Life Insurance Policy Fees

Don't let policy fees
nickel and dime you
by Garry Knight

Life insurance policy fees are a built-in fee, which covers the administration of the policy. The fee is hidden within the premium, but can be found with the policy document.

The following is a summary of term 10 policy fees charged by Canadian insures. It should be note that some companies offered a reduce fee on subsequent policies if the insured already has a plan – also many insurance companies offer multi life plans, where a husband and wife or multiple business partners can be covered under one plan – in this instance only the first insured is charged a policy fee:

Assumption Life - $60       La Capitale - $30
AXA - $75                        Manulife - $57
BMO Insurance - $75         Primerica - $85
Canada Life - $20             RBC Insurance - $40
Cooperator - $75              Standard Life - $65
Desjardin - $50                Sun Life - $65
Empire Life - $60             Transamerica - $50
Equitable Life - $50          UL Mutual - $100 
Great West Life - $20       Unity Life - $100  
Industrial Alliance - $60    Wawanesa Life - $65

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