Life Insurance
in Calgary, Alberta

While Calgary’s housing costs are moderate compared to some Canadian cities, residents often carry substantial debt levels. According to recent data, the average homeowner in Calgary holds $360,000 in debt, with a significant portion attributed to mortgage obligations. 

The estimated monthly cost of a family of four in Calgary is around $5,654, excluding rent. Even though housing costs are lower in Calgary when compared to other major Canadian cities, the overall cost of living remains high.

A life insurance policy in Calgary will help ease the financial burden on a policyholder’s dependents in case of their demise.

Calgary has a relatively young population, with a median age of 37.2. As people’s financial responsibilities tend to increase as they get older (e.g. buying a home, starting a family), life insurance becomes even more important to protect dependents and assets. Locking in coverage at a younger age can also secure lower premiums.

Certain high-risk occupations and hobbies common in Calgary, such as oil rig work, commercial fishing, or extreme sports, can lead to higher life insurance premiums. Insurance companies view these riskier occupations and activities as posing a greater likelihood of premature death, so they charge higher rates to offset this risk.

Smoking, including occasional cigarette, cigar, or vape use, can more than double life insurance premiums compared to non-smokers. Insurance companies classify applicants as smokers if they use any tobacco products, even occasionally. This can significantly impact costs for Calgary residents who smoke.

Life expectancy is a critical factor in determining life insurance costs. Younger individuals typically enjoy lower premiums due to their lower risk of mortality.

As of 2022, the average life expectancy in Calgary is 83 years. This high life expectancy means that younger residents can benefit from significantly lower premium rates since they are expected to live longer.

A life insurance policy can ease the financial burden of a grieving family by paying for the deceased’s funeral. In Calgary, funeral costs can be a significant expense and can often range between $4,000 to $12,000.