Vancouver Life Insurance Explained

 In life insurance

When it comes to life insurance for Vancouver residents, there are a set of unique challenges that do not present itself in other parts of the country.  Vancouver is a scenic city with a mild climate and a laid-back population.  There is also plenty of outdoor recreation for enthusiasts.  Being a desirable place to live also comes with high demand for homes which leads to higher-than-average home prices.

Vancouver Life Insurance For Families & Homeowners

In Vancouver, families looking for life insurance live in a city with the most unaffordable real estate prices in the country. Higher priced homes also means that the mortgage needed is higher and hence the need for life insurance protection is correspondingly higher.  Without life insurance coverage, these high mortgage burdens can be difficult for a surviving spouse or family to support.

Homeowners in Vancouver will also need higher than average incomes to support these larger mortgages so the impact of the death of a higher income earner is more financially devastating to the surviving spouse and/or family.

Life Insurance Options

The good news is that many employees will typically have some form of life insurance that is paid for by their employer.  Unfortunately, the amounts covered in these employer group benefits plans are low and are usually inadequate to cover anywhere near the amount of the typical mortgage in Vancouver.

The amount of coverage applied for needs to be justified to the underwriter of the life insurance company.  Fortunately, a mortgage balance is sufficient justification for a higher death benefit.

The ideal rule of thumb, when determining amount of life insurance coverage, is that you want to cover any mortgage balances plus a multiple of income.  For example, a family with young kids will want to have their mortgage balance cleared as well as have a financial buffer for a number of years, typically 10 to 20 years, where the surviving spouse has time to continue supporting the family without having to take on additional jobs.

Vancouver Life Insurance Company – Venture First Advisory

To provide service to families in Vancouver and the rest of Canada, Venture First Advisory is located in the heart of Downtown Vancouver in the iconic Electra Building, formerly the BC Electric headquarters.  The Electra building can be recognized by the unique blue and green fin lights that run the vertical height of the building.  While we now do most of our business, including life insurance, by phone and/or video conference, our location is within easy access for those who work or live downtown.