Death by numbers: Life expectancy

Death is fact of life, and among the many unknowns surrounding 'death' is the question; when will I die? And while no one can say definitively when, that doesn't stop us from wondering about it. That's where life expectancy comes in and tries to answer the question, "How long can I expect to live?"

According to the Statistics Canada's Death report (released March, 2010) which looked at deaths-and life expectancies-in Canada in 2007, a child born in Canada could expect to live 80.7 years.

Where you live affects how long you'll live

Where you live within Canada matters, because even though the national life expectancy is 80.7 years, life expectancy in British Columbia is the longest at 81.2 and in the Territories is the shortest, at 75.8. That's a swing of 5.4 years!

Gender inequality

Women still outlive the men. Currently, the national life expectancy is 78.3 years for boys born in 2007 and 83.0 for girls. That's a difference of 4.7 years. But again, the difference varies on where you live. For example, based on provincial life expectancy, Ontario women can expect to outlive their male counterparts by 4.3 years; whereas women from the Territories can expect to live 6.0 years longer.

Reality and your expectations don't always coincide

No doubt about it, knowing your life expectancy is handy. It can help you with your retirement planning for one. But, because we all expect to live to 80.7 years old we often neglect to plan for the "what if I die prematurely?" So while planning for your retirement is a great idea, planning ahead with life insurance coverage is also sound advice. This is especially true for people who are:

• Married
• Have children
• Have parents and/or other family members who depend on your income
• Have a mortgage
• Concerned their retirement savings or other accounts won't adequately support loved ones
• Self-employed
• Have debts like car loans or credit cards which would be a financial burden to survivors if they didn't receive financial support

Plan ahead with life insurance; tips to help you save.

The following are five money-saving and shopping tips for life insurance to get you started.

• Consider term life insurance.
  Term life insurance typically offers you the most coverage for the least amount of money, and although there is no investment or saving component, there are many who would tell you to "Buy term, and invest the difference."
  
  Compare term life insurance quotes.



• If you're healthy, avoid guaranteed issue policies.
  Guaranteed issue policies typically do not require a medical exam, which is why they are generally more expensive. A guaranteed issue policy is available to everyone, healthy or not, and this is reflected in higher premiums.
  
  Note: Guaranteed issue policies are great for people who are unable to get any other life insurance. While it may be more expensive then a standard policy, it is still worth having a guaranteed issue policy over having no life insurance coverage at all.



• Consider a two-in-one policy.
  If you're looking to get life insurance for yourself and your spouse or partner, then consider buying one joint policy, instead of two individual policies. The premium is usually about 15% less for a joint life policy than 2 single life insurance policies of the same coverage amount.
  
  Compare joint term life insurance quotes.



• Compare quotes.
  Compare the life insurance policies and prices of competing insurers because every company prices their policies differently. A real easy way to do this, without having to listen to a sales pitch is to compare premiums and policies online. It's a great way to compare prices and see what different companies have to offer.
  
  Compare life insurance quotes today.



• Compare standard and preferred quotes - but not to each other!
  There are two basic life insurance rate groups: standard rates and preferred. Most people qualify for standard life insurance rates, while only about one third of the population is eligible for preferred rates.
  
  Preferred rates are offered to exceptionally healthy people and means that you may pay a smaller premium than most. Usually preferred rates are offered only once the results of the medical information and tests are known.
  
  Compare standard and preferred term life insurance quotes side-by-side.

Looking for more? Death by numbers continues with:

• The deadliest months.