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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
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 Canada Life (formerly 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 Insurance, 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.
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Frequently asked Winnipeg life insurance questions
What are the best life insurance companies in Winnipeg?
Popular life insurance companies in Winnipeg include Sun Life and Manulife, but the best insurance provider for yourself depends on your own needs and factors. Each company will offer you a different life insurance rate, so be sure to compare your quotes with us to find the company that offers you the best rate and package.
How much does life insurance cost in Winnipeg?
The cost of life insurance in Winnipeg varies on a case-to-case basis, as insurers take multiple factors, including your age, sex, health conditions, and lifestyle, to determine your personal rate. For example, a healthy 30-year-old male would pay about $130 on an annual basis for an 18-year term life insurance policy worth $100,000 in face value. Meanwhile, this number could drop to about $110 for a female living with the same conditions, or increase to five times as much for a whole life policy. Regardless of your selected package, you won't know the exact cost of your life insurance until you compare your quotes.
How do you get life insurance in Winnipeg?
After you compare your life insurance quotes with us, we'll connect you with a licensed life insurance broker to guide you through the process of purchasing your insurance in Winnipeg. Your broker will help you select the best life insurance company that offers the right package for your needs for the best rate and value.