Learn about actual and potential costs
How much should I pay for Life Insurance in Canada?
What is the average price of Life Insurance in Canada?
This procurement report includes pricing information to help you purchase Life Insurance in Canada. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Life Insurance in Canada been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Life Insurance in Canada yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Life Insurance in Canada?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Life Insurance in Canada with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
- What is the process for submitting a claim? What types of documents are required in order to submit a claim?
- On average, how long does it take your company to pay a claim?
- Do you provide monthly reports detailing new claims and enrolees?
- What are the processes for disputing a claim?
- How do you arrive at the premiums you charge clients?
- How do you determine the risk of a policyholder? What factors most strongly affect a buyer's risk?
- What steps can a buyer take to reduce their risk?
- Do you charge any additional fees to clients? If so, what are those fees?
- What discounts do you offer for bundling multiple types of insurance policies?
- What other insurance policies do you provide that you think may be of use to me specifically?
- How do you maintain your operational efficiency when offering more than just life insurance?
- How does purchasing multiple types of insurance policies expedite your underwriting process, if at all?
Sourcing across North America?
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Key elements for every RFP
What should my RFP include?
- Buyers should disclose the overall budget for the policy, if relevant.
- Buyers should outline any other costs for which insurers are responsible.
- Buyers should evaluate the extent to which the coverage meets their needs.
- Buyers should evaluate insurers based on their proposed premium rates.
- Buyers should evaluate each insurer's experience and financial performance.
- Buyers should evaluate the extent to which insurers provide related services.
- Buyers should include the date when proposals are due and any other relevant dates (e.g. presentations or final interviews) prior to the contract award.
- Buyers should include the date when the contract begins and ends, as well as any options for contract renewal.