Compare Prince Edward Island life insurance quotes

In Prince Edward Island, a life insurance policy is essentially a contract between you (the policyholder) and your coverage provider. By agreeing to pay regular premiums, your insurance company agrees to pay out a lump sum of money to your dependents after your passing. If you have loved ones who depend on you financially, life insurance can provide you with peace of mind, knowing they'll be financially supported in your absence. The payout can then be used for all different expenses, such as securing the mortgage or replacing your income.

Below, we outline a few key statistics regarding life insurance in PEI. All numbers were sourced from the Canadian Life & Health Insurance Association – representing the provincial market as of 2022. 

The life insurance industry paid out a total of $68 million in benefits within PEI in 2022 – this included $53 million from individual policies and $15 million from group policies. Canada-wide, insurers paid out a total of $16.1 billion, meaning PEI benefits made up about 0.4% of the country's total payouts. 

In terms of life insurance premiums, PEI policyholders contributed $104 million in 2022 (including $86 million from individual plans and $18 million in group plans). Across the country, this number amounted to nearly $27 billion – with PEI making up about 0.4% of Canada's total life insurance premium market.

Aside from life insurance, you can also purchase other coverage products as add-ons or standalone policies – these are classified as living benefits (plans that pay out while you're still alive). Here, we cover three common ones you can consider: critical illness insurance, disability insurance, and long-term care insurance.

There is no one-price-fits-all for life insurance products in PEI. As a general rule of thumb, the more risk you present as a policyholder, the higher your coverage costs will be. Additionally, opting for policies with extended coverage, such as permanent insurance instead of term insurance, will undoubtedly also increase your rates. For reference, here are three average rates we received from life insurance companies in PEI, based on three different policies.

There are many personal factors that go into your PEI life insurance quote. Again, generally speaking, the more risk you bring as a policyholder, the more expensive your coverage will be.

Determining the right amount of life insurance coverage is essential to ensure your loved ones are financially secure. You'll want to consider any financial obligations that could be passed on (e.g. credit card debt, car loan, mortgage), along with any future expenses your beneficiaries may need (e.g. income replacement, education fees). But at the same time, be sure to factor in any savings and investments you may have as this can lower your necessary coverage amount.

For reference, we outline average amounts for PEI life insurance policies below – including the average coverage per individual, average coverage per household, and average coverage per new individual policy. For more guidance on your personal case, be sure to consult a trusted life insurance broker. And for more details on this topic, be sure to read our blog: How much life insurance do I need?