Life insurance in Alberta
Alberta families can save on term life insurance with PolicyMe.
Compare term life insurance quotes
Average starting term life insurance cost for $500,000 over 20 years
Age | Premiums For Women | Premiums For Men |
|---|---|---|
30 | $20.68 | $29.67 |
35 | $22.93 | $31.29 |
40 | $33.27 | $44.96 |
45 | $51.25 | $71.49 |
See your rate with 5 easy questions!
How much does life insurance cost in Alberta?
Life insurance in Alberta can cost anywhere between $15 to $100 per month, depending on your age, smoking status, gender, type of policy, health history and more.
Men, smokers, those with pre-existing conditions, older Albertans and those who get whole or universal policies will likely pay more, with premiums sometimes running hundreds of dollars a month in specific cases.
What are the best life insurance companies in Alberta?
Best for | Company |
|---|---|
Blue Cross members | Blue Cross |
CAA members | CAA |
Cash value life insurance | Sun Life |
Laddering policies | Wawanesa |
Permanent life insurance | Manulife |
Seniors & pre-existing conditions | Canada Protection Plan |
Smokers | Empire Life |
Smokers | IA Financial |
Term life insurance | PolicyMe |
Join thousands of Alberta households with surprisingly affordable life insurance from PolicyMe
The coverage you need, for less
Our efficient process = more affordable cost
Free quote in a few clicks
Get your quote online, no pressure to buy
Find out if you're approved right away
Get your policy decision instantly
Term policies you can trust
Insurance plans backed by Securian Canda
Canadian advisors ready to help
Get genuine advice, without being oversold
Stop scrolling. Start saving.
How do we offer a better life insurance rate?
Usually, around 40% of a policy's rate is used for distribution and underwriting costs.
We removed the extra admin and fluff with technology to help you save money.
You'll still get fully underwritten, high-quality life insurance, but at a more affordable price.
Our life insurance rates in Alberta are hard to beat…
And our application process is delightfully simple!
PolicyMe is Better Business Bureau accredited. They've rated us A+; which is a rating based on a combination of publicly available information and the reputation we have with our customers.
Life insurance in Alberta: Quick facts
60 life insurers
Alberta has 60 licensed life insurance providers, providing residents with many options.1
Highest coverage in Canada
Alberta has the highest average life insurance coverage among all Canadian provinces and territories at $562,000 per household compared to the national average of $458,000.2
Albertans get life insurance younger
The median age of life insurance policyholders in Alberta is 38, which is tied with SK and MB as the lowest in Canada. Only the territories are lower. BC’s is 42.2
2.2M Albertans have life insurance
Individuals get $332,000 in coverage, on average.3
Less coverage from work policies
Albertans have $466M in life insurance coverage through individual policies and $248M from employer-provided group policies.3
$1.5B paid out to policyholders
In life insurance benefits from individual and group plans in 2021.3
1 As of April 26, 2023 according to the Alberta Superintendent of Insurance
2 Canadian Life & Health Insurance Facts, 2022 Edition
3 Canadian Life and Health Insurance Association, Provincial Facts and Figures, 2021 Edition
How do you get term life insurance in Alberta?
1. Decide what type of life insurance you need
Do you face temporary risks, like financially dependent minor kids or big loans like a mortgage? You probably need term life insurance. Do you face permanent risks like permanent dependents or complex estate planning needs? You probably need permanent life insurance, like whole or universal. But ask a licensed financial professional to know for sure.
2. Research insurance providers in Alberta
Look for reputable insurance companies operating in Alberta. Read online reviews, and research their reputation and financial stability. You can use a broker or do your own research.
3. Compare different life insurance policies and their coverage option
Look at whether the companies you’ve researched have the type of policy you want; term, whole, universal or no medical life insurance. Do they offer the coverage amount and/or term length you want? Do they have any features or riders you require? Not sure? Ask a professional.
4. Figure out how much life insurance coverage you need
Do you need $100,000 in coverage or $1M? How much money would your family need if you passed away? You can calculate 7-10x your annual income as a rough estimate, but use a sophisticated online calculator or talk to a financial professional to double-check.
5. Fill out an application form from your chosen insurance company
Fill out an application form, either online or through an agent. Give accurate personal information, including your name, contact details, date of birth and relevant lifestyle or health details.
6. Give any necessary documentation or medical information as required
Some insurance policies may ask for medical records, undergoing a medical examination, or answering health-related questions.You’ll also need to prepare any necessary documents, such as identification proof, income verification or beneficiary details.
7. Wait for a decision and your final price
The insurance company will evaluate your application, assess your health risks and determine the premium based on factors like age, health, lifestyle, and the desired coverage amount. You may be approved, asked for more information or declined.
8. Review and sign the policy once it is approved
Once your application is approved, carefully review the policy terms and conditions in your policy contract before signing. Understand the coverage details, premium payment schedule, beneficiaries, and any exclusions or limitations mentioned.
FAQ: All about life insurance in Alberta
It’s worth getting life insurance in Alberta because it offers financial protection to your loved ones and peace of mind for you. If you have someone who relies on you for your financial support, life insurance is worthwhile.
In the event of your passing, if your dependents would need help with everyday living expenses, mortgage costs, debt payments, paying for education, or funeral expenses, life insurance will help. You can look at life insurance options that work with your budget and find affordable coverage.
Life insurance policies in Alberta are an agreement between you (the policy owner) and the insurance provider. You pay a monthly premium to the insurer. Then, if you pass away during the policy term, the insurer will give your beneficiaries a lump sum tax-free payment (a death benefit).
Your monthly premium will be taxed depending on your province’s tax rates. In Alberta, your life insurance premium is taxed at 3%.
Mortgage life insurance is not mandatory in Alberta. It also tends to be less beneficial to your family compared to term life insurance.
This is because the funds from a mortgage life insurance policy will go to your bank or mortgage lender, not your beneficiaries. A term insurance policy that covers the value of your mortgage will help you and your loved ones feel financially secure.
In Alberta, life insurance can cover suicide depending on the suicide clause in the policy. Usually, this clause states that if the insured person dies by suicide within two years of the policy issue date, the policy will become void. In this case, the beneficiaries will receive a refund for the premiums already paid.
After two years, the life insurance policy will be valid. If you have a history of mental illness, you will not have a different suicide clause compared to someone else. But, each life insurance company will have different clauses so you can compare policies before buying one.
Oil and gas and mining are the top industries in Alberta, which are all typically considered “high-risk occupations” by insurers, meaning you may have to pay more or even be declined coverage. In this case, it’s especially important to shop around as prices and exclusions will differ between insurers.
Learn about life insurance options in other Canadian regions
Life insurance by province
Life insurance by city
