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.
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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.