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

LSM Insurance has been helping people living in Saskatoon with all their life insurance and living benefits needs for over 25 years. Whether you live in downtown in the city or in any of the suburbs or neighbourhoods around the city centre, we have an experienced broker ready to help you get the coverage you need.

Get a free, tailored life insurance quote in Saskatoon

    Life Insurance in Saskatoon: Background

    Saskatoon, SK, Canada

    Insurance products we offer in Saskatoon:

    • 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

    There’s more than meets the eye in this province that has been dubbed the “Paris of the Prairies.” Saskatoon is known for it’s rich and diverse agriculture industry, but it’s also a thriving center for culture, arts, forestry, manufacturing and mineral exploration. Whether you are taking over the family farming enterprise or work in one of the established or emerging businesses, you need the protection that life insurance provides. Our brokers work with you to fully understand your needs, lifestyle, and goals, then curates a solution that addresses your risks today, and ones you may face in the future.

    Our Life Insurance Brokers in Saskatoon

    Broker
    Years of Experience
    Specialties
    Languages spoken

    Phyllis Hofseth

    Years of Experience:
    Nearly 10 years
    Specialties:
    • Life Insurance
    • No Medical Life Insurance
    • Disability Insurance
    • Critical illness Insurance
    • Health Insurance
    Languages:
    • English

    Robb Knippelberg

    Years of Experience:
    Over 25 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 Saskatoon

    The Insurance Councils of Saskatchewan (ICS) are under the authority of the Director of Insurance, and performs the licencing and regulation of all the agents, brokers, adjusters and agencies in Saskatchewan.

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

    Key life insurance types in Saskatoon

    Term Life Insurance Quote

    Term life insurance in Saskatoon is the cheapest of all the policy types. It covers a risk for a specific length of time – Term 10 is for 10 years, Term 20 is for 20 years, etc. Term starts off cheap while you are young, but as you age and with each renewal, the premium increases. If using Term to insure your lifespan, it’s a good idea to convert it to permanent as soon as possible to save on the long-term costs. A healthy non-smoker 35 year-old female can get Term 20 with coverage of $500,000 for as low as $21.66/month.

    Term 100 Insurance Quote

    Term 100 life insurance in Saskatoon is a form of permanent insurance as it insures your life to age 100. It is also known as pure insurance; other permanent policies have cash savings accounts and other perks, but Term 100 does not. The lack of perks lowers the cost of permanent insurance when compared with whole or universal life. A healthy non-smoker 35-year old male can get Term 100 for $200,000 in coverage for as low as $136.26/month.

    Whole Life Insurance Quote

    Whole life insurance in Saskatoon is a permanent policy that has a tax advantaged savings account and guaranteed values. It is the most expensive of the permanent policies but if you buy it when you are young and healthy, you have the advantage of a low rate locked in for life and a very long time horizon for your investments to grow. Whole life insurance is an ideal tool for lifelong insurance and wealth management. A healthy 25-year old non-smoker male can get a whole life policy for $200,000 for around $86.94/month, but these policies can vary quite a bit in terms of coverage, rates, and structure. Always consult with an agent or broker when setting up a permanent policy as there are important things to consider to remain compliant with CRA.

    Universal Life Insurance Quote

    Universal life insurance in Saskatoon is a permanent policy with a tax advantage savings account. The premium has a min/max that is somewhat flexible and the investment portion is not guaranteed. These factors make it cheaper than whole life insurance depending on the policy’s structure. It is favoured by those that want more flexibility than whole life, but more perks than Term 100. Rates vary as they are based on your personal risk factors and also your long-term savings goals for the cash portion. Always consult with an agent or broker when setting up a permanent policy as there are important things to consider to remain compliant with CRA.

    No Medical Life Insurance (Simplified)

    Simplified issue no medical life insurance is a great policy to help those that would not qualify for traditionally underwritten insurance, and for those that simply don’t like going to the doctor. In fact, because of the pandemic, many insurers are increasing their range and scope of no medical products so people can get insured without a medical. This coverage ranges in costs since it is available across a variety of life insurance products. The application includes a brief health questionnaire and if you are approved, you can obtain this coverage quickly.

    No Medical Life Insurance (Guaranteed)

    Guaranteed issue no medical life insurance has no medical appointment, no health questionnaire, and can be obtained by anyone. The claim will not pay out for any reason other than an accident during the first two years. The coverage is low and the premium is high – however, for some, it is the only insurance for which they can qualify and this makes it the difference between a family having insurance or not should an uninsured person be suddenly diagnosed with a life threating illness (or wishes to obtain a policy as an older senior). Rates for guaranteed issue vary across products. Work with an agent or broker to see if simplified or if guaranteed is the best no medical option for you.

    Other Life Insurance types

    Living benefits refer to insurance claims paid to you while you are alive. These include disability insurance in Saskatoon, critical illness insurance in Saskatoon, and health and dental benefits in Saskatoon. Living benefits also includes riders on life insurance that advance a portion of the death benefit on diagnosis of a fatal illness.

    Life Insurance rates in Saskatoon: Sample

    There are many factors that influence your life insurance in Saskatoon, including but not limited to your health, the health history in your family, your lifestyle, your long-term financial goals, and more. Below are average rates for a variety of scenarios. Work with a broker to get a quote customized to your needs.

    Term 10 life insurance for a 30-year old male non-smoker in excellent health, for coverage of $200,000.
    $25.20/month
    Term 20 life insurance for a 30-year old female, non-smoker in excellent health, for coverage of $200,000.
    $21.53/month
    Whole life insurance for a 25-year old male, non-smoker in excellent health, for coverage of $100,000.
    $90.27/month
    Simplified life insurance for a 49-year old female non-smoker using simplified because of a health condition. Coverage for $50,000.
    $16.20/month

    Disclaimer: Life insurance rates are highly individual and based on numerous criteria. Your rates can differ from the scenarios listed above.

    Other Living benefits products in Saskatoon

    Disability Insurance Quote

    Disability insurance in Saskatoon replaces a portion of your income if you are unable to work due to accident or some forms of illness. While it is available on most group policies, you may want to top up the coverage with an individual policy. However, you cannot stack policies to obtain more than your overall allowable percentage, which will be between 40%-85%. Rates are tied to your occupation class.

    Critical Illness Insurance Quote

    Critical illness insurance in Saskatoon provides a tax free lump sum upon diagnosis of a serious illness. Rates are tied to your personal risk factors and the type of policy you choose. Some polices cover just heart attack, cancer, and stroke while others cover 25+ conditions.

    Health & Dental Insurance Quote

    Health insurance in Saskatoon helps to cover the cost of medications, paramedical services, and dental work. Health insurance is available as both an individual and group policy. Rates are tied to the type of benefit package you choose – you may emphasise medications, dental, or both.

    Other Living benefits

    Living benefits refer to any claims paid to you while you are still alive. In addition to heath benefits, critical illness benefits, and disability benefits in Saskatoon, other living benefits include riders that advance a portion of the death benefit upon diagnosis of a fatal illness.
    Interested to find out Life Insurance or Living Benefits rates in Saskatoon?

    Frequently Asked Questions about Saskatoon Life Insurance

    Life insurance rates in Saskatoon depend on your personal risk factors and the type of policy you choose. Term is the cheapest of all the policy types. A healthy non-smoker 35 year-old female can get Term 20 with coverage of $500,000 for as low as $21.66/month.

    Life insurance in Saskatoon is sold by agents, brokers, directly from insurers (online, phone) and even at some banks. However, life insurance from your bank is usually a form of coverage that protects a loan, and the bank, not your family, gets the benefit. Consult with a broker who can shop the market, for free, on your behalf.

    The Insurance Councils of Saskatchewan (ICS) are under the authority of the Director of Insurance, and performs the licencing and regulation of all the agents, brokers, adjusters and agencies in Saskatchewan.

    Disability insurance in Saskatoon is a part of most group coverage, such as work benefit plans, but you can also buy an individual policy. It’s a good idea to cover as much of your income as legally allowed, and this may mean a top up with an individual policy to complement your group benefits. However, no matter how many policies you buy, you cannot cover more than 40%-85%, as determined from your occupation class. As this can be a complicated policy to set up, work with a broker who can check your percentage and find your best policy.

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