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Montreal Life Insurance Details

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Montreal is one of the biggest cities in Canada. In consideration of factors like the cost of food, housing, clothing, and transportation, Mercer ranked various cities using New York as the base. Montreal was ranked 147th costliest city in the world according to Mercer ranking. The average cost for rent, groceries, and utilities in Montreal is around $1100 per month, making it very affordable compared to cities like Montreal. Here is a breakdown of the expenses.

Rent - According to, a website that compares the cost of living in global cities, the average cost of rent in the city starts from $550-600 for a one bedroom apartment and you can get a decent apartment for $912.56 per month.

Utilities - Utilities include electricity, water, natural gas, and even cell phones. In Montreal, utility expenses can account for $150 each month.

Groceries - Montreal residents spend about $50 each week for groceries; this adds up to $200 in a month.

Transportation - Transportation costs an adult Montreal resident about $110 per month but the amount could be higher if you have a car because additional expenses such as vehicle insurance, car maintenance will be included. To learn more about Montreal, click here.

Montreal Life Insurance Overview

Why Life Insurance is important for Montreal residents?

The cost of living in big cities like Montreal is generally going to increase with time. Singles living in Montreal may spend less but the cost may easily add up when they are married or have kids. If you have kids, you definitely do not want to leave them in a financial mud in the event of your death or loss of income. Your family will cater to the aforementioned expenses in the event of your death. So, it is in your best interest and the interest of your family and loved ones to go for affordable and adequate Montreal life insurance coverage you can afford. To read more about Montreal life insurance, click here.

What is the minimum insurance coverage for Montreal residents?

You need an adequate amount of Montreal life insurance coverage to cater to your needs. But the question is: how much Montreal life insurance coverage is adequate? Generally, you should go for life insurance coverage 10 times your annual income. In other words, if your annual income is $50,000, you need life insurance coverage up to $500,000. Another way to look at the amount of life insurance coverage you need is by considering the average cost of living in Montreal. You need life insurance coverage at least the value of the average cost of living or above.

What is the life expectancy for Montreal residents?

On average, the life expectancy for Montreal men is 80.6 years old and the life expectancy for women is 84.5 years.

What are the Life Insurance rates in Montreal?

A lot of factors determine the life insurance rates in Montreal. Most importantly, you should answer a few questions before choosing a Montreal life insurance plan. Here are some of the questions to answer.

  • What amount of coverage do I need and how long do I need the coverage?
  • What type of life insurance product do I need?
  • Which life insurance company should I choose?
  • Where should I buy life insurance coverage? Should I buy from a bank, an insurance broker or an insurance company?

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

Montreal Life Insurance News

Ella Beck, a Quebec great-grandmother, aged 82, got her money back and an apology from the bank after she was misled to believe she would get nothing if she cancelled her life insurance policy. Ella had been paying into her plan for over 10 years and was concerned about the accruing cost. However, she claimed that the Bank of Montreal (BMO) told her that she would lose her entire policy and walk away empty-handed if she quit her policy. She turned to the media for help and from an investigation made by CBC News, she found out that she could cancel her policy and get some cashback. Although Beck followed the advice from the CBC News investigation and got her money back, she was unhappy with how it all went down. According to Beck, everyone should know that they have options. After contacting CBC News and learning that she had options, Beck received a letter from Josee Leblanc Leaper, customer service manager with BMO Life Insurance informing her that she had options. She can get back $814.39 in cash on cancelling her policy or stop paying premiums and keep her plans which would decline to a $1,124 payout for a natural death. Leaper also apologized to Beck on behalf of the bank for not laying out options for her for the first time. She said she accepts BMO’s apology but is still upset that she had to turn to the media before the options are made clear to her. To learn more about Montreal life insurance news click here.

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