Get Mississauga Life Insurance Quotes
Life in Mississauga is great, but what's the best life insurance in Mississauga? Here's everything you need to know about Mississauga life insurance.
compare quotes todayBuying life insurance in Mississauga
Matt Hands, VP, Insurance
Mississauga is one of the largest population centers in Ontario, fundamentally operating as a separate city from Toronto, despite how often they are lumped together! As a result, Mississauga has a well-developed life insurance environment, with access to plenty of policies from a range of life insurance companies. A quick disclaimer, however. Where you live has only a minor effect on how expensive your life insurance premiums will be. Much more important are your age, health, and occupation. As such, the best life insurance policy will always be found by comparing life insurance quotes. With that said, here’s what you need to know about life insurance in Mississauga.
A few things we’re proud of
1,200,000
monthly users
11 years
young
Over 1M
better choices made
Trusted partner
to Canada’s top financial institutions
Mississauga life insurance facts
Nearby Toronto has more life insurance company head offices than any other city, so Mississauga has automatically has excellent access to those companies. They include some of the largest bank-owned insurers, including RBC life Insurance and TD life insurance, as well as Manulife, the largest life insurance company in Canada. The remainder of the ‘big three’ life insurance companies are found elsewhere - Sun Life’s head office is in Waterloo, while Canada Life (formerly Great-West Life) is in Winnipeg. Overall, there are 74 companies actively providing life insurance in Ontario, so Mississauga residents have plenty of choices.
Despite having so many more people, Mississauga residents don’t take out much more life insurance coverage than average. Ontario’s average individual life insurance coverage is $234,000, which is just higher than the Canadian average, $222,000.
Mississauga life insurance premium tax
The premiums for life insurance in Mississauga are taxed at the Ontario rate of 2%, which is low compared to other provinces. For comparison, life insurance in BC and Manitoba both also charge 2%. Premiums for life insurance in Alberta are taxed at 3%, and Quebec charge 3.48%. While you don’t see this on your premium statement, it does make a difference to the cost of your premiums.
Group life insurance policies in Mississauga are also subject to Ontario’s 8% retail tax. This doesn’t affect individual policies.
Get the best life insurance rates in Canada.
Speak with a life insurance expert and compare quotes from Canada's top life insurers to find the best rate for the right coverage.
Frequently asked Mississauga life insurance questions
What are the best life insurance companies in Mississauga?
The best life insurance company for yourself is dependent on your own individual case. While popular providers in Mississauga include Sun Life and Manulife, every life insurance company will offer you a different rate. Therefore, make sure to compare insurance quotes with us and find the most suitable match to meet your needs at the best rate and value.
How much does life insurance cost in Mississauga?
To calculate your life insurance quote, providers take several factors into account, including tour sex, age, health condition, and lifestyle. An 18-year term life insurance policy with a face value of $100,000 would cost a healthy 30-year old female approximately $110 each year. On the other hand, a male living with the same circumstances would pay about $130 annually while this number could be five times as much for a whole life insurance policy. Regardless of which policy you select, the cost for each person is different, so be sure to compare your life insurance quotes with us to determine the exact amount for yourself.
How do you get life insurance in Mississauga?
The best way to shop for life insurance is to compare rates with Ratehub. We'll connect you with a licensed life insurance broker to help you purchase your life insurance seamlessly after you provide us with a few details for a quote comparison. Your broker will guide you through the process of selecting the best company to suit your needs, along with the best rate and value.
How much life insurance is needed for living in Mississauga?
How much life insurance you need can change from city to city, as it is largely based on how much debt you want your life insurance to be able to pay for. The cost of living can vary widely from city to city across not only the country, but the province, so it's important to understand how much money you and your family require to function comfortably on a daily basis. You will want to account for any future educational expenses and the impact of inflation on living expenses.
Other factors, like how much you’ll need to support your dependants, aren’t as variable by city. Learn more about those in our article ‘How much life insurance do I need?’.