Life Insurance in Calgary: Your options

  • Term Life Insurance
  • Whole Life Insurance
  • No Medical Life Insurance
  • Simplified Life Insurance
  • Guaranteed Life Insurance

Calgary Life Insurance Quote or Inquiry

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What Insurance Types you can Buy in Calgary?

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Traditional Life Insurance in Calgary

With rates starting at $10-$20/month, traditional term insurance is the cheapest life insurance in Calgary. Coverage can be as high as $5-$8 million. While this is a great choice for those that need a lot of coverage at an affordable premium, the application process includes a medical exam and a detailed health assessment. Those with health conditions may not qualify for traditional life insurance in Calgary.

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Traditional Life Insurance Without a Medical Exam in Calgary

Those that don’t want to do a medical exam, are in an older age demographic, or have pre-existing health conditions, can turn to traditional life insurance without a medical exam in Calgary. While the premium remains low, coverage limits are lower than what is available with fully underwritten insurance and top out around $2 million.

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Simplified Life Insurance in Calgary

Those with serious health conditions, in need of a policy fast, or that simply don’t like visiting the doctor can choose simplified life insurance. There is no medical exam, just a very short health questionnaire. Simplified life insurance in Calgary costs more than traditional life insurance and has lower coverage caps (hundreds of thousands, instead of millions in coverage).

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Guaranteed Life Insurance in  Calgary

Although it has the lowest coverage (up to $25,000) and the highest premium, guaranteed issue life insurance is very easy to get. There is no medical exam and no health questions to answer. It is the ideal choice for those that would not quality for any other type of life insurance in Calgary. The drawback? If you pass away from illness within the first two years of the policy’s activation, the benefit is not paid. The premium, however, is returned.

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Life Insurance Rates in Calgary

Unlike home insurance, life insurance rates in Calgary are dependent on your personal risk factors and family history, not your geographic location. Below are several examples of life insurance policies sold in Calgary that illustrate how one’s health and family risk factors affect the premium.

Standard Life Insurance Premiums in Calgary: Example

  • Policyholder:  35-year old female, non-smoker, stable diabetes
  • Life Insurance Policy: Term 20 standard (aka traditional or medically underwritten) life insurance policy with a medical exam (including fluids) conducted by a nurse
  • Coverage: $1,000,000

Standard Life Insurance without  a Medical Exam Premiums in Calgary: Example

Standard Life Insurance without  a Medical Exam Premiums in Calgary: Example

  • Policyholder: 35-year old female, non-smoker, stable diabetes
  • Life Insurance Policy: Term 20 standard life insurance policy (also called traditional or medically underwritten life insurance policy) without a medical exam
  • Coverage: $1,000,000

Please note that during the pandemic, many insurers expanded their traditional life insurance coverage, offering it without medical exam for many customer segments. Find out the details here.

Simplified Life Insurance Premiums in Calgary: Example

  • Policyholder: 35-year old female, non-smoker, stable diabetes
  • Life Insurance Policy: Term 20 simplified life insurance policy, with a short health questionnaire
  • Coverage: $500,000

Guaranteed Life Insurance Premiums in Calgary: Example

  • Policyholder: 35-year old female, non-smoker, stable diabetes
  • Life Insurance Policy: Guaranteed Issue Life Insurance (or Guaranteed Life Insurance), 2-year waiting period (meaning that your insurer will not pay the claim should you die during these 2 years)
 

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Life insurance companies in Calgary, AB

You have a choice among the biggest life insurance companies in Calgary, including Manulife, Sun Life Financial, and Canada Life (which is a new company formed by the amalgamation of Great-West Life, Canada Life, and London Life).

It’s not just the big three insurers in Canada that have a presence in Calgary. Others include Industrial Alliance, Wawanesa Life, The Co-operators, Empire Life, Foresters, Ivari, Humania, Primerica, and more. While some of these mid-size companies focus on life insurance and living benefits products, others, known as universal insurers, offer  property, home, auto, and commercial insurance too.

Many banks sell insurance. This option includes but is not limited to RBC Insurance, BMO Insurance, TD Insurance, ScotiaLife Financial, and CIBC Insurance. Since banks focus mainly on finanical products, a large or medium-size insurer is your best option for a full range of detailed life and casualty insurance in Calgary.

Network providers such as AMA (Alberta Motor Association) and Alberta Blue Cross provide insurance to their group members. Residents of Calgary can also turn to independent brokers, insurance brokerages, managing general agents (Hub Financial, PPI, etc.), financial advisors, and financial planners for their life insurance needs.

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Life insurance companies in Calgary, AB

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

Noor-Kapur
William Shung
Chantal-Marr
Chantal Marr
Tamara-Humphries
Tamara Humphries
The above insurance consultants are independent brokers and not employees of nomedicallifeinsurance.ca / LSM insurance.

A broker can help you find the best life insurance policy in Calgary. Agents work for one company and can only provide the products of that company, but brokers have access to more than 30 Canadian life insurers. This means, a broker will compare all  your options and present you with the best one for your budget and personal risk factors.


Full list of insurance companies that we work with

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Best Life Insurance in Calgary – how can we help

Calgary is a young city with approximately 1.2 million residents with a median age of 37.2. It is famous for the Calgary Stampede and is actively transitioning from being known as a place for energy company headquarters to a leader in the technology and publication sectors. People from all over the world enjoy the work/life balance that can be found in Calgary, Alberta.

This dynamic population needs life insurance that can change to meet ongoing needs. The insurance needed as a college student is different from the insurance needed for a married couple with children. Work with one of our experienced brokers today to get  customized, long-term life insurance plans in Calgary that shift and change as your life shifts and changes.

We offer the full range of products: standard/traditional life insurance, simplified issue, and guaranteed issue and provide quotes from more than 30 Canadian underwriters. Have a pre-existing condition like diabetes? We can find you a policy. Recovered from cancer? Don’t think that you can’t get coverage! Ask us how we can find your best policy today.

We pride ourselves on being one of the few independent brokerage firms willing to help people that are difficult to insure. We work hard for our clients to ensure you get coverage that is not only robust, it is also affordable. As brokers we work for you, not the insurance companies, so you can always rely on us for the best rates, the best service, and the best range of insurance options.

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What should I avoid when buying no medical life insurance in Calgary?

Many people misunderstand no medical life insurance in Calgary. Let’s take a deeper look into this option.

No medical life insurance in Calgary means there is no underwriting. The insurance company assumes a great deal of risk for this type of claim because you may have a serious illness or be a high-risk applicant. While this type of insurance is far easier to get than traditional fully underwritten policies, it is still vitally important that the applicant discloses all the requested information honestly. For example, you may be asked (on the simplified issue policy) if you have smoked in the last five years.

As most people are only familiar with traditional insurance, they overlook working with a broker because they think they won’t qualify for a policy. That is a mistake! Brokers work with every available insurer in the market, meaning they can and will find a policy whether you qualify for traditional life insurance or for no medical life insurance in Calgary.

In the same way you would consult a finanical advisor for your investments or a lawyer for legal advice, consult with a broker for your life insurance needs in Calgary. Broker services are free (they are compensated by the insurance companies) and there is never any obligation to purchase the proposed policy.

Our insurance advisors help you find the best policy for your needs. We work with more than 30 insurance companies across Canada. Contact us today to get started.

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