Compare life insurance quotes in Canada
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Tell us a bit about yourself
Life insurance is specific to you, so we'll need a few details to customize your policy.
Speak with an insurance broker
We'll show you quotes from multiple providers, so a broker will be in touch to help you choose.
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
Before you become an expert on all things life insurance, let's take a look at some key statistics within the market in Canada. Here are some interesting numbers we found from the Canadian Life and Health Insurance Association.
- 22 million
Canadians with life insurance
- $458,000
Average life insurance coverage
- $14.3 billion
Total benefits paid out
- 6.1% increase
Year-over-year premium revenues
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What is life insurance in Canada?

Matt Hands, VP, Insurance and MoneySense
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
Income stream
Funeral expenses
Outstanding debt
School tuition
Financial gift
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.
Canadian life insurance market breakdown
According to a recent article from Wealth Professional, 2022 was a challenging year for the Canadian life insurance market, but the industry saw slight growth overall. Policy sales returned to a more predictable pattern as the pandemic-fueled demand for coverage has passed – here's a breakdown of the term, whole, and universal life insurance market within 2022 based on data from LIMRA.
- 20%
Term life
- 65%
Whole life
- 15%
Universal life
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.
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 August 2023. To find out the exact cost you'll be paying, be sure to compare life insurance quotes with us today.
- $349/year
20-year term policy with $500,000 coverage
- $3,699/year
Whole life policy with $400,000 coverage
- $8,219/year
Universal life policy with $700,000 coverage
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.
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.
Gender
Males generally pay more for life insurance than females – statistically speaking, men are at higher risk of passing away earlier.
Health & lifestyle
A pre-existing condition, family history of illness, or participating in activities like heavy drinking and smoking, can come with higher premiums.
Policy type
Term life insurance is generally much more affordable than permanent life insurance, simply because the death benefit could potentially expire.
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.
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.