Life Insurance in Montreal: Everything You Must Know

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    What Insurance Types you can Buy in Montreal?

    Standard Life Insurance

    Thanks to rates as low as $10-$20/ month, standard (traditional) term life insurance is the cheapest coverage on the market. To get it, however, you must undergo a medical exam and a health questionnaire. It is worth those extra steps because if you qualify and demonstrate the need for such a high amount, you can get in the range of $5,000,000-$8,000,000 of coverage. The downside? During the COVID-19 pandemic, most medical test portions of the application are suspended since they don’t allow for physical distancing, making standard insurance a little harder to get at this time.

    Traditional Rated Life Insurance

    This is exactly the same insurance as standard life insurance (see above) but given the higher risk associated with the policyholder (e.g. heart pre-conditions, severe diabetes, etc.), an insurer will charge a significantly higher fee. The benefit against other insurance types, especially simplified and guaranteed insurance, is that you still can qualify for high coverage amounts.

    Traditional Life Insurance Without a Medical Exam

    While low premiums are a feature of this type of policy it is limited in coverage and typically goes up to just $2,000,000. Without a medical exam, the insurer must take on more risk, which affects the coverage cap. However, this is an excellent choice during the COVID-19 pandemic since a nurse is not needed to do a medical.

    Simplified Issue Life Insurance

    Simplified issue life insurance comes with no medical exam and has a short questionnaire. Due to its easy application and high risk borne by the insurer, the premiums are higher than for traditional insurance. This option is favoured by those that have serious health conditions and would otherwise not qualify for traditional insurance, and by those that simply don’t want to be bothered with a medical.

    Guaranteed Issue Life Insurance

    The easiest policy to qualify for is guaranteed issue life insurance because it comes with no medical exam and no questionnaire. However, it also comes with the lowest coverage amounts and the highest premiums. To defray fraud, the life insured must not pass away from an illness during the first two years of the policy. If they do, the policy will pay back the premiums but not the benefit.

    Get a free quote or just inquire

    Life Insurance Costs in Montreal

    Unlike some other forms of insurance, like car or home insurance, life insurance rates in Montreal are not dependent on location, but on personal factors such as your health and family health history. That being said, we have some great examples of what you can expect from life insurance in Montreal. 

    Guaranteed Life Insurance Premiums in Montreal: Example

    • Policyholder: Male, 40 years old, non-smoker
    • Life Insurance Policy: Guaranteed Acceptance Life Insurance policy
    • Coverage: $50,000 but remember, this type comes with a two-year waiting period

    Important to know: Given that this insurance comes without any medical test or questionnaires, insurance companies built in a security mechanism called a waiting period. This means that your insurer will not pay the claim if you die during the first two years of the policy.

    Simplified Life Insurance Premiums in Montreal: Example

    • Policyholder: Female, 35 years old, non-smoker, living with pre-diabetes
    • Life Insurance Policy: Term 20 simplified life insurance policy. No medical is required but this applicant must fill out a short questionnaire.
    • Coverage: $500,000

    Traditional Rated Life Insurance Premiums in Montreal: Example

    • Policyholder: Female, 35 years old, non-smoker. This applicant has a serious and chronic heart condition
    • Life Insurance Policy: Rated Term 20 standard life insurance policy. This is also known as a rated traditional or medically underwritten life insurance policy. It will not cover death related to the existing heart condition.
    • Coverage: $1,000,000

    Important to know: It is rated because of higher rates to offset the higher health risk of the heart condition.

    Traditional Life Insurance Without a Medical Exam in Montreal: Example

    • Policyholder: Female, 35 years old, non-smoker, stable pre-diabetic
    • Life Insurance Policy: Term 20 standard life insurance policy. This is also known as a traditional or medically underwritten life insurance policy without a medical exam.
    • Coverage: $1,000,000

    Important to know: Due to the pandemic, many insurers are offering their traditional life insurance coverage without a medical exam. Find out more here.

    Traditional Life Insurance Premiums in Montreal: Example

    • Policyholder: Female, 35 years old, non-smoker with a stable diabetes condition
    • Life Insurance Policy: Term 20 standard life insurance policy. This is the original traditional/medically underwritten life insurance policy that comes with a medical exam plus the collection of fluids.
    • Coverage: $1,000,000

    Get a free quote or just inquire

    Life insurance companies in Montreal

    All the major underwriters in Canada have a presence in Montreal, including Manulife, Sun Life Financial, and Canada Life. Canada Life is a group formed by amalgamating Great-West Life, Canada Life, and London Life. Did you know that Sun Life was proudly founded in Montreal, Quebec? In 1976 the head office of Sun Life moved to Toronto due to language policies in place in Quebec at that time.

    Looking for a mid-size insurance company in Montreal? There are many, including Industrial Alliance, Desjardins Life Insurance, SSQ Insurance, La Capitale, Wawanesa Life, The Co-operators, Empire Life, Foresters, Ivari, Humania, Primerica, etc. Some of these companies only sell life insurance, but others include living benefits, home, auto, and other types of coverage too. Look for these insurers, called universal insurers, if you want to bundle your coverage.

    Banks also provide you with an option for life insurance. Remember, however, that a bank’s primary focus is on finanical products, not insurance. For the most robust coverage and the best options, talk to a large or mid-size insurance company. Some of the banks that offer policies include RBC Insurance, BMO Insurance, TD Insurance, ScotiaLife Financial, and CIBC Insurance.

    Network providers such as CAA-Québec and Québec Blue Cross also provide coverage, as do independent brokerage firms, agents, and finanical planners.

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    Life insurance brokers in Montreal

    Meet some of our experienced insurance brokers who will be helping you

    William Shung
    Tamara Humphries
    The above insurance consultants are independent brokers and not employees of / LSM insurance.

    Choose a life insurance broker in Montreal that has the experience you need. The brokers in our network have access to more than 30 Canadian insurers, and that means they can find the best policy for you within your budget. See a list below of just some of the many insurance companies in Montreal that we work with on your behalf.

    Full list of insurance companies that we work with

    Assumption life SSQ Financial Group Canada Life Industrial Alliance Equitable life IA Excellence The edge Foresters Desjardins Western Empire life BMO Iavari RBC Insurance La Capitale Canada Protection Plan Wawanesa Life Humania

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    Best Life Insurance in Montreal – how we can help

    No Medical Life Insurance is proud to serve the people of Montreal. One the oldest and most beautiful cities in North America, Montreal is rich with stories untold. With a population of over 1.7 million people living and working in it (2016 Census), and an average age of 38.4 years old, it is a vibrant, bustling city full of life and history, with it’s own unique challenges and experiences.

    At No Medical Life Insurance, we know that each city has it’s own character and we recognize that the people we serve deserve insurance that meets their needs. One area that Montreal differs with other cities is in the size of households in it. Over 40% of private households in Montreal are one-person households. People that live alone and are younger have different life insurance and health insurance needs than those who have children or have retired. Whether it is critical illness coverage or no medical life insurance, we can offer life insurance quotes from some of Canada’s best-known life insurance companies, allowing our clients to find the coverage that suits their needs best.

    There are many reasons why people of any age can be hard to insure. Whether it is a high risk lifestyle, travelling to far off places or due to health conditions, being hard to insure is not a life sentence. At No Medical Life Insurance, we were created to help provide coverage to people who may otherwise be unable to find it. We offer two types of no medical life insurance: simplified issue and guaranteed issue, both of which are available to almost all our clients. Simplified issue life insurance has no medical exams, and only a short medical questionnaire. Guaranteed issue is just that: guaranteed, with no medical exam and no questionnaire, so even the hard to insure can find coverage.

    Our insurance advisors will assist you with finding the best insurance option as we work with more than 30 insurance companies. We look forward to hearing from you – simply complete the form above.

    Why buying life insurance young is important

    Life insurance is something people don’t often think of as needing when they are in their twenties or thirties, but by getting covered younger you can save more than just money. Life insurance, whether permanent or term insurance is considerably cheaper to buy when you are twenty-five than when you are forty-five. That is because as we get older we are more likely to have medical conditions like heart problems or diabetes develop, which impacts the cost of insuring a client. Not only would a younger adult have lower premium costs, they also have a wide range of choices when it comes to insurance companies. Another reason why insurance is important is planning for the future.

    Say you are the young CEO of a successful media consulting firm. You have put in long hours and have taken advantage of Montreal’s artistic and business scene. The company you grew out of a one-bedroom apartment is about to take the next step. You have also just started a family. One way that life insurance can help in situations like these is called key-man insurance. The business purchases a life insurance policy on an invaluable employee (or CEO in this case), and in the event of their passing this insurance can act as a vehicle to cover the cost to the business. It can be used to purchase their share of the company, paying out the proceeds to the family left behind, or if there is no family, to protect the business while they look for a replacement. As well, many people who do not have family to protect purchase life insurance to leave a legacy behind. More than just covering funeral costs, they can be used to support charities, create scholarship funds or in other ways.

    Get a free quote or just inquire