Get Winnipeg Life Insurance Quotes
Life in Winnipeg is great, but what's the best life insurance in Winnipeg? Here's everything you need to know about Winnipeg life insurance.
compare quotes todayBuying 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 doesnāt have the same number of active insurance companies as Toronto, MontrĆ©al, 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 youāre eligible for. Meantime, read on for details about life insurance in Winnipeg.
A few things we're proud of
1,200,000
monthly users
11 years
young
Over 1M
better choices made
Trusted partner
to Canadaās top financial institutions
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 MontrƩal, 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 arenāt passed on.
That said, donāt 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 āHow much life insurance do I need?ā.
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 Manitobaās 2% insurance premium tax. Thatās a low tax rate, equal to Ontario and BCās life insurance rates, and lower than both Albertaās 3% and Quebecās 3.48% life insurance. You normally donāt see this on your statement, but it still affects your premiums. Group life insurance policies in Winnipeg are also subject to Manitobaās 7% retail tax. This doesnāt affect individual policies.
Ratehub.ca is not affiliated or otherwise associated with Hub International Canada.
Compare Winnipeg life insurance quotes today
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 todayFrequently asked Winnipeg life insurance questions
What are the best life insurance companies in Winnipeg?
How much does life insurance cost in Winnipeg?
How do you get life insurance in Winnipeg?
Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Mattās 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
The knowledge bank
A wealth of knowledge delivered right to your inbox.
About Ratehub.ca
Whether you need a mortgage, credit card, savings account, or insurance coverage, we help you find and compare the best financial products for your specific needs.
When it comes to mortgages, Ratehub.ca is more than just a place to research and compare the best rates. Our goal is to give Canadians the best mortgage experience from online search to close. This means offering Canadians the mortgage tools, information and articles to educate themselves, allowing them to get personalized rate quotes from multiple lenders to compare rates instantly, and providing them with the best online application and offline customer service to close their mortgage all in one place.
Ratehub.ca has been named Canada's Mortgage Brokerage of the Year for four years straight (2018-2021). With over 12 years of mortgage experience, and over $11 billion in mortgages funded, we deliver you the best mortgage experience in Canada.
How does Ratehub.ca make money?
Financial institutions pay us for connecting them with customers. This could be through advertisements, or when someone applies or is approved for a product. However, not all products we list are tied to compensation for us. Our industry-leading education centres and calculators are available 24/7, free of charge, and with no obligation to purchase. To learn more, visit our About us page.