- Term Life Insurance
- Whole Life Insurance
- No Medical Life Insurance
- Simplified Life Insurance
- Guaranteed Life Insurance
What Types of Insurance can you Buy in Winnipeg?
Traditional Life Insurance
This is the cheapest life insurance (e.g. traditional term life insurance) with rates starting as low as $10-$20 per month. It requires both an in-person medical exam and completion of a detailed health questionnaire. It offers coverages as high as $5,000,000 – $8,000,000. It is the best choice for those who need large coverage at affordable costs. Unfortunately, it is not a good choice during the COVID-19 pandemic since it requires physical medical tests completed by a nurse.
Traditional Life Insurance Without a Medical Exam
This is the same traditional life insurance but, in many cases, such as with particular age segments and coverage limits, you can benefit from getting this insurance WITHOUT in-person medical tests. It is one of the most popular insurance types during the COVID-19 pandemic. It still offers very low rates such as $10-$20 per month. This insurance provides coverages of up to $2,000,000. It is the best choice for those who need large amounts of coverage at an affordable cost. Having no medical tests during the pandemic makes it a very popular insurance choice among our clients in Winnipeg, Manitoba.
Simplified Life Insurance
Simplified life insurance is typically a good choice for those who have very serious health pre-conditions and are not able to qualify for standard (traditional) life insurance. Other categories of people who choose to get simplified life insurance are those who are not comfortable with a medical exam. This insurance comes with no medical exams and with a very short questionnaire (3-7 questions) to complete. It typically has higher rates than standard life insurance and somewhat lower coverage amounts (still hundreds of thousands of dollars). It is very easy to qualify for simplified life insurance.
Guaranteed Life Insurance
Guaranteed life insurance is the easiest to qualify for and it is the best choice for those who would not be able to qualify for any other insurance policy. It features the lowest coverage amount and the highest insurance rates. On the positive side, you can always qualify for it and cannot be turned down. It is important to know that if a policyholder passes away during the first two years, this policy will not pay the claim and only the paid premiums will be returned.
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Life Insurance Rates in Winnipeg
It is important to mention that insurance rates in Winnipeg or elsewhere in Manitoba (or even across Canada) do not depend on your location but rather on your personal and family risk profile, the product you choose, the coverage, and a number of other data points. While geography is not a key factor for the cost of life insurance, here is an example of several life insurance policies sold in Winnipeg.
Traditional Life Insurance Premiums in Winnipeg: Example
- Policyholder: Female, 35 years old, diabetes pre-condition (stable), non-smoker
- Life Insurance Policy: Term 20 standard life insurance policy (also called traditional or medically underwritten life insurance policy) with a medical exam (plus fluids) conducted by a nurse
- Coverage: $1,000,000
Traditional Life Insurance without a Medical Exam Premiums in Winnipeg: Example
- Policyholder: Female, 35 years old, diabetes pre-condition (stable), non-smoker
- 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 Winnipeg: Example
- Policyholder: Female, 35 years old, diabetes pre-condition (stable), non-smoker
- Life Insurance Policy: Term 20 simplified life insurance policy, includes a short questionnaire to complete
- Coverage: $500,000
Guaranteed Life Insurance Premiums in Winnipeg: Example
- Policyholder: Male, 40 years old, non-smoker
- Life insurance policy: Guaranteed Acceptance
- Coverage: $50,000, 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 Winnipeg
Residents of Winnipeg have a choice among all the most recognized and emerging life insurance companies in Canada, 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). Fun fact: Canada Life was the first Canadian domestic company and was proudly founded in Winnipeg, Manitoba.
Mid-sized insurance companies with operations in Winnipeg include Industrial Alliance, Wawanesa Life, The Co-operators, Empire Life, Foresters, Ivari, Humania, Primerica, and more. Some of these mid-size companies focus on life insurance and living benefits products only. Others (also called universal insurers) offer both life and living benefits, along with property and casualty insurance (i.e. home, auto, commercial insurance).
Banks sell insurance as well. You can get coverage through RBC Insurance, BMO Insurance, TD Insurance, ScotiaLife Financial, and CIBC Insurance. Remember, however, that banks’ main focus is on financial products, so for the best coverage turn to large or mid-sized insurance-focused companies.
Some forms of life insurance are available through network-based providers such as CAA Manitoba and Manitoba Blue Cross. Other sources to get insurance are independent brokers, insurance brokerages, managing general agents (e.g. Hub Financial, PPI, etc.), financial advisors and finanical planners.
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Life insurance brokers in Winnipeg
Looking for life insurance in Winnipeg? Choose an experienced broker. Unlike agents that work for one company only, brokers can sell the products of any insurance company in Canada. Our brokers work with more than 30 Canadian life insurers, meaning they can find you the best possible coverage for your needs in Winnipeg.
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Best Life Insurance in Winnipeg – how we can help
Of course, the most important element of any city’s unique puzzle is the people that live and work and study in it. Winnipeg is home to a great variety of ethnicities, religions, and professional groups. It is the magnet of artists, students, workers, musicians, politicians (and hockey fans). As we found out very quickly after starting operation in this city, it is also a place where a large number of what mainstream insurance companies would call “hard to insure applicants” have been fighting hard for many years for the opportunity to get insurance coverage.
For many of these people, life insurance quotes were as far as it went in the process of getting insurance. Health tests or prior health histories and family information disqualified these applicants from obtaining insurance again and again. This is why when No Medical Life Insurance came to Manitoba, we immediately saw great interest in our simplified issue insurance packages. After all – what is not to like? Guarantee issue insurance is there for the people that have gotten used to being rejected and denied coverage. We have already helped hundreds of Winnipegers achieve their goals, get good health insurance and be able to focus on things they really enjoy in life.
Our client base includes students and the elderly, independent professionals and newcomers to Canada and Manitoba. Being denied life insurance coverage for reasons beyond your immediate control can be distressing, but our team works hard to address these concerns as quickly as possible and help our neighbours return to normal life. Our processes are common-sense and efficient, our fees are as competitive as it gets in the field, and our customer satisfaction levels are constantly at the highest levels possible. We take pride in serving Winnipegers, answering any life insurance questions they may have and always being there for support. It is then a great joy for everyone on our Winnipeg team to run into one of our happy customers at a local store or at a hockey game – after all, life is given to us to be lived to the fullest. Let us take the life insurance coverage headaches and turn these issues into something positive for you and your family.
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.