Life Insurance in Alberta

LSM Insurance has been helping Albertans with all their life insurance and living benefits needs over 25 years. We serve customers across the province, including Calgary, Edmonton, Medicine Hat, and Lethbridge. No matter where you are in Alberta, our local, experienced brokers are here to help.

Get a free, tailored life insurance quote in Alberta

    Life Insurance in Alberta: Background

    Calgary, AB, Canada

    Edmonton, AB, Canada

    Medicine Hat, AB, Canada

    Lethbridge, AB, Canada

    Banff, AB, Canada

    Red Deer, AB, Canada

    Insurance products we offer in Alberta:

    • Medical Life Insurance
    • No Medical Life Insurance
    • Mortgage Insurance
    • Funeral Insurance
    • Disability Insurance and Income Replacement Insurance
    • Critical Illness Insurance
    • Health Insurance
    • Group Insurance for Organizations

    Alberta is unique in its need for life and living benefits insurance. There are several reasons for this, including the costs of real estate in the two main cities (Calgary and Edmonton) and the prevalence of higher risk industries such as mining and forestry (which drive the need for higher insurance disability policies). Additionally, Alberta has been beset by a number of natural disasters recently, including flooding in Calgary and The Beast wildfire in Fort McMurray.

    Our Life Insurance Brokers in Alberta

    Broker
    Years of Experience
    Specialties
    Languages spoken

    Richard Parkinson

    Years of Experience:
    Over 20 years
    Specialties:
    • Life Insurance
    • Disability Insurance
    • Critical Illness Insurance
    • Long-Term Care Insurance
    • Annuities
    Languages:
    • English

    Bill Harvey

    Years of Experience:
    Over 25 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Darlene Minogue

    Years of Experience:
    Over 20 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Rob Muir

    Years of Experience:
    Over 20 years
    Specialties:
    • Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Long-Term Care Insurance
    Languages:
    • English

    Malcolm Setter

    Years of Experience:
    Over 6 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Lloyd Keating

    Years of Experience:
    Over 35 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Philip Setter

    Years of Experience:
    Over 7 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Angie Gurney

    Years of Experience:
    Over 10 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English
    The Insurance Consultants listed above are independent brokers and not employees of LSM insurance or representing LSM Insurance.

    Life Insurance Licensing in Alberta

    Licensing

    Working under the authority of the President of the Treasury Board and Minister of Finance, the Alberta Insurance Council (AIC, formed under the Insurance Act) has be operating in the best interest of Albertans for more than 30 years. AIC, at no cost to taxpayers, oversees the licensing and regulation of all insurance agents, brokers, and independent adjusters in Alberta. All LSM Insurance brokers are licensed through AIC.

    Interested to find out Life Insurance or Living Benefits rates in Alberta?

    Key life insurance types in Alberta

    Term Life Insurance Quote

    Term life insurance is used to protect a risk that falls within a definitive date, such as the years parents have dependents or to cover a mortgage. This is the cheapest form of life insurance and is ideal for Albertans, especially those in higher risk professions, to protect their families’ futures. The average rate for a healthy 35 year old male non-smoker is around $25/month for $500,000 in coverage.

    Term 100 Insurance Quote

    Term 100 is a permanent policy. It is cheaper than whole or universal life insurance since it does not come with a cash accumulation account. Term 100 protects Albertans for life, removing the need to renew an expiring policy. Term policies that expire cost more with each renewal. With Term 100, the policy does not expire, and the premium is level until the life insured turns 100. While more expensive earlier on, Albertans that purchase Term 100 when they are younger save money in the long run on premium costs. A healthy 35 year-old female non-smoker will spend between $2965.00-$3955.00/year for $500,000 in coverage – and bear in mind that some policies are considered paid up within a certain number of years.

    Whole Life Insurance Quote

    Alberta thrives on energy resources and with the price of oil and gas doing its usual boom and bust cycles, Albertans know they need to save up to ride out economic fluxes. Whole life insurance is ideal for this. Not only does this permanent policy cover you for life, it comes with a cash accumulation account from which you can leverage a policy loan. This tax advantaged, level-for-life-premium policy will cost a healthy 35 year-old Albertan male around $340/month for $500,000 in coverage. Again, depending on the policy structure, your whole life policy can be paid up within a certain number of years. Whole life insurance is complex. Speak with an LSM broker to get the best policy at the lowest rate.

    Universal Life Insurance Quote

    Like whole life insurance, universal life is a permanent policy with a cash savings account. It is more flexible (and volatile) than whole life insurance, and the cash in the account can be more readily accessed (withdrawn versus loaned). Albertans like universal life insurance because it provides a tax advantaged savings vehicle, and the premiums remain level. Like all permanent products, the younger you buy in, the more you’ll save on insurance over the long term. It is vital to speak with a qualified insurance professional, like a local LSM broker, before purchasing this complex type of insurance. It often functions as part of an overall financial or estate plan. A healthy 35 year old female non-smoker will pay around $83.33/month for 65 years for a universal life insurance policy. However, there is flexibility (a min and max monthly) that can be leveraged to help reduce household costs short-term, or increase the investment portion of the policy long-term.

    Simplified Life Insurance Quote

    Alberta has a rapidly aging senior population, and along with age comes age-related illnesses. With simplified no medical life insurance, everyone, seniors included, have the option to skip the medical exam and just answer a handful of health questions. Simplified issue is ideal for anyone that has a pre-existing condition or simply doesn’t like doctor visits. It’s also a very fast policy to obtain. A 35-year-old non-smoking male looking to get an affordable term policy fast can get $250,000 in simplified coverage for $53.55/month (guaranteed premiums end at age 65).

    Guaranteed Life Insurance Quote

    Guaranteed issue life insurance does not require a medical exam or a health questionnaire. This is the solution for anyone in Alberta with severe health pre-conditions, or an ailment what will be fatal after 2+ years of obtaining the policy. To pay out, the life insured must not die of illness within the first two years of the policy (if they do, the premiums are returned to the family). There is a low benefit and this coverage is expensive. It’s often used for final expenses to prevent the beneficiaries from shouldering the financial burden.

    Other Life Insurance types

    Alberta is a province filled with entrepreneurs. A risk for small business owners is becoming disabled due to illness or injury. Living benefits, such as disability or critical illness, defray this risk. We’ll discuss living benefits more below.

    Life Insurance rates in Alberta: Sample

    Life insurance rates in Alberta, and across Canada, vary based on the type of policy, coverage, exclusions/ratings, and more. One thing that is consistent, however, is that there is a type of policy for every person, even if they have pre-existing conditions. Rather than thinking you won’t qualify for a policy, have a hassle-free, no-obligation talk with one of our professional brokers. With access to 30+ Canadian insurers, they can match you with the best policy for your needs and budget. Below are sample quotes for life insurance rates in Alberta.

    Term 10 life insurance for a 35-year old male, non-smoker without serious health conditions. Coverage of $200,000.
    $25/month
    Term 20 life insurance for a 45-year old female, non-smoker, without serious health conditions. Coverage of $200,000
    $43/month
    Whole life insurance for a 40-year old male with no serious health conditions. Coverage of $100,000.
    $154/month
    Simplified issue life insurance for a 40-year old male non-smoker with no serious health conditions. Coverage for $100,000.
    $226/month

    Disclaimer: These are average rates only. Alberta life insurance rates depend on a wide variety of factors including but not limited to your age,health status, health pre-conditions, family health history, lifestyle, habits and more. The numbers depicted above could be higher or lower depending on your individual needs.

    Other Living benefits products in Alberta

    Disability Insurance Quote

    Alberta has a high share of risky jobs such as logging and construction. Disability insurance is important to provide a portion of your income if you become disabled in the short or long term through an accident or illness. This is also very important coverage for the self-employed.

    Critical Illness Insurance Quote

    Cancer, heart attack, stroke – these illnesses will affect your life and income, derailing your serenity and finanical future. Critical illness insurance helps Albertans with co-pays, pays for bills, allows time off work, the ability to hire assistance, and more. It’s a living benefit, meaning you don’t have to be terminal to make a claim. It’s also tax free. While most policies cover the big 3 (cancer, heart attack, stroke), some policies cover around 20 or more illnesses.

    Health & Dental Insurance Quote

    Even if you have group insurance at work, is it enough to cover your child’s braces? What about co-pays on medications? If you have no health insurance at all, you are more likely to put off getting the medical care and routine checkups you need. Health insurance for Albertans enables them to get the medical and dental care they need, when they need it. Health insurance in Alberta is highly customizable to your needs. Talk to one of our brokers today so you don’t have to think twice before going to the dentist, paying for your medication, or getting chiropractic treatment.

    Other Living benefits

    Albertans are not limited to products that pay their beneficiaries. There are a variety of living benefits available. Disability, critical illness, and health insurance are the most popular, but some, such as an advance on a death benefit in the case of a serious diagnosis are also available. Our brokers have years of experience in helping you find the policy that protects you now, and into the future.
    Interested to find out Life Insurance or Living Benefits rates in Alberta?

    Frequently Asked Questions about Alberta Life Insurance

    Life insurance rates help protect families in Alberta. Rates vary depending on the type of policy and the risk factors of the individual or group. Term life insurance in Alberta is the most affordable. A healthy 35-year old male with no health issues can pay as little as little as $22/month for a Term 10, $500,000 policy. The younger and healthier you are, the lower your rate; so, speak with a broker today about locking in a great rate for the long-term.

    There is a thriving life insurance market in Alberta, and this means you have choices. You can go directly to a company like Manulife or IA, through an association such as CAA, through work (group insurance), through some banks (however the bank may be the beneficiary and not your loved ones), or through a broker. Choose a broker to have them compare the market for you, for free, and provide you with the widest range of choices.

    Life insurance brokers must take and pass an exam to be licenced through the Alberta Insurance Council. Then they must successfully complete approximately 15 hours of ongoing learning per year, per license. Learn more at www.abcouncil.ab.ca.

    In Alberta, you have several options for disability insurance: an agent (that only sells the products of one company), group insurance through your workplace, or as an association member, some banks (may be in the form of mortgage/loan insurance where the bank is the beneficiary), or an independent broker. A broker shops the market on your behalf and compares rates – for free. Brokers ensure you know all your options and find you the best rates.

    Interested to find out Life Insurance or Living Benefits rates in Alberta?