Get Edmonton Life Insurance Quotes

Your coverage needs are somewhat explained by where you live. That's because your debt and asset profile are important factors. Average debt and assets can vary significantly between different cities. Generally, additional assets mean a higher tax bill on your estate, which requires additional coverage to pay. Similarly, extra debt requires extra coverage, so that your debts aren’t passed on.

That said, don’t decide how much coverage you need based only on debts and assets. Factors like how much money you want to leave to support your family are probably even more important! Learn more about those in our article ‘How much life insurance do I need?’.

Here are some insights on the median debts and assets of Edmonton residents, based on 2019 data from Statistics Canada:

• Total Assets: $486,500. The median total individual assets is $477,000.
• Mortgage: $225,000. The median Canadian mortgage size is $190,000.
• Student Loans: $11,000. The median student loan debt in Canada is $12,000.
• Total net worth: $308,800. The national median net worth is 329,900.

There are a few interesting numbers here. Edmonton residents have slightly higher total assets than the average Canadian, trailing only Toronto, Vancouver, and Calgary. However, the amount of debt Edmontonians hold is far more than average and certainly much higher than you might otherwise expect from a city of this size. 

As higher assets and higher debt can both result in higher coverage needs - depending on how the debt is structured - this financial profile of Edmonton could go some way toward explaining Alberta’s much higher than average individual life insurance coverage amount, especially when combined with Calgary, which has a similar profile.

These numbers should be taken with a grain of salt. Debt and assets are important elements in determining your life insurance coverage you need, but there are lots of other factors to consider.