What is an Average Life Insurance Cost?

An insurance policy premium and the type of policy are generally decided based on various factors like the person’s age, lifestyle, smoking and drinking habits, family medical history, occupation, and health. And so it is not easy to calculate the average life insurance cost. However, different policies and their premiums are calculated based on the coverage offered and the type of the policy and the age of the insured. Broadly speaking, in term insurance, the average cost can be arrived at by taking into account the number of years and the premium per annum. It is fairly straight forward as there are no other parameters to be considered as it is ‘pure insurance’ covering only the event of death of the policy holder. The age of the policy holder also plays a crucial role in deciding the premium and therefore the cost of the policy.

Generally most people go in for an insurance policy when they are affected by 'life events' like getting married or having children or losing a parent, etc. Such events make one aware of their mortality and the need to provide for their family. Statistics show that most Canadians opt for life insurance policies in their early 40s. In this digital age, almost everything is available online, and an insurance policy is no exception. An average Canadian citizen can get all relevant details regarding an insurance policy by answering just 6 questions online, without divulging any sensitive personal information.

Even without disclosing one’s email id or telephone number, the Canadian citizen can get quotes from various insurance providers. This is one of the best ways to work out the average life insurance cost before deciding on the policy provider and the best suited policy. One can just take a few minutes to check out kanetix, Canada’s most popular online market place for insurance. After getting the quotes and choosing the policy, the customer can call in his order and have the policy delivered to him, all from the comfort of his home or office. Kanetix is a decade old and has served to bring thousands of insurers and policy holders together.

It does not serve any one policy provider and so there is no bias towards any company which is of great benefit to the policy buyer. It is not only an online one stop shop for insurance policies in Canada but also provides technology and support to other policy providers in the field. It may surprise people to learn that many Canadians may be paying more than necessary for their insurance policies because the rates may have changed or they may be eligible for ‘preferred insurance’ which a healthy non-smoker can qualify for. Such preferred insurance policies have low premiums for all policies. So take the time to study the offers from different insurance providers and consult an insurance broker before deciding on a policy as this may be of immense importance to your family under extremely traumatic and trying times.

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