Life Expectancy Table

Posted on April 7, 2010 and updated March 20, 2018 in Insurance Types, Life Insurance Canada News, Term Insurance 3 min read

Have you ever wanted to know how long you have left to live, or where your life expectancy lies? Insurance carriers certainly do. All of them across Canada use tables such as the one below to determine how much you pay in premiums for your life insurance plan. Risk factors such as obesity, disability and smoking decrease your life expectancy in the eyes of all carriers to varying degrees, which will therefore raise your premiums.

AgeMales    Females
 Years to liveLife expectancyYears to liveLife expectancy

Source: Statistics Canada

The type of policy can also have a big impact on your premium.  Term Insurance policies start off lower in cost but increase as you get older.  The longer the Term generally the higher the initial premium.  Permanent policies start off higher in cost but the premiums often remain level for the insured’s lifetime.  Some Permanent policies such as Whole Life Insurance also build a cash value.  The cash value can be used to increase your death benefit, supplement your retirement or to help offset future premiums.

Working with an independent broker who works with multiple carriers can also help ensure you pay the lowest premium.  He or she can shop the market to make you get the best plan for your needs at the best price.  This differs from a captive agent who is tied in to one particular carrier.  Depending on the type of policy you are after this could result in you paying more than you half to or worse yet ending up with the wrong policy for your needs.

For more information on how your life expectancy impacts your premium or if you want the inside scoop on what to look for when buying a life insurance policy call our office at 1-866-899-4849 or get a free no obligation life insurance quote at our Life Insurance Quote Page.

J Lall
J Lall

What has a great impact on my life insurance premium my age or my smoking status

LSM Insurance
LSM Insurance

If you are speaking about the difference between a 45 year old and a 65 year old age. But if only a couple of years smoking