Life Insurance in British Columbia

LSM Insurance has been helping our customers in British Columbia with all their life insurance and living benefits needs over 25 years. We served customers in Vancouver, Victoria, Surrey, Kamloops, Kelowna and in many other BC locations through our local, experienced life insurance brokers.

Get a free, tailored life insurance quote in British Columbia

    Life Insurance in British Columbia: Background

    Vancouver, BC, Canada

    Surrey, BC, Canada

    Kamloops, BC, Canada

    Kelowna, BC, Canada

    Victoria, BC, Canada

    Nanaimo, BC, Canada

    Insurance products we offer in British Columbia:

    • 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

    Life insurance in British Columbia, and across Canada, is tied to individual risk. Those in British Columbia’s popular industries of forestry, fishing, mining, and construction have a higher risk than those in office settings. However, that doesn’t mean access to great policies at affordable rates is out of reach. Our brokers work with a variety of insurers to make sure everyone, regardless of their health or risk factors, has access to the life insurance they need.

    Our Life Insurance Brokers in British Columbia

    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

    Eric B. Watchorn

    Years of Experience:
    Over 15 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Vera Bilimoria

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

    Tim Doubroff

    Years of Experience:
    Over 20 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 British Columbia

    Licensing

    The Insurance Council of British Columbia (ICBC), a regulatory body appointed by BC’s provincial government, is responsible for overseeing agents, salespersons, brokers, and adjusters; promoting ethical and integral conduct; and providing licensee resources. ICBC lists licensed insurance professionals

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

    Key life insurance types in British Columbia

    Term Life Insurance Quote

    Term life insurance is the most affordable of all the policy types. A 35-year old male in good health can get a Term 10 policy for as little as $22.05/month for $500,000 in coverage. Term is great for any British Columbia resident looking to protect a risk with a start and end date, such as the length of a job contract or mortgage. It is also ideal for those looking to top up the value of a group life insurance policy.

    Term 100 Insurance Quote

    Term life insurance expires (Term 10 in 10 years, Term 20 in 20 years, etc.) and the premium goes up with each renewal. This is why it’s best to lock in the longest term possible. Term 100 is ideal for this as it provides a level premium to age 100. It is considered a permanent policy even though it does not have a cash savings component like whole or universal life – however, it is this lack of extra perks that make Term 100 the most affordable of all the permanent insurance options. Many people like to move to or retire in British Columbia due to its sunny climate and beautiful terrain. Buying Term 100 early on means not having to worry about exorbitant life insurance costs in BC during retirement. A healthy 35-year old female can purchase a Term 100 policy in BC for as little as $63.27/month for $100,000 in coverage.

    Whole Life Insurance Quote

    Whole life insurance is a great way for residents in British Columbia to enjoy tax advantaged savings. This is a permanent policy that comes with a savings component. The cash in the savings account can be leveraged for a policy loan or used in other was to support your financial goals. A healthy 35-year old male in good health can get $200,000 in coverage for $137.70. Before purchasing whole life insurance in BC, speak with a broker. These policies can be complicated and must be set up correctly for you to enjoy all the benefits they provide.

    Universal Life Insurance Quote

    Universal life insurance is another policy in BC that provides permanent coverage. It costs a little less, typically, than whole life insurance because the investment portion is not guaranteed, and the cash savings account is more flexible. This is an excellent policy to ensure lifelong protection while growing cash savings. The premiums of universal life insurance can vary quite a bit depending on the structure you and your professional broker choose. However, a healthy female in her mid 30s can expect to pay a minimum of around $100+/month. For $200,000 in coverage.

    Simplified Life Insurance Quote

    Simplified issue life insurance is available in British Columbia for those that have existing health conditions that could exclude them from a traditionally underwritten policy. Since it is easier and faster to obtain, those in British Columbia that don’t like going to the doctor or that need insurance in a hurry also purchase simplified life insurance. The main feature is that no medical exam is required, just a short health questionnaire. Since the insurer is assuming more risk, simplified issue life insurance in BC is more expensive than Term. A healthy 35-year old male can get a simplified issue product for around $55/month for $250,000 of coverage.

    Guaranteed Life Insurance Quote

    Guaranteed issue life insurance in BC is not underwritten. This means no medical exam and no health questions. Anyone can get it, and that makes it the most expensive of all the policies on the market. The coverage is capped lower than other policies too, and it has a two-year exclusion. This means if you pass away from any cause other than an accident within the first two years of the policy, it won’t pay out. The premiums, however, will be returned to your beneficiary.

    Other Life Insurance types

    Within the policy types listed above are many variations. Some permanent products come with a min/max monthly premium to help with costs/savings. Some term policies can be rated against specific health conditions making them cheaper than simplified or guaranteed issue. There are also living benefit products like critical illness and disability insurance. A broker can help you find the best coverage for your needs now, and that align with your future financial goals.

    Life Insurance rates in British Columbia: Sample

    Life insurance in British Columbia depends on a variety of factors, including you age, risk profile, family history of illness, insurer, and desired financial outcomes (such as leveraging tax advantaged savings through whole or universal life insurance). While it is possible to get life insurance in minutes or online, connecting with an experienced broker in BC enables you to get the best policy at the best price. Brokers have access to more than 25 insurers and can preview the applications, so they know which policy is your best path to approval. Don’t spend more than you have to for a policy that ultimately doesn’t fit your goals.

    The following provides average rates for several types of life insurance in BC.

    Term 10 life insurance for a healthy 45-year old, non-smoker, male with no health conditions. Coverage of $200,000.
    $38.25/month
    Term 20 life insurance for a healthy 45-year old, non-smoker, female with no health conditions. Coverage for $200,000.
    $43.63/month
    Whole life insurance for a healthy 30-year old male, non-smoker, with no health conditions. Coverage for $100,000.
    $106.29/month
    Simplified life insurance for a 29-year old female, non-smoker, using simplified because of a health condition. Coverage of $50,000.
    $48.33/month

    Other Living benefits products in British Columbia

    Disability Insurance Quote

    British Columbia has several industries where the risk of injury is high (fishing, logging, etc.). However, don’t discount vehicle accidents and other mishaps that could happen anywhere, anytime. Disability insurance provides a portion of your income while you cannot work due to an accident or (depending on the policy) certain illnesses. Disability insurance rates in BC vary as the rates factor in your occupation as well as your risk factors.

    Critical Illness Insurance Quote

    An illness doesn’t have to be fatal to disrupt your finances and your life. Critical illness is a living benefit that pays out on the medical confirmation of an illness named in the policy. Some policies cover just cancer, heart attack, and stroke, while others cover 20+ illnesses. This is a great policy for anyone and is highly recommended for small business owners and home makers in BC. For example, if the parent staying home to watch the kids were to become drastically ill, money would be needed for childcare and help around the home (cleaning, cooking, getting children to their sports, etc.) The critical illness insurance benefit is tax free and can be used in any way you want. A healthy 20-year-old female, non-smoker can get critical illness insurance in British Columbia for as low as $47.93/month.

    Health & Dental Insurance Quote

    Health insurance helps you defray the cost of medical care. Many employers provide health insurance, but if yours doesn’t, or you need a top up, you can get individual health insurance in BC. Most insurers provide custom quotes or structured packages so you can choose what you need most. For example, you may need more dental benefits but less acupuncture and massage benefits. Or perhaps you need a plan with robust medication coverage but minimal dental. Brokers in BC can find your ideal plan.

    Other Living benefits

    Living benefits are paid to the life insured while they are alive, unlike life insurance that is paid the beneficiaries after the life insured passes away. Disability insurance, critical illness insurance, and health insurance are examples of living benefits in BC. However, some forms of life insurance have an early payout (against the sum of the death benefit) should you be diagnosed with a serious illness. Policy terms vary widely across providers, so speak with a broker in BC to find the best policy for your needs.
    Interested to find out Life Insurance or Living Benefits rates in British Columbia?

    Frequently Asked Questions about BC Life Insurance

    Live insurance rates in BC vary based on the type of coverage you need (life, disability, critical illness, health, etc.) and your risk factors. Term life insurance in British Columbia is the cheapest, but rates increase with each expiry. For example, a healthy 35-year old female non-smoker can get Term 10 insurance from RBC for as low as $16.97/month. Permanent insurance has higher initial costs, but when purchased in your younger years, saves you money over the long term and can help build cash savings. Speak with a broker in BC to find your ideal policy at the best rate.

    Life insurance in British Columbia can be purchased through an agent, a broker, some banks, over the phone, or online. A broker’s service is free for you to use and they do all the research for you, comparing rates and policy terms to find your ideal quote.

    The Insurance Council of British Columbia oversees brokers in BC and manages all the aspects of licensing. You need to make sure that your insurance broker is licensed with the Insurance Council of British Columbia before doing any business with her or him.

    Disability insurance in British Columbia can be purchased through an agent, broker, and some banks (may be in the form of debt, loan, or mortgage insurance where the bank is the beneficiary). Disability insurance is very nuanced and tied to your occupation. Consult with a broker as there are several factors to consider – including the fact that you cannot have benefits that total more than around 85% of your income; you cannot stack disability insurance policies.

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