My grandfather owned a bakery and he referred to a box of 15
donuts as a baker’s dozen.
When it comes to life insurance in Canada, I guess
the same holds true. When looking at the premium for $225,000 for a female non-
smoker at age 30 with 10-year term insurance, the premium was $18.83 per month
with a common carrier. However, for the same person, we increased the benefit
to $250,000 and the premium decreased to $12.60 per month.
That’s a 32% decrease in premium with an
increase of 11% in coverage.
For a male of the same age, for $225,000 of 10-year
term insurance, the monthly premium was $23.69 per month and the $250,000
premium was $16.65 per month.
My grandfather would have been proud. The economies of scale
are working on your side here!
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