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Life Insurance Ontario
Ontario, Canada’s most popular and populous Province is the darling of the Life Insurance Companies. Why? The average life span for Ontario is now over 81, and that’s taking men, women, and all races into consideration.
Compare this to residents of California, which lags a good 4years behind with an average life span of 77. 4 years might not seem like a lot to a 35 year old, but it’s a heck of a lot to a 76 year old Californian!
This increase in estimated life span in Ontario has come through changes in diet, less smoking, higher exercise, better modern medicine - in fact Ontario residents have one of the highest expected life spans of any state of any country.
So what difference does this make to the price of a Life Insurance Policy to a resident of Ontario?
Well, not a heck of a lot, since the Life Insurance Company’s actuaries take into account the life spans of all the provinces of Canada, not just the population of the province of Ontario. I guess you can say that Ontario brings down the average life insurance rate of all citizens of Canada, when we take an average.
Life Insurance in Ontario, Canada is less expensive than most of the other countries in the world, and I have heard it said that Canadians are some of the most insured people worldwide.
I believe that to be true, I speak a lot to friends and colleges that are life insurance brokers in other parts of the world, and they still seem to struggle to sell life insurance to people. For some reason, Ontarians, and Canadians are very conscientious and caring people, they want to take care of their family and loved ones once they pass away.
That would be another reason why life insurance is very cheap in Ontario, because of volume and competition. That’s why term insurance rates have been dropping like a rock over the last 20 years here in Canada. Not a month goes by that a life insurance company doesn't reduce their term 10 and term 20 rates. It has really been a buyer's market for term life insurance in Ontario, and a lot of people are changing their policies every few years and getting them for less and less every time.
What really helps is the advent of the internet, where access to online life insurance quotes is easy and readily available to everyone. Hey, if you are one of the few residents of Ontario that doesn't have internet access, there are plenty of places to go for free access, such as the Public Library, Community Centers, and even most phones these days have access to the internet and online life insurance quotes.
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