings, knowing that group disability insurance typically covers approximately 60% to 85% of taxable income.

Statistics Canada reported in 2012 that almost 14% of residents in the country, or about 3.8 million people, had a limiting disability in their daily routine.

Salary insurance is worthwhile as it will protect your family from a sudden loss of income. You should lose no time in getting one!

 

Salary and disability insurance are one and the same and will assist with your household expenses someday.

 

How to determine which life insurance is the best for you at your age?

Choose your life insurance based on your life expectancyThe solution? Shop around, of course !

By filling out the form on this page, discover how to find disability insurance that suits you best!

Once your requirements are entered in the form and the request is sent, a careful assessment will be done and a quote will be sent to you by one of our partners.

It comes with no obligation on your part!

Get a Free Quote for your life insurance

Compare Different Life Insurance offers and select the Best, simply by filling out the from below