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Buying life insurance in Winnipeg
Matt Hands, VP, Insurance and MoneySense
Winnipeg is far from being one of the largest cities in Canada, but with over 700,000 people calling it home, Winnipeg has a big appetite for life insurance! Sure, Winnipeg doesn’t have the same number of active insurance companies as Toronto, Montréal, or even Calgary, but locals still have plenty of options. Before we go on, a quick disclaimer. Living in Winnipeg only makes a small effect on your premiums, as your personal circumstances are all much more important than where you live when it comes to determining your coverage. To get the right policy, you should start with getting several life insurance quotes from different companies. This will tell you what products and premiums you’re eligible for. Meantime, read on for details about life insurance in Winnipeg.
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Winnipeg life insurance facts
Winnipeg is serviced by multiple life insurance companies. While the large majority of life insurance companies have their headquarters in either Toronto or Montréal, Winnipeg is still the location of the Great West Life head office.
Great West Life was founded in Winnipeg specifically to serve Western Canada. Despite being based in the East, the other two of the big three Canadian life insurers - Manulife and Sun Life - both offer coverage in Winnipeg. In total, 72 health and life insurers, including non-profit health benefit providers and fraternal benefit societies, are active in Manitoba.
More providers means more choice, so Winnipeg residents have access to any types of life insurance they might desire. The average coverage for individuals in Manitoba is $244,000, slightly higher than the national average of $222,000. 53% of the population is covered by some form of life insurance, above the national average of 59%.
Life insurance coverage in Winnipeg
Your coverage needs are partly explained by where you live, as your debt and asset profile are important factors. Average debt and assets can change significantly between different cities, so where you live can have a big effect on your premiums. 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 Winnipeg residents, based on 2019 data from Statistics Canada:
- Total Assets: $499,400. The median total individual assets is $477,000.
- Mortgage: $190,000. The median Canadian mortgage size is $190,000.
- Total net worth: $336,100. The national median net worth is 329,900.
Winnipeg hits a pretty much average run rate on all the important factors here - assets, mortgage debt, and total net worth. Winnipeg is also only slightly above average for life insurance coverage, which figures. Now, 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.
Winnipeg life insurance premium tax
Winnipeg life insurance premiums are subject to Manitoba’s 2% insurance premium tax. That’s a low tax rate, equal to Ontario and BC’s life insurance rates, and lower than both Alberta’s 3% and Quebec’s 3.48% life insurance. You normally don’t see this on your statement, but it still affects your premiums. Group life insurance policies in Winnipeg are also subject to Manitoba’s 7% retail tax. This doesn’t affect individual policies.
Ratehub.ca is not affiliated or otherwise associated with Hub International Canada.
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While your city can affect your policy, your circumstances are crucial! Comparing quotes is the best way to find the right coverage for you.compare quotes today
Frequently asked Winnipeg life insurance questions
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Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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