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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.

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How to get life insurance with

  1. Tell us a bit about yourself

    Life insurance is specific to you, so we'll need a few details to customize your policy.

  2. Speak with an insurance broker

    We'll show you quotes from multiple providers, so a broker will be in touch to help you choose.

  3. Finalize your policy selection

    You may need a medical exam to finalize your policy, but you'll be guided through the process.

A snapshot of the Canadian life insurance market

  • 22 million

    Canadians insured

    In 2022, 22 million Canadians had life insurance, totalling to $5.5 trillion in coverage (CLHIA).

  • $474,000

    Average coverage

    The average life insurance coverage for a Canadian household was $474,000 in 2022 (CLHIA).

  • $16.1 billion

    Benefits paid out

    In 2022, insurers paid out $16.1 billion in life insurance benefits – including $9.4 billion in death benefits (CLHIA).

  • 5.5%

    Premium increase

    From 2021 to 2022, life insurance premium revenues increased for insurers by 5.5% (CLHIA).

A few things we're proud of

  • 1,200,000

    monthly users

  • 11 years


  • Over 1M

    better choices made

  • Trusted partner

    to Canada’s top financial institutions

What is life insurance in Canada?

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 lump sum of money 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. 

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?

The money your beneficiaries receive after your passing is also known as a death benefit. This reserve can generally be used for anything they wish – so life insurance can cover a variety of needs, such as:

  • Mortgage

    If the home hasn't been paid off yet, a life insurance policy can cover the remaining payments needed.

  • Income stream

    If your family relies on your income for everyday expenses (e.g. groceries), life insurance can step in to help.

  • Funeral expenses

    The death benefit can be used to cover end-of-life expenses, such as funeral, burial, or cremation fees.

  • Outstanding debt

    If you have debt that will be passed on to your loved ones, life insurance can help pay it off.

  • School tuition

    Life insurance can help fund your child's education in the event you're no longer there to do so yourself.

  • Financial gift

    Even if there's no specific need, a life insurance policy can be a gift for your loved ones.

Common types of life insurance in Canada

There are many different types of life insurance in Canada – here, we cover some of the most popular options, so you can choose the best one for your needs.

Term life insurance

Whole life insurance

Universal life insurance

Other life insurance products in Canada

Here's a quick overview of a few other life insurance products you may be interested in. Some of these may also be added onto your primary policy as a rider.

Critical illness insurance

Disability insurance

Mortgage life insurance

Funeral insurance

Family plan insurance

Term vs. whole life insurance in Canada

The overwhelming decision for many Canadians when shopping for life insurance is choosing between term life and whole life coverage. Here, we cover the main differences between the two, so you can choose the one that best suits your needs.

    How much life insurance do I need?

    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. By comparing quotes with us, we can connect you with a licensed broker who will guide you through the process of finding the right policy for your needs.

    Looking for affordable life insurance in Canada?

    We've got you covered – compare the market with our life insurance calculator to find your lowest rate today.

    How much is life insurance in Canada?

    The cost of life insurance will differ based on your needs as a policyholder, as well as the risk you bring. For reference, here are a few rates we pulled from the market in July 2024. To find out the exact cost you'll be paying, be sure to compare life insurance quotes with us today.

    • $345/year

      20-year term policy with $500,000 coverage

      for a 35-year-old, non-smoking male

    • $3,610/year

      Whole life policy with $400,000 coverage

      for a 40-year-old, non-smoking male

    • $8,081/year

      Universal life policy with $700,000 coverage

      for a 50-year-old, non-smoking female

    Factors that go into your life insurance quote

    There are many individual factors life insurance companies take into account when calculating your quote. Here, we cover a few main ones, so you can better understand the ins and outs of your coverage.

    1. Age

      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.

    2. Gender

      Males generally pay more for life insurance than females – statistically speaking, men are at higher risk of passing away earlier.

    3. Health & lifestyle

      A pre-existing condition, family history of illness, or participating in activities like heavy drinking and smoking, can come with higher premiums.

    1. Policy type

      Term life insurance is generally much more affordable than permanent life insurance, simply because the death benefit could potentially expire.

    2. Term length

      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.

    3. Coverage amount

      It's no surprise that the larger the benefit you choose, the more you'll be paying in premiums during your lifetime – added protection comes at a cost.

    Canadian life insurance market breakdown

    In Canada, life insurance can be purchased as an individual plan or a group plan. According to the Canadian Life and Health Insurance Association, over 80% of policies are purchased independently through an agent or advisor. While 2022 life insurance premiums totalled $27 billion, 83% of this came from individual life insurance while 17% of this came from group life insurance.


    of life insurance premiums are from individual policies


    of life insurance premiums are from group policies

    On the other hand, group term life insurance made up 35% of the value of total policies in-force within 2022. Individual policies made up 65% – with a breakdown of 40% term life insurance, 12% whole life insurance, and 13% universal life insurance. Individual life coverage continues to grow as compared to a decade ago in 2012, these policies took up just 58% of the market. 

    • 40%

      Term life

      40% of the total policies in-force value were individual term life insurance in 2022.

    • 12%

      Whole life

      12% of the total policies in-force value were individual whole life insurance in 2022.

    • 13%

      Universal life

      13% of the total policies in-force value were individual universal life insurance in 2022.

    Canadian life insurance sales in 2023

    According to LIMRA's Canadian Life Insurance Sales Survey, the new annualized premium for life insurance within the country increased by 4% in 2023 to $1.86 billion – this number was the highest sales recorded in the Canadian market (since the survey was first established in 1993).

    • Term life insurance took up 19% of the new annualized premium market share. Premiums totalled $345 million which was a 1% growth from 2022. The number of policies sold, however, decreased by 2%.

    • Whole life insurance took up 68% of the new annualized premium market share. At a record $1.27 billion, premiums saw an immense growth of 10% while policy count increased by 4% year-over-year. 

    • The new annualized premium for universal life insurance, on the other hand, only held 13% of the Canadian market share. Premiums totalled $248 million – a decrease of 14% when compared to 2022. The number of policies sold also went down by 8%.
    learn more about the survey

    Canadian life insurance market by province

    The coverage on a life insurance policy can be an indication of many factors, including age, income level, and dependent needs. So while the amount of protection you need will differ based on your own circumstances, taking a look at the market trends can be insightful. The table below outlines the average protection per insured household, as well as the median age of policyholders in each Canadian province – all data was sourced from the Canadian Life and Health Insurance Association.

    Ready to secure life insurance in Canada?

    We've got you covered – compare the market with our life insurance calculator to find your lowest rate today.

    Frequently asked life insurance questions

    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?

    What doesn't life insurance cover?