Compare the best life insurance quotes in Surrey for free. It’s that easy.

Get quotes from 50+ Canadian providers in minutes.

Compare rates from Canada’s leading life insurance providers

4,367 Canadians

have compared rates and saved money over the last 24 hours

What our users say:

April 17
Quick and easy
Quick and easy
Woody Green
April 15
Really good customer service
Really good customer service, flexibility and transparency of the process, frien...
Teodor Iurea
April 11
SARA WAS VERY HELPFUL AND VERY EFFICIENT
SARA WAS VERY HELPFUL AND VERY EFFICIENT
John Randle
April 11
its always people
its always people, and Erin Upsdell was knowledgeable, helpful and professional....
Antonio
April 11
Good Service.
Clear request of info.... fast results.... follow-up recommendation appreciated.
Myrna Hanna
April 10
Very fast easy-to-use.
Very fast easy-to-use.
ROBERT EDWARD BROWN
April 9
Convenient
Convenient, friendly and efficient. Good price too!
Uwe Stueckmann
April 8
agent was direct and professional
agent was direct and professional
Steven Olson
April 5
Great
The rep was professional or so it seemed Thanks
Terry Esau
April 5
Great service
Great service , very courteous
lucie belzile
April 3
Wow so helpful & quick
Wow so helpful & quick! Saved alot of money w/out sacrificing on services!
Tamara
April 3
Professional and efficient
They were persistent to get hold of me. Once they did, we’re very professional...
Carolyn Arthur
April 3
The following up with the clients and…
The following up with the clients and trying to satisfy them and finding the dif...
Roudy Sanders
April 1
It was great
It was great
David Rae
March 31
Customer experience was great
Customer experience was great, the agent had all my information and transferred ...
William Douglas
March 31
Great communication
Great communication, quick service.
STEPHEN Lastname
March 29
Contacting back
Contacting back
Leslie Castor

Life insurance in Surrey: the basics.

Buying life insurance doesn’t have to be difficult. Thankfully, the process is the same regardless of where you live in Canada. That includes Surrey, B.C.

Read on to find out how much coverage you need, which factors specific to Surrey could impact your life insurance costs, and the different types of insurance available to you.

Your questions about life insurance in Surrey, answered.

What affects life insurance premiums in Surrey?

Premiums are largely based on the amount of insurance you purchase. The more insurance you buy, the higher your premium will be. The size of your life insurance policy is based on a number of factors.

Your income: In Surrey, the 2016 Census found that the median total income was $29,822 per person. While your salary may be higher or lower than that number, the death benefit should be enough to cover any short- and medium-term expenses if you pass away. Remember, your household may go from either a dual or single-income household to a single or no income household for a period of time. You will want your beneficiaries to have enough funds to live comfortably when you’re gone.

The size of your mortgage: In September 2019, the Fraser Valley Real Estate Board noted that the benchmark price in Surrey for a detached house was $1,049,000, $568,300 for a townhouse, and $424,800 for a condo. No matter what type of property you own, your life insurance coverage should be enough to make your mortgage payments or pay off your mortgage entirely.

Your household debt: Surrey is part of Greater Vancouver (also known as Metro Vancouver). According to the credit bureau TransUnion, the average Vancouverite had $39,746 of non-mortgage debt in the second quarter of 2019. Your death benefit should cover any joint debts you have with your beneficiary.

Your monthly living expenses: The 2016 Census found that the average monthly shelter costs for owned dwellings in Surrey was $1,608. This number includes mortgage payments, property taxes and condo fees (where applicable), plus the costs of electricity, heat, water, and other municipal services. According to Statistics Canada, the average Canadian household spent $8,527 on food purchased from grocery stores or restaurants in 2017. That works out to $710.58 a month. Other monthly expenses include home insurance, cell phone and internet bills, and transportation costs.

All of these costs will vary, but your insurance coverage should be large enough that your beneficiary is able to have the same standard of living after you pass away. You don’t want your loved one to have to suffer financially once you’re no longer around.

What kind of life insurance policy do you need in Surrey?

If you live in Surrey — or anywhere in Canada for that matter — you have two main policy types of life insurance to choose from. There’s term life insurance and permanent life insurance.

Term life insurance: This type of insurance lasts for a specific period of time, such as 10, 20, or 30 years. The death benefit will only be paid if you die during the term. You have the option to renew your coverage once the term ends, but at a higher rate. Term life insurance premiums are often lower than permanent insurance premiums when you’re younger.

Permanent life insurance: This type of insurance doesn’t expire (as long as you continue to make payments). There are three main types of permanent insurance: whole life, universal life, and term to 100 (also called term 100). Whole life and universal life both have an insurance and investment portion. With whole life, your premiums are level and the death benefit is guaranteed. With universal life, the premiums and death benefit can fluctuate. Term 100 is a type of permanent insurance despite its name. The premiums are lower than both whole life and universal life, but you must pay premiums until you turn 100.

Other things that affect your life insurance premium in Surrey.

There are other factors that influence how much you pay for insurance. Some are controllable, there are others that are beyond your control: 

  • Age: The younger you are, the lower your premiums will be. That’s because the odds of you dying in the near future are much lower at 25 than they are at 55.
  • Gender: Since women tend to live longer than men, their premiums are lower.
  • Smoking: Smoking isn’t just bad for your health, it’s bad if you want to buy life insurance because the premiums will be higher than what non-smokers pay. If you vape, many insurers also consider you to be a smoker.
  • Drinking: Like smoking, heavy drinking can be harmful to your health. It will also mean paying higher premiums.
  • Pre-existing conditions: If you have a genetic disease (such as heart disease, cancer, or diabetes), you will have to pay higher premiums.
  • Family history: If your family has a history of genetic diseases, it’s likely your premiums will be higher.
  • Weight: Being overweight or obese is thought to lead to health problems later on, which means your premiums will be higher.

How much does life insurance cost in Surrey?

Here’s an estimation of how much life insurance could cost. Apply for a personalized quote to get a better idea of how much you’d pay.

Male, 30, non-smoker

Location: B.C.

Coverage amount: $400,000

Term 30: $41.04 - $83.16

Whole life: $222.48 - $338.49 / month

Female, 30, non-smoker

Location: B.C.

Coverage amount: $400,000

Term 30: $29.16 - $68.50 / month

Whole life: $198.72 - $332.37/ month

Life insurance news

Read More Like This