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Excellent
Based on 331 reviews
June 22
Highly recommended
Excellent customer service. Was very patient and answer my customers toughly. Fo...
Karan Parmar
June 11
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Meredith Berggren
June 5
Awesome work
wow what an awesome rep. He did up everything, extremely fast and was very under...
Delroy Paul
May 26
Quick service
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dl
May 22
Imad Harrouk was great !
Imad Harrouk was great ! intelligent well spoken professional polite a perso...
james bannon
May 20
Excellent !!! Very competitive rates !!
Excellent customer services also they have very competitive rates !!
Eliza Gallant
May 18
I was treated fairly and walked through…
I was treated fairly and walked through my purchase.I enjoyed the agent was exce...
paul neville
May 14
Highly recommend
Great experience, simple to use and they gave me a lot of options at prices that...
Chandra Wilson
May 11
Easy
Easy, clear and fast. Very effective.
Rene Izquierdo de la Cruz
May 6
Sonia was very helpful and nice…
Sonia was very helpful and nice throughout the whole process. She got me the bes...
Ali Al-Rubayee
May 6
Very friendly and professional
Very friendly and professional. She always try to help. Really appreciate.
Binod Shrestha
May 5
He was so amazing
He was so amazing. He went out his way to help me. He deserves a raise Very po...
Shahin Abbaskhan
April 27
Great rates!
Ryan was very helpful and polite.He went all out to find me the best rate. He wa...
Linda Shelton
April 22
The service was excellent
The service was excellent. Emad provided awesome service for me.
John Bowden
April 19
Fast and professional customer service
Fast and professional customer service. All of my questions were answered and I...
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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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