How Much is the Cost of Life Insurance?

Is the cost of life insurance worth it? Knowing the prices of various life coverage policies will undoubtedly influence your decision on which premium you choose and the length of time you choose to go with. However, irrespective of the cost, you should pick out an assurance that can adequately cater for the needs of your loved ones if there is a need. 

The concept of insurance for mortality is hugely accepted in Vaughan. Recently, many Canadians have been securing various policies for themselves and their family. This is not surprising as there are a lot of benefits that come with having monetary life coverage.

However, in addition to knowing these benefits, you will need to have further information to pick the perfect premium for you. To help you in your decision to get insurance, we will tell you all you need to know about life insurance prices in Vaughan.


Cost of Life Insurance

Insurance prices are rarely the same from individual to individual. This is because of the various factors that go into determining the amount that each unique person will pay for this coverage. As a result of these factors, the question of how much life insurance costs is not an easy one to answer. 

Notwithstanding, we will simplify it and give you a general idea of how much you should plan to spend to buy yourself a suitable plan. The aforementioned plans come in various amounts, and you may choose one depending on how much money you think your loved ones will need to get things in order. 

For instance, you may want to buy a $250,000 plan while another person chooses to opt instead for a $100,000 one. There is also the option of the length of time you want for your insurance plan.  This option is called term insurance and its length ranges from a minimum of 5 years to a maximum of 30 years.

On average, for a $100,000 plan in Vaughan for ten years, you should expect to pay a premium sum of about $13 every month. A 20-year plan for the same amount will cost around $15 monthly. Typically, a $250,000insurance plan for a term of 30 years, which is the maximum, may cost between $70 per month on average. However, this amount is not set in stone and can sometimes be as low as $26! 

There’s also the option of buying plans that cost $500,000 and $1,000,000 or even higher depending on what you think you need.

Generally, the cost of life insurance plans increases with the length of the term plan. There are also other factors that can also affect the prices in Vaughan. We will go into all these details shortly. Keep reading to find out the various reasons the cost of life coverage may change from person to person.


Factors Affect the Cost of Life Insurance

There are various reasons why the price of your life coverage may spike or reduce. Anything that makes a person more likely to die will increase the cost of premium due to the higher risk involved.

Here are some of these factors.


This is arguably the most critical factor that will determine how expensive your premium plan will. Older people generally have a lower life expectancy, and this makes their life coverage plans more expensive. Therefore, all things being equal, the younger you are, the cheaper the cost of your life insurance.


Your health is also an essential factor in deciding the amount you will pay for insuring your life. Your body weight, physical fitness, past medical conditions, and family medical history will all come into play. The more healthy you are, the more likely it is for you to pay less for monthly premiums 

Smoking status

It may seem inconsequential, but whether or not you smoke can play a part in your insurance prices. The price of a smoker’s premium plan can double. Except you quit, of course. Not smoking for a minimum of 12 months before you register for insurance will qualify you to register as a non-smoker.


Statistics have shown that women have a higher life expectancy than men. For this reason, every other thing being equal, a woman will have less costly premium plans compared to a man. The reduction in price can range between 10% and 25%.


Final Take

Now that you know how much it can cost you to buy a life insurance plan, ensure that you get it today. It is too important to postpone. Although the cost of life insurance will undoubtedly influence your choice, be sure that it is one that covers all of the bases

Do you have further questions about the cost of life insurance? Or do you need help in choosing and buying a plan? Book a consultation session with our experts today!

Related article: Cost of Health Insurance in Canada

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