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September 25
Fantastic
A great experience will recommend this to family and friends. Thanks!
Shelley Pasternak
September 23
ItIt was informative and helpful to actually talk to a person regarding insurance. He gave the feeling that he was not just there to sell something. was informative and helpful to…
It was informative and helpful to actually talk to a person regarding insurance....
Kathy Bailey
September 21
Promp response upon filling…
Promp response upon filling questionnaires,courteous representative.
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September 21
They were really quick
They were really quick, and very helpful.
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September 20
On rate
The rates are very interesting
Georges Joseph
September 19
Very skilled people
Very skilled people Answered all my questions
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September 19
Helpful and go me a great low rate on my insurance
I was looking around for insurance for a bit, but with lowestrates it was drasti...
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September 19
Amazing company.
Very professional company. So easy to use 5 ⭐️
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September 15
well informed agent and fast respond.I…
well informed agent and fast respond.I can say one of the better one in the indu...
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September 15
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The service was fast and easy, the word came back way lower than what I was payi...
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September 14
Fast response
Fast response, great price!
Thuan Nguyen
September 10
The representative was very sweet and…
The representative was very sweet and understanding.
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September 9
responsive to what I need was calling…
responsive to what I need was calling me while I was still on the website, I tho...
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September 9
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Convenient way to do something that can be a pain in the b.... Thank you
Rick
September 8
I received all the information i was…
I received all the information i was interested in. Very nice service.
Wlodzimierz Wojtysiak
September 8
Most of the staff was very prompt and…
Most of the staff was very prompt and knowledgeable. The online application is e...
Karen Hall
September 7
Easy to use and call back promptly
Easy to use and call back promptly
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September 6
Very helpful
The company is doing great. They tell you what is the best for you to do
Susan Paradero

Life insurance in Surrey: the basics.

Buying life insurance doesn’t have to be difficult. Thankfully, the process is the same regardless of where you live in Canada. That includes Surrey, B.C.

Read on to find out how much coverage you need, which factors specific to Surrey could impact your life insurance costs, and the different types of insurance available to you.

Your questions about life insurance in Surrey, answered.

What affects life insurance premiums in Surrey?

Premiums are largely based on the amount of insurance you purchase. The more insurance you buy, the higher your premium will be. The size of your life insurance policy is based on a number of factors.

Your income: In Surrey, the 2016 Census found that the median total income was $29,822 per person. While your salary may be higher or lower than that number, the death benefit should be enough to cover any short- and medium-term expenses if you pass away. Remember, your household may go from either a dual or single-income household to a single or no income household for a period of time. You will want your beneficiaries to have enough funds to live comfortably when you’re gone.

The size of your mortgage: In September 2019, the Fraser Valley Real Estate Board noted that the benchmark price in Surrey for a detached house was $1,049,000, $568,300 for a townhouse, and $424,800 for a condo. No matter what type of property you own, your life insurance coverage should be enough to make your mortgage payments or pay off your mortgage entirely.

Your household debt: Surrey is part of Greater Vancouver (also known as Metro Vancouver). According to the credit bureau TransUnion, the average Vancouverite had $39,746 of non-mortgage debt in the second quarter of 2019. Your death benefit should cover any joint debts you have with your beneficiary.

Your monthly living expenses: The 2016 Census found that the average monthly shelter costs for owned dwellings in Surrey was $1,608. This number includes mortgage payments, property taxes and condo fees (where applicable), plus the costs of electricity, heat, water, and other municipal services. According to Statistics Canada, the average Canadian household spent $8,527 on food purchased from grocery stores or restaurants in 2017. That works out to $710.58 a month. Other monthly expenses include home insurance, cell phone and internet bills, and transportation costs.

All of these costs will vary, but your insurance coverage should be large enough that your beneficiary is able to have the same standard of living after you pass away. You don’t want your loved one to have to suffer financially once you’re no longer around.

What kind of life insurance policy do you need in Surrey?

If you live in Surrey — or anywhere in Canada for that matter — you have two main policy types of life insurance to choose from. There’s term life insurance and permanent life insurance.

Term life insurance: This type of insurance lasts for a specific period of time, such as 10, 20, or 30 years. The death benefit will only be paid if you die during the term. You have the option to renew your coverage once the term ends, but at a higher rate. Term life insurance premiums are often lower than permanent insurance premiums when you’re younger.

Permanent life insurance: This type of insurance doesn’t expire (as long as you continue to make payments). There are three main types of permanent insurance: whole life, universal life, and term to 100 (also called term 100). Whole life and universal life both have an insurance and investment portion. With whole life, your premiums are level and the death benefit is guaranteed. With universal life, the premiums and death benefit can fluctuate. Term 100 is a type of permanent insurance despite its name. The premiums are lower than both whole life and universal life, but you must pay premiums until you turn 100.

Other things that affect your life insurance premium in Surrey.

There are other factors that influence how much you pay for insurance. Some are controllable, there are others that are beyond your control: 

  • Age: The younger you are, the lower your premiums will be. That’s because the odds of you dying in the near future are much lower at 25 than they are at 55.
  • Gender: Since women tend to live longer than men, their premiums are lower.
  • Smoking: Smoking isn’t just bad for your health, it’s bad if you want to buy life insurance because the premiums will be higher than what non-smokers pay. If you vape, many insurers also consider you to be a smoker.
  • Drinking: Like smoking, heavy drinking can be harmful to your health. It will also mean paying higher premiums.
  • Pre-existing conditions: If you have a genetic disease (such as heart disease, cancer, or diabetes), you will have to pay higher premiums.
  • Family history: If your family has a history of genetic diseases, it’s likely your premiums will be higher.
  • Weight: Being overweight or obese is thought to lead to health problems later on, which means your premiums will be higher.

How much does life insurance cost in Surrey?

Here’s an estimation of how much life insurance could cost. Apply for a personalized quote to get a better idea of how much you’d pay.

Male, 30, non-smoker

Location: B.C.

Coverage amount: $400,000

Term 30: $41.04 - $83.16

Whole life: $222.48 - $338.49 / month

Female, 30, non-smoker

Location: B.C.

Coverage amount: $400,000

Term 30: $29.16 - $68.50 / month

Whole life: $198.72 - $332.37/ month

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