Life insurance Manitoba: affordable safety net
Get term life insurance in Manitoba and save on your coverage with PolicyMe.
Term life insurance quotes in Manitoba
Average starting costs for a $500,000 PolicyMe term life insurance 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 |
*For a non-smoking person with average health.
See your rate with 5 easy questions!
How much does life insurance cost in Manitoba?
Term life insurance in Manitoba costs an average of $54.83 per month. That’s $657.96 per year for $500,000 of coverage if you’re a healthy, non-smoking applicant aged 30-39.
The average range is between $15 and $100 per month, depending on who you are.
Term Length | Industry Average Rates | PolicyMe Average Rates |
|---|---|---|
10 years | $32.58 | $20.79 |
15 years | $41,75 | $25.76 |
20 years | $50.33 | $30.11 |
25 years | $66.00 | $42.60 |
30 years | $83.50 | $54.15 |
*The table shows average premiums for term life insurance across 20+ carriers in the industry.
What impacts life insurance cost?
Your province doesn’t affect the cost of life insurance, which is constant across Canada. However, three key factors do impact your life insurance cost:
- Your age
- The length of your policy term
- Your coverage
Lifestyle factors affect the cost of life insurance in Manitoba, too, such as whether you smoke and how healthy you are.
What are the best life insurance companies in Manitoba?
The “best” life insurance can’t be generalized because the right company for you depends on your coverage needs, lifestyle, and more. Check out the best life insurance companies ranked by category below.
Category | Insurance Company |
|---|---|
Best Life Insurance Company | PolicyMe |
Best Term Life Insurance | PolicyMe |
Best Whole Life Insurance | Manulife |
Best Whole Life Insurance with Cash Value | Sun Life |
Best Universal Life Insurance | BMO |
Best Participating Life Insurance | Canada Life |
Best No Medical Life Insurance | Canada Protection Plan |
Best Life Insurance for Seniors | Co-operators |
Best Life Insurance for Smokers | Co-operators |
To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:
- Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
- Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye and Google. We also counted the number of contact methods each insurer offers to its customers.
- Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.
All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada.
PolicyMe does not receive compensation for any life insurance reviews.
How much life insurance does the average Manitoban need?
Before you buy a policy, it's wise to figure out how much life insurance you really need. Here's a sample life insurance policy for the average Manitoban.
Income: $54,000
The average annual income for Manitobans aged 15 years and over is $54,000.1
Debt: $18,487
The average Manitoban carries $18,487 in debt, the lowest of any province2, according to Equifax.
Mortgage: $50,535
For all age groups, average mortgage debt in Manitoba is $50,535.3
Kids' Education: $22,136
The average annual tuition fee for a Canadian underground in Manitoba is $5,534, which adds up to $22,136 for four years in college.4
According to our research, the average Manitoban would benefit from $145,158 in term life insurance coverage.
According to the DIME method, we estimate that the average Manitoban would need just around $150,000 in life insurance coverage. If you live in a bigger city like Winnipeg, or in a more rural area, these ballpark numbers may look different.
You can use PolicyMe’s online term life insurance calculator to get a more precise estimate and explore three levels of coverage you may want.
Join thousands of households in Manitoba with cost-effective life insurance from PolicyMe
Spend less on more coverage
Our time-saving process = lower rates
A quote is clicks away
Your quote is free with no strings attached
Policy decisions are fast
Know if you’re approved instantly
Trustworthy policies
Backed by federally regulated insurance industry leaders
Helpful insurance advisors
Get honest advice whenever you need
Lock in your rate today
Curious why our life insurance rates are more affordable than others?
Around 40% of a typical policy's rate is from distribution and underwriting costs.
We made the process more efficient and less expensive with technology, so those savings could go back to you.
Your fully underwritten policy will still give you quality protection, but with a better monthly rate.
Life insurance rates in Manitoba that don't break the bank with PolicyMe...
Plus the application is quick & simple!
Life insurance in Manitoba: Quick facts
56 life insurers
Manitoba has 56 licensed life insurance providers, so you have plenty of options in the insurance industry.5
Manitobans buy an average amount of life insurance
The average life insurance coverage level in Manitoba is $478,000. That’s almost exactly the same as the national average of $483,000 which is nearly 9 times the average annual income in MB.5 6
Manitobans buy life insurance younger
The median age of life insurance policyholders in Manitoba is 38, tied with SK and AB as the lowest in Canada. Only the territories are lower.5
Life expectancy is below average
At birth, a Manitoban’s life expectancy is 79 years, just below the Canadian national average of 81.5 years.5
$17.3B paid out to policyholders
In 2023, Canadian life insurers paid out a total of $17.3 billion to policyholders, including $8.1 billion to living policyholders as disability benefits, cash surrenders or dividends.5
How do you get term life insurance in Manitoba?
Here are six steps to getting life insurance in Manitoba:
1. Decide what type of insurance you need
Life insurance helps cover temporary financial needs, like a loan, a mortgage, or dependent kids. Term life is generally the best type of coverage to meet these needs.
2. Figure out how much coverage you need
The standard rule is to cover 7-10x your annual income for life insurance coverage. To figure out exactly how much money your loved ones would need if you passed away, use an online calculator or speak with a financial professional to make a detailed estimate.
3. Research life insurance companies in Manitoba
Read reviews and look for a reputable provider that sells policies in your area. Do this research on your own or speak with a licensed broker who knows the ins and outs of the life insurance market.
4. Fill out an application form with the company you choose
You’ll need personal information, contact details like your phone number, and any relevant health and lifestyle information to submit an application. You may be able to apply online or through an agent.
5. Provide documentation or medical information as needed
You may need to submit extra documentation or do a medical exam as part of the insurance application process. This helps the insurer plan for your exact level of risk with full underwriting, so you’re less likely to overpay.
6. Review and sign your policy once approved
Read the fine print and ask your insurance broker questions about anything you don’t understand, like exclusions, beneficiaries, and coverage details. Sign once you’re comfortable you understand the policy.
Why term life is the best life insurance type for most families in Manitoba
There are key differences between term and permanent life insurance options. For most families, term policies are more affordable and a better solution to the financial burdens you face (like raising kids or paying off your house).
You might have heard about the cash value component of a permanent policy. This saves and invests money over time, which sounds good at first. However, the returns on these investments are typically lower than the returns you could earn through other investment options like RRSPs and TFSAs. If you opt for a cheaper term life policy, you can invest that extra cash.
If you outlive your term life insurance, then that’s a great outcome! You’ve put money toward protecting your family’s finances, and you hopefully kept that protection as affordable as possible so you could invest elsewhere.
If you know your kids may need indefinite support, like in-home care, it’s worth speaking with a professional about permanent life insurance. Some term policies can be converted to permanent plans.
FAQs: Life insurance in Manitoba
The cost of term life insurance in Manitoba is an average of $54.83 per month for $500,000 of coverage. That’s the price for a non-smoking person aged 30-39.
For about $657.96 per year, you could be covered for about 1/82 of the average annual income in Manitoba. Exact rates depend on your age, gender, and coverage amounts, with an average range between $15 and $100 per month.
No, life insurance is not taxable in Manitoba. Your beneficiaries will receive the expected death benefit in full.
There are a few situations when a death benefit is taxable:
- If you didn’t name a beneficiary in your contract of life insurance
- If you have a cash value attached to your permanent life insurance plan
- If you use your permanent life insurance policy as loan collateral
- If you have a permanent policy and sell it while you’re alive.
If you value a strong nationwide reputation, then review one of the three best life insurance companies in Canada: PolicyMe, Sun Life, and Manulife. The best life insurance in Manitoba depends on your financial priorities and your lifestyle, and you should get several quotes to find the right fit.
Remember: you can purchase multiple insurance products from the same company, such as disability insurance, critical illness insurance, and health insurance. If that matters to you, then look for a Manitoba provider that can meet a variety of needs whether it’s healthcare or dental insurance.
It’s worth buying life insurance in Canada if people depend on you for financial support. From children to partners, a term policy ensures that your loved ones will receive a lump sum payment if you pass away during the policy term.
A death benefit is a tax-free payment that can help pay for final expenses, pay a mortgage, pay for educational costs, and cover expenses for everyday life. Life insurance in Canada helps you and your family have financial security.
