life insurance premiums

There are a number of factors that affect life insurance premiums and many different ways in which the premium is affected. In Canada the importance of Life Insurance is to a huge level & depends on the circumstances and the risk factors associated. The current pandemic, i.e. COVID-19 is the most recent example. This is more importantly of how life insurance holds importance for Canadians. Especially for those people who are highly prone to get the pandemic due to age concerns or their health history. For some people irrespective of the risks associated COVID-19 is a huge threat and needs life insurance as a backup. Life insurance premiums vary significantly according to age, occupation, health hazards & risks levels associated. On top of this, also the different number of factors that can affect the life insurance premium figures.


Risk to life is always there while you are working 9-5 and driving your way to your work. Alternatively, you have to travel a lot for your career or business purposes. Particularly, the travelling is from a town to nearby metropolitan, i.e. to Toronto, from any suburbs. Involved & exposed with life are a number of potential risks. These risks are always exposed to a person who is striving daily at work. The risk can be at your job site and it can be somewhere you go for relaxation. Example includes having a coffee after work, or at an exercise location.

The aim of the Life Insurance companies is to analyse the risks involved. Furthermore, give the best suitable solution regards to the risks and how to get away with it intelligently. If you are into hiking and outdoor activities. What needs to be overlooked consequently are a number of risks involved. However, your premium can be a bit on the higher side. Consequently, if there is persistence with activities that involves taking risks.

The number of risks involved are as follows;


Your current age is a highly significant factor in determining the premium for insurance companies. For people more than 60 years old the age factor comes into play. Ironically, they have a probability of dying more than someone who is 40 or 45 years old. This is also irrespective of drinking and smoking habits of a particular person, and how these vary with age. Yet another thing that matters is the Life Expectancy and its stats. Obviously, L/E in Canada is high, i.e. almost 82 years old average. Significantly, which means you can have a good premium on your Life insurance. This is even if you apply at the age of 60 that is on a higher side in most countries. However, it is at least 22 years less than the Life Expectancy of Canada.

Life expectancy matters due to the living standards in the country. Furthermore, a country’s happy index apart from many other factors also matters.


The health history of a particular person is yet another factor that determines the life insurance premium. If you have a weak health record, having weight issues or you are prone to heart diseases. Alternatively, your insurance premium will be automatically on a higher side. However, your health history being on the good side, you exercise regularly and you have a healthy diet. Ironically, it will impact your lifestyle positively and your premium will be relatively on a lower side. This is mainly because you are not prone to death due to sudden health condition or a heart attack.

Health history also includes any family health history such as cancer in close family, or having diabetic family issues or finally weight issues. Highly analysed are all the factors vitally before reaching an insurance premium figure.


Life at work in Canada matters a lot while making calculations for an insurance premium. If you are a construction worker, a miner, or involved in high risks activity at work place. Hence, automatically your insurance premium will be on a higher side. Alternatively, you are 9-5 workaholic working in a safe and secure office environment. Obviously, your risk to death at work or due to any fatal injuries should be really low.


Being a regular consumer of alcohol or Tobacco increases your risk to death. Hence, the insurance premium that is associated with it automatically rises due to the risk. However, even if you are a consumer. What depends largely, whether you are a regular consumer or a casual consumer. Furthermore, a high consumer or only those who consume in social gatherings or parties. All these different categories of alcohol and tobacco consumption determines your insurance premium.


Your foreign or local travel and how frequently you travel is a factor that determines the insurance premium. Some key elements that further depends while you are travelling are duration of travel & your frequent mode of transport. Also, your destination, the country risks associated and finally how often you travel. More clearly, the frequency of travels that are associated to a certain place. All these factors determines the insurance premium for your life insurance plan and how this premium varies.


The health and well-being factor is part of healthy living lifestyle. Hence, the insurance premium for your life insurance depends on this as well. Amazingly, this is apart from the so many factors associated with Life insurance. A healthy lifestyle depends on the country you are living. Also, your daily eating habits, and your personal circumstances, i.e. your family life and your married life. Part of the well-being are the key things associated, i.e. your inclination to sports or daily exercises, having a busy life style and being happy with your family & kids.

Ultimately, your heart is your source of a healthy lifestyle and how well can you maintain your health also matters. Health is Wealth in the insurance industry.