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Vancouver Life Insurance Overview

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Vancouver and Toronto are the two most expensive cities in Canada. The city was ranked as the 109th, alongside Toronto, the costliest city in the world by Mercer. It should be noted that Mercer’s ranking is based on food, clothing, housing, and transportation in the city as compared to New York City. The cost of living in Vancouver is very similar to that of Toronto. If you are living alone, you could spend about $2,200 each month on groceries, rent, utilities, and transportation. You could spend an additional $300-$400 per month if you have a child. Here is a breakdown of the expenses.

Rent - In Vancouver city center, the average cost of rent for a one-bedroom apartment is about $1,450. The monthly cost for a three-bedroom apartment is up to $3,000 or more per month depending on your location in Vancouver.

Utilities - Utilities include electricity, water, natural gas, and even cell phones. In Vancouver, utility expenses can account for $100-150 each month.

Groceries - Vancouver residents spend about $40-50 each week for groceries; this adds up to $160-$200 in a month.

Transportation - Movinga surveyed 89 cities for monthly transit costs and ranked Vancouver as the 59th least expensive city. In Vancouver, a single-zone adult fare is $2.75; for two zones the cost is $4 and for three zones, the cost is $5.5. To learn more about Vancouver, click here.

Why Life Insurance is important for Vancouver residents?

Vancouver is a very expensive city but the cost of living in the city is not expected to reduce. In fact, as your needs and family size increase, your cost of living can only increase. You may spend less if you are single but it may not be long before you have a family. You need Vancouver life insurance coverage to protect yourself and your loved ones against financial uncertainties. Without appropriate Vancouver life insurance coverage, you might leave your estate in the red and your dependents might go through a financial storm if you die or lose your source of income. To read more about Vancouver life insurance, click here.

What is the minimum insurance coverage for Vancouver residents?

You need a sufficient amount of life insurance coverage to protect yourself and your loved ones. Basically, your insurance coverage should be up to 10 times your annual income. In other words, if you earn $50,000 per year, your insurance coverage should be up to $500,000. You can also determine the amount of life insurance coverage you need by considering the annual cost of living in Vancouver. The amount of life insurance coverage you need should be at least the annual cost of living in Vancouver.

What is the life expectancy for Vancouver residents?

The health-adjusted life expectancy estimate of Vancouver at birth is 82 years but the average life expectancy in the Canadian province of British Columbia is 82.3 years.

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What are the Life Insurance rates in Vancouver?

A lot of factors affect Vancouver's life insurance rate. You also need to answer a number of important questions before you opt for any Vancouver life insurance coverage. These are some of the questions to answer.

  • What is the amount of insurance coverage I need and how long do I need it?
  • What are the types of insurance products I need? (such as term life, whole life, and universal life insurance).
  • Which life insurance company should I choose?
  • Should I purchase insurance products directly from an insurance provider, bank or from an insurance broker?

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

Vancouver Life Insurance News

Twelve life insurance agents, who worked at the same brokerage in British Columbia lost their insurance license because they cheated on their qualification tests, said the provincial regulator. The Insurance Council of B.C. said the level of cheating was unusual and has not been seen elsewhere in Canada after a national audit. As a result of the cheating, the board was left with no other choice than to cancel their insurance licenses. The twelve agents all worked at a World Financial Group (WFG) branch in Surrey. The agents wrote their LLQP (Life License Qualification Program) tests between October 2016 and June 2017 to earn their licenses. It was necessary for anyone who wants to become a life insurance agent in Canada to pass the exam. The exam was intended to test the candidates’ basic knowledge of how to sell life insurance. A third party ran a national audit to check for suspicious patterns on the exam results across Canada that indicate cheating. Close to 24 red flags showed up for B.C. and as a result, up to 21 broker licenses were suspended by the provincial board after their exams were flagged. 19 of those certificates were cancelled after an investigation. While twelve have accepted the ruling, seven have filed for an appeal and two are still pending. The executive director of the insurance council, Janet Sinclair, noted that anyone who cheated on the exam is not considered to be qualified. The exam is a test of competence and integrity and cheating in the exam shows that the candidate does not meet those characteristics. To learn more about Vancouver life insurance news click here.

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