When it comes to which life insurance companies have the best rate, the answer is the product of the following variables:
1. The Type of Plan – Life insurance can be divided into term policies and
permanent policies, and permanent policies can be further divided into term
100, universal life, and whole life insurance policies.
Most life insurance companies in Canada have been raising their rates or removing their term to 100 policies and universal life level-cost policies from their product line-up. Therefore, it's very important for you to shop around to find out which company offers the best rates on a particular plan — especially a permanent one.
2. Face Amount – Generally, life insurance becomes less expensive on a cost-per-thousand-dollars basis when the insured increases the policy face amount. The reason is that life insurance companies have different standing levels.The higher the standing level, the lower the cost per thousand dollars, and each insurance company starts a standing level at different points.
3. Gender – Males will pay more for life insurance than females, but each insurance company has its own tables in terms of pricing differences between males and females.