Compare the best life insurance quotes in Surrey for free. It’s that easy.

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.

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.

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.

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.