Compare life insurance quotes in Canada
Connect with one of our verified partners to compare life insurance quotes from Canada's top providers – your lowest rate is only a few steps away.compare quotes
Tell us a bit about yourself
Start the process by filling out our request form – life insurance is specific to you, so we'll need a few details to customize your policy.
Speak with an insurance broker
We can connect you with over 20 top providers, so a broker will be in touch to help you choose.
Finalize your policy selection
Depending on your situation, you might need a doctor's note or medical exam. Don't fret – you'll be guided through the entire process.
Matt Hands, Sr. Business Unit Director
A life insurance policy is essentially a contract between you – the policyholder – and your insurance company. By paying regular premiums, either monthly or annually, your provider agrees to pay a death benefit to your dependents after you pass away. So if you have loved ones around you that rely on you financially, a life insurance policy can provide peace of mind as they'll still be covered after a worst-case scenario.
Keep in mind that not all life insurance policies pay out. The coverage on term life insurance, for instance, can expire if you don't pass away during the set period. Permanent life insurance, on the other hand, eventually pays out as you'll be insured for your entire lifetime, provided you keep up with your payments.
If you're looking to purchase life insurance – or to simply find out how much you could be paying – we make it extremely easy for you to do so. In just a few steps, we can show you life insurance quotes from over twenty top providers across Canada. That way, you can secure the coverage you need, knowing you're getting the best offer on the market.
What does life insurance cover?
In most cases, the amount paid out by the insurer can be used for anything your beneficiaries wish – this can include mortgage debt, funeral expenses, and an education fund.
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Term life insurance covers you for a specific period of time – typically between five to thirty years. When you buy term life insurance, you lock in your premium and coverage for the entire term. And once your term expires, you may have the option to renew your policy at a higher cost premium, or you can let your coverage expire. Some policies also let you convert the term life coverage into whole life insurance or universal life insurance. This is typically done between one and five years before the policy ends.
When you buy a term life insurance policy, you start by choosing the term length and your coverage amount. If you die within the policy's set term, your life insurance company will pay out your selected coverage amount – also known as the death benefit – to your beneficiary.
Term vs. whole life insurance in Canada
|Features||Term life insurance||Whole life insurance|
|Coverage period||Term life insurance only covers you during the fixed term you choose – be it five years, ten years, or thirty.||Whole life insurance covers you for an entire lifetime – from the policy start date until the day you pass.|
|Coverage needs||Term policies are well-suited if you only need financial protection for a specific period (e.g. mortgage debt).||Permanent life insurance is recommended if you have a lifetime need for coverage (e.g. estate planning).|
|Cash value||Term life insurance policies don't accumulate in cash value, so you won't be growing your death benefit.||Whole life plans can accumulate in cash value, so you can grow your death benefit.|
|Death benefit||Your death benefit is the set amount purchased – it'll be paid out if you pass away during the term.||Your death benefit may grow over time – it's also guaranteed to pay out after you pass.|
|Withdrawals||You can't withdraw from a term insurance policy during your lifetime.||You can borrow against your policy and take out dividends during your lifetime.|
|Cost||Term life is generally much more affordable than whole life – that's because you might not need a payout.||Whole life insurance policies are eventually paid out, so expect to pay much more for this coverage.|
How much life insurance do I need in Canada?
The amount of life insurance you should purchase will vary on a case-to-case basis. Aside from the needs of your dependents, a few things to consider include your current income, your remaining debts, and your outstanding mortgage. Read our blog on this topic to find out how you can calculate the exact amount of coverage to buy.learn more
So how much is life insurance in Canada? While the cost of life insurance will differ on an individualized basis, here are approximate premiums for a hypothetical healthy 35-year-old, seeking $500,000 in coverage. To find the lowest rate you could be paying, be sure to compare life insurance quotes with us today.
|Policy type||Average male premium||Average female premium|
|10-year term||$23/month or $259/year||$17/month or $193/year|
|20-year term||$34/month or $375/year||$25/month or $280/year|
|Term 100||$313/month or $3,412/year||$266/month or $2,953/year|
|Whole life||$338/month or $3,751/year||$287/month or $3,194/year|
How life insurance quotes are calculated
The older you are, the more expensive your life insurance policy will be. And some insurers won't offer you coverage after passing a certain age.
Males generally pay more for life insurance than females – statistically speaking, men are at higher risk of passing away earlier.
If you have a pre-existing condition, a family history of illness, or participate in activities such as heavy drinking and smoking, you can expect higher life insurance premiums.
Term life insurance is generally much more affordable than permanent life insurance, simply because the death benefit could potentially expire.
A 5-year term policy will cost less than a 30-year policy because you're far less likely to pass away during a short period of time.
It's no surprise that the larger the benefit you choose, the more you'll be paying in premiums during your lifetime.
Looking for affordable life insurance in Canada?
Who needs a life insurance quote?
What is the difference between whole life and term life insurance?
What other types of life insurance are available?
What is a life insurance beneficiary?
Can you get life insurance with pre-existing conditions?
At what age should a person get life insurance?
How long does it take life insurance to pay out?
Ratehub.ca works with partners to help you compare life insurance quotes from over 20 of Canada's top providers in one go. You won't need to visit multiple brokerages or insurers in order to find the cheapest option for your needs – we shorten the process for you.
Each life insurance quote is calculated using the insurance company's own underwriting process, so you can receive an accurate estimation based on your individualized profile.
Matt started his professional career at CARPROOF where he honed his marketing and analytical skills for over 3 years. Matt then took his wealth of experience to Ratehub.ca’s Toronto offices, working with insurance providers, agents, and brokers to grow and expand the Insurance business unit. He is a thought leader in the community and a valuable insurance resource to respected publications like the Globe & Mail, Toronto Star, Huffington Post, Yahoo News, and 680 news radio in Toronto.read linkedin bio
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