Universal Life rates are rising. Photo by wlodi

Manulife Financial was the first major insurance company to raise its Universal Life Level Cost of Insurance rates. This has been followed by a slew of increases among other insurance carriers in Canada.

Canada Life, RBC, BMO, and Industrial Alliance have all raised their Universal Life Level Cost of Insurance rates. Many companies have also raised their Term 100 and 20-Pay policy rates, including recent increases by Empire Life.

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BMO Insurance is lowering their term rates. Photo by Colin.

On May 16, 2011, BMO Insurance lowered their term rates.

This is great news since BMO’s Term 10 and Term 20 plans are among the best priced plans in the Canadian insurance market.

The policies offer the following built-in features:

• A discount for non-smokers
• Preferred rates are offered to both non-smokers and smokers in good health and with very good family health history
• The plans are guaranteed renewable.

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Life insurance rates have been at the center of much controversy in the past and I expect they will be debated in the future as well. At the center of the problem life insurance companies as well as their agents try to project their rates as the best and, where they can, the lowest. To get a true picture and a fair comparison we first of all need to compare apples with apples. We need to look at the different types of life insurance and get an appreciation of which life insurance rates are supposed to be lower and why…

With so many different term insurance policies and even some fairly new ones we can’t just say term life insurance rates are the cheapest or conclude that term policies are the best.

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Senior Life Insurance Rates

Tips for Comparing Senior Life Insurance Rates:

If youre a senior shopping for term life insurance you may be on a fixed budget.

That means its important to find quality life insurance at a price that fits your monthly budget.

So, how can you save money on your life insurance?

Heres several tips to do just that:

• Compare rates from several life insurers.
• Review the financial rating of the companies.
• Consider different durations of coverage 10, 15, 20 or 30 years.
• Determine how much you can afford to pay life insurance does help if you have to cancel your policy.
• Dont buy more life insurance than you really need.

We all want to provide the money needed to pay for our final expenses so we dont burden our family with financial problems when we pass away.

Life insurance can provide the money need not only to help pay for your burial and funeral expenses, it can provide money to help your surviving spouse pay for living expenses, pay off your mortgage, and provide money for your spouse to enjoy retirement, instead of struggling financially in the golden years.

Important Note: Term life insurance is a type of life insurance that provides temporary coverage.

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