Toronto Life Insurance Plans

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Toronto Life Insurance Overview

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As with most big cities in the world, Toronto is expensive. As a matter of fact, it is one of the most expensive cities in the world; ranked as the 109th costliest city in the world by Mercer. If you are living alone, you could spend about $2,200 each month on groceries, utilities, rent, and transportation. You can budget an additional $400 per month if you have a child. Here is a breakdown of the expenses.

Rent - According to the City of Toronto, the average cost of rent in the city is $1600 per month for a studio apartment, $1900 per month for a one-bedroom apartment, and $3,000 per month for a two-bedroom apartment. The average for all rentals in Toronto is $1700 per month.

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

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

Transportation - An adult may spend up to $146.25 monthly on TTC Metropass. You can expect to spend about $500 each month on a vehicle payment, insurance and maintenance if you have a car.

Taxes - Income tax in Toronto is one of the highest in Canada. The federal and provincial taxes start at 15% and 5% respectively. In general, Canadian families spent up to 42% of their income taxes on taxes. Moreover, Ontarians pay a sales tax of 13% HST on nearly all purchases. To learn more about Toronto, click here.

Toronto Life Insurance Details

Why Life Insurance is important for Toronto residents?

If you are living in Toronto, you shouldn’t expect the city to become less expensive any day. Of course, you may spend less if you are single now but it may not be long until you find the special one and have a child. If you pass away without life insurance, you may end up putting your family and dependents in a difficult financial situation. So, if you are living in Toronto, you owe it to yourself and to your family to go for Toronto life insurance coverage you can afford. To read more about Toronto life insurance, click here.

What is the minimum insurance coverage for Toronto residents?

As a rule of thumb, you need Toronto life insurance that would provide coverage at least 10 times your annual income. In other words, if you earn $70,000, you should be looking for coverage up to $700,000.  You should also consider the average cost of living when deciding on your life insurance coverage. The average cost of living in Toronto is $32,885 per year. This includes the average monthly rental cost of $1672.13, cost on phone and internet $127.5, transportation $176.25, groceries $283.6, entertainment $354, insurance $52, and fitness $75. Considering the current basic cost of living, the life insurance coverage for Toronto residents should be a minimum of $32,885.

What is the life expectancy for Toronto residents?

According to the health-adjusted life expectancy estimate for Toronto residents, the life expectancy for males in the city is 69 years and 71 years for females.

What are the Life Insurance rates in Toronto?

Several factors determine Toronto life insurance rates. Also, there are a number of important questions to answer before choosing Toronto life insurance; here are a few considerations.

  • How much coverage do I need and how long do I need it?
  • What type of life insurance product do I need?
  • What life insurance provider do I choose?
  • Should I buy directly from an insurance company or bank or use an insurance broker?

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

Important data points to know when looking for Life Insurance in Toronto

Your financial obligations might affect your need for life insurance in Toronto. When searching for Toronto life insurance, here are a few values you need to consider.

  • The average property price in Toronto in 2018 is $487,095
  • The average property price in Toronto (GTA) in September 2017 was $750,800
  • The average debt in Toronto in 2018 is $22,784
  • The average debt in Toronto in 2016 is $20,731
  • The average financial need to raise a child to the age of eighteen in 2012 was $243,660.

To learn more about Toronto click here.

Toronto Life Insurance News

Sun Life and MetLife head to court a few years after the former took over the latter’s Canadian life insurance policies. Sun Life claimed that they have clear evidence showing that MetLife agents painted a wrong picture of how the cost of their life insurance could rise over the life of the policy to Canadian consumers. Sun Life wants MetLife to be held responsible for legal claims by consumers who claimed that they were paying more premiums for their life insurance than was promised. However, angry customers filed a long-running lawsuit against Sun Life, while the case was in court, claiming that the insurer continued charging increasing premiums to hundreds of thousands of Canadians while not revealing the fact that a misrepresentation had occurred. Meanwhile, the Ontario Court of Appeal certified a class of action against Sun Life early in June, stating that the insurer breached its contracts when calculating fee increases on the policies. The allegation involves over 230,000 life insurance policies issued between 1985 and 1998 and is seeking $2.5 billion To learn more about Toronto life insurance news click here.

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