Life Insurance in Edmonton: Best Quotes from 20+ Life Insurers

LSM Insurance has been helping people in Edmonton with their life insurance and living benefits needs over 25 years. We serve customers across the Capital city and its suburbs (Spruce Grove, Stony Plain, Sherwood Park, etc.) with our local, experienced life insurance brokers.

Get a free, tailored life insurance quote in Edmonton

    Life Insurance in Edmonton: Background

    Edmonton, AB, Canada

    Insurance products we offer in Edmonton:

    • 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

    Edmonton is known for having plenty of small businesses and entrepreneurs, along with a high density of oil and gas related jobs. The need for flexible, reliable benefits to cover both risky occupations and the self-employed workforce is very prevalent in this region. Our brokers have access to a variety of customizable insurance products to ensure those in Edmonton get the life, health, and living benefit insurance they need.

    Our Life Insurance Brokers in Edmonton

    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 Edmonton

    Licensing

    The Alberta Insurance Council (AIC), licenses and regulates insurance agents, adjusters, and brokers in Alberta. AIC was formed under the Insurance Act and derives authority from delegations from the President of Treasury Board and Minister of Finance. AIC is funded through examinations, licensing fees, and assessments in the insurance industry.

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

    Key life insurance types in Edmonton

    Term Life Insurance Quote

    Term life insurance has a defined start and end date. For example, Term 10 is for 10 years, Term 20 is for 20 years, etc. This is the best coverage for risks, such as the years you hold a mortgage, that also have a defined start and end date. However, as it is also the cheapest type of policy, many choose term to insure their life. As renewing term is more expensive each year, consider a term policy in Edmonton that has a conversion option to permanent, then convert when the time is right. A Term 10 policy for a 43-year-old non-smoker female in good health is around $25/month for $500,000 in coverage.

    Term 100 Insurance Quote

    Term 100 is actually a type of permanent policy, as it covers you to age 100. It’s more expensive than a term policy with a lower coverage range, but less expensive than other forms of permanent insurance (whole life, universal life). It is also known as pure insurance, meaning that unlike whole or universal life, there is no cash savings component nor other perks – just the coverage. A 24-year-old non-smoker male in good health can get $200,000 in coverage for around $95/month.

    Whole Life Insurance Quote

    Whole life insurance is a permanent policy that covers you for life. It includes a cash savings component that can be leveraged with a policy loan, and investment rates are guaranteed. This is a great policy for people in Edmonton looking for long-range insurance and wealth management solutions. Premiums vary depending on the structure of coverage. For example, a healthy 24-year-old female non-smoker can get $200,000 in coverage for from $84-$200+ per month, depending on the carrier and policy structure. This is very nuanced coverage, so ensure you contact a broker to help you make the best choice.

    Universal Life Insurance Quote

    Universal life insurance in Edmonton is a more flexible type of permanent coverage. It covers you for life and has a cash savings component, but the cash can be withdrawn instead of loaned. You also have a min/max range for your premium so you can designate more or less to the cash component as desired. The investment is not guaranteed, and this makes it a slightly more risky policy, but since the consumer assumes more risk, not the insurer as with whole life, universal life policies tend to be cheaper when compared to their whole life counterpart. Premiums vary widely depending on the structure of the coverage and how fast you want your investment to grow.

    Simplified Life Insurance Quote

    Too many people avoid getting a life insurance quote in Edmonton because they believe their health would mean an automatic decline. However, simplified no medical life insurance is created to help those with pre-existing conditions get the coverage they need. Instead of a medical exam, the application only has a few health questions. Simplified term insurance rates are based on the type of coverage as simplified is sold across a variety of life and health products, and for a variety of term lengths. While slightly more expensive than term, simplified products are more affordable than you may have assumed. Check with a broker if you have a health condition and need insurance.

    Guaranteed Life Insurance Quote

    Guaranteed life insurance has no medical and no questionnaire. It is often the last resort for those that do not qualify for other insurance. It is expensive and has a low coverage cap. It also has a two-year exclusion – the claim does not pay out if you pass from any reason other than an accident within the first two years (but the premiums are returned). So, why do people use guaranteed issue? Despite the drawbacks, it is ideal for those with a serious illness, those in need of money for final expenses, etc. Often the coverage is cheaper than the impending final bills.

    Other Life Insurance types

    Edmonton is full of entrepreneurs that need to see to their own health benefits. Our brokers are happy to discuss how disability and/or critical illness insurance helps you stay on track financially.

    Life Insurance rates in Edmonton: Sample

    Insurance rates in Edmonton vary based on age, family health history, commute, and many other risk factors. To find the best rate for your needs, work with a broker that has access to a variety of carriers. A broker will search the market and compare the rates on your behalf. Below are sample average rates for different policies.

    Term 10 life insurance for a 45-year-old male, non-smoker, no serious health conditions. Coverage for $200,000.
    $38.25/month
    Term 20 life insurance for a 45-year-old female, non-smoker, no serious health conditions. Coverage for $200,000.
    $43.62/month
    Whole life insurance for a 35-year-old male, non-smoker, no serious health conditions. Coverage for $100,000.
    $107.73/month
    Simplified term life insurance for a 30-year-old male, non-smoker, with a health condition. Coverage for $50,000.
    $17.10/month (for a term policy)

    Disclaimer: Remember that life insurance rates are highly individual and depend on a number of criteria including but not limited to your age, health status, health pre-conditions, family health history, lifestyle/life habits and more.

    Other Living benefits products in Edmonton

    Disability Insurance Quote

    Disability insurance helps protect your income when you are unable to work due to an accident and some forms of illness. Disability insurance in Edmonton is highly recommended for the city’s many small business owners and entrepreneurs, especially if there is no group plan coverage in place. Rates for disability insurance in Edmonton are tied to occupation.

    Critical Illness Insurance Quote

    Critical illness insurance in Edmonton is important to round out complete coverage, especially for those without an employer-sponsored or association group plan. This is a living benefit that provides a lump sum – tax free – upon the diagnosis of an illness described in the policy. The illness does not have to be fatal and the money can be used as you see fit, from taking time off work to paying for out-of-province treatment. Some policies cover what is called the “big three” (cancer, heart attack, stroke). Some policies cover 25+ conditions. The rates for critical illness insurance in Edmonton are tied to how many conditions you want covered, and your personal risk factors.

    Health & Dental Insurance Quote

    Health insurance offsets the cost of medical care such as paramedical services, ambulance rides, and prescription drugs. The rates depend on the package you choose. Some focus on dental, some on prescriptions, and some focus on a combination of both. Individual health plans are available from direct insurers and brokers if you are without an employer-sponsored plan.

    Other Living benefits

    Living benefits are any type of benefit paid to you while you are alive. This includes critical illness and disability, and can also include riders on your life insurance policy that advance a sum on diagnosis of a terminal illness. Riders are add-ons that can be purchased to enhance a policy.
    Interested to find out Life Insurance or Living Benefits rates in Edmonton?

    Frequently Asked Questions about Edmonton Life Insurance

    Life insurance rates in Edmonton depend on the type of policy you choose, be that term or permanent, or a living benefit. Term is the cheapest policy. A Term 10 policy for a 43-year-old non-smoker female in good health is around $25/month for $500,000 in coverage.

    Life insurance in Edmonton may be purchased directly from an agent or company, over the phone, online, or through a broker. Some companies or associations provide group insurance that includes life insurance. Consult with a broker to have them compare rates on your behalf and to review your existing coverage to ensure you are not over or under insured.

    The Alberta Insurance Council (AIC), licenses and regulates insurance agents, adjusters, and brokers in Alberta. AIC was formed under the Insurance Act and derives authority from delegations from the President of Treasury Board and Minister of Finance. AIC is funded through examinations, licensing fees, and assessments in the insurance industry.

    Disability insurance in Edmonton is often part of employee group plans, but it can also be purchased from a direct insurer, agent, or broker. Always consult with a professional that can not only shop the market for the best coverage and rates, but will also do a full assessment to ensure you are not paying for coverage you cannot use. Disability insurance from any source cannot exceed about 85% of your income; you cannot stack policies.

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