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Halifax Life Insurance Plans

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Find the right Life Insurance Plan in Halifax

Halifax Life Insurance Overview

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Halifax is a highly affordable city in Nova Scotia. Rent prices in Toronto are 79.57% higher than in Halifax. According to Numbeo, the Nova Scotian city has a cost of living index of 69.32. The cost of rent, groceries, utilities, and transportation in Halifax could range from $1200 to $2000 per month. You can also budget an additional $300 – $400 per month if you have a child. Here is a breakdown of the expenses. Rent The average cost of rent for a one-bedroom apartment in Halifax is $794 per month, outside the city center. Rent for two bedroom apartments in Halifax can cost up to $1,000 per month while three bedroom apartments could cost up to $1,200 per month or more but this depends on the location and your family size. Utilities Utilities include electricity, water, natural gas, and even cell phones. In Halifax, utility expenses can account for $70 -$140 each month. Groceries The average household grocery in Halifax is $50 a week; this adds up to $200 a month. Transportation An adult pass in Halifax costs $78 – $80 per month. The transportation cost is even higher (up to $500) if you have a car. To learn more about Halifax, click here.

Halifax Life Insurance Details

Why Life Insurance is important for Halifax residents?

When compared to some other big cities like Toronto, Halifax has a relatively low cost of living. This means that it is easy to live comfortably in the Nova Scotia capital. However, your cost of living will quickly increase if you have a family or a child. Moreover, if you have a family, you need to properly plan for their financial future. Without adequate Halifax life insurance coverage, your family and dependents will face the brunt of the storm if you lose your income or die, your estate may be left in the red. You need the right Halifax life insurance coverage to make life easier for you. To read more about Halifax life insurance, click here.

What is the minimum insurance coverage for Halifax residents?

You need to consider a few factors before deciding on the amount of Halifax life insurance coverage to purchase. Your life insurance needs will depend on your lifestyle and annual income. In other words, it is important to consider these two factors before deciding on the minimum amount of Halifax life insurance coverage to purchase. Considering your lifestyle; your life insurance coverage should be at least the same amount as your cost of living. For instance, the average monthly cost of living in Halifax is $2,572.23 and the annual cost of living in Halifax is $30,866.76. This means that your minimum Halifax life insurance coverage should be $30,866.76. Also, your life insurance coverage should be up to 10 times your annual income. If your annual income is $60,000, your life insurance coverage should be up to $600,000.

What is the life expectancy for Halifax residents?

Halifax has an overall life expectancy of 80.1 years; while the life expectancy for males in Halifax is 77.7 years, the life expectancy for females is 82.4 years.

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What are the Life Insurance rates in Halifax?

Several factors will strongly affect Halifax life insurance rates. We consider the average rates paid by Canadians in various cities. Moreover, there are several important questions to answer before deciding on the Halifax life insurance coverage that would be the best for you.

  • How much Halifax life insurance coverage do I need and how long will I need it?
  • Which life insurance coverage or product should I go for? Should I go for universal life, whole life or term life insurance?
  • Which life insurance provider should I choose?
  • Should I buy Halifax life insurance coverage from an insurance broker, bank or an insurance company?

To find more information about where to buy Halifax life insurance click here.

Halifax Life Insurance News

Most Canadians are not familiar with mortgage protection. Mortgage protection insurance is not like the commonly known “mortgage insurance”. It is a type of life insurance and it covers your mortgage debt if you become disabled or die. Banks try to sell mortgage insurance when home-owners sign up for a new mortgage. They then add insurance premium to their mortgage payments. According to Anne Marie Thomas of InsuranceHotline.com, an insurance comparison site, this may result in a lot of negative consequences. According to Thomas, the payment from mortgage protection insurance shrinks with your mortgage, you may find out when you file a claim that you are not eligible for coverage, you might get saddled with higher premiums when you renew your policy and your bank pockets your payout, not your family. Thomas noted that mortgage protection insurance is any payout that will flow out to your mortgage lender and not to you or your family. A good example is Canada Mortgage and Housing Corp. (CMHC) insurance. To learn more about Halifax life insurance news click here.