Compare life insurance quotes
Ratehub compares the best life insurance polices from over 20 of Canada's leading life insurance companies.compare quotes today
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The easy way to buy life insurance
How to compare life insurance quotes
Enter your details
Click the link above, and enter your information on the next page. Life insurance quotes are highly individual, so this information is crucial to determining what products and premiums you're eligible for. The more accurate the information is, the more accurate your quote will be.
Speak to an agent
Our life insurance quote tool connects you to over 20 different Candian life insurance companies, each with multiple - sometimes dozens - of products. We'll have a licensed insurance agent get in touch to go over your options.
Depending on which product you want to purchase, more information might be needed, like a doctor's note or medical exam. It's really not hard work, and your agent will guide you through the process.
Do you need life insurance? Spoiler: Yes
Term vs. Permanent life insurance
Types of permanent life insurance
Other types of life insurance
- Guaranteed Life Insurance is insurance that is available without having to complete a medical questionnaire or undergo a physical. This type of insurance generally costs more than term-coverage, and the payout is usually maxed out at a much lower rate (typically $25,000-$50,000). Because there is a lower payout, guaranteed life insurance is generally for people who have not been able to obtain alternate insurance. It’s ideal for people who are seeking coverage to cover potential funeral costs, and is generally sought by elderly individuals.
- Mortgage life insurance is effectively a form of Guaranteed Life Insurance. Mortgage life insurance will use your life insurance policy to pay off your remaining mortgage upon your death. This can be a great option if you want to ensure that your dependents are able to remain in your house upon your demise – especially if they are unable to make the payments independently. With a mortgage life policy, your premiums will often be used against your mortgage as well, but when and if your mortgage is paid off, your premium will remain the same. It is important to note that your mortgage lender will be listed as the beneficiary in a mortgage life policy. So even if you pay off your mortgage in advance of your death, your dependents will not be entitled to any of your death benefit. For this reason, mortgage insurance is more restrictive than traditional life insurance - it is not advisable to purchase mortgage life insurance before other forms of life insurance.
- Joint First-To-Die Term Life Insurance is a policy that covers two individuals under one policy. As the name suggests, the policy pays out when one of the two named individuals dies. This term policy is generally cheaper than two individual life insurance plans, but is terminated after the first individual passes away. In this event, if the surviving party named in the insurance policy wants to continue to have coverage, she will have to re-apply individually.
- No medical life insurance While it’s true that most life insurance providers require a medical exam, a Harvard Law test this is not. Think of it as a trip to your doctor’s. An appointment will be scheduled, you’ll show up to an office, and you’ll pretty much have a full check-up. Things that might be out of the ordinary are a blood, urine, and saliva test, and an electrocardiogram. You’ll answer some questions, and the whole thing should be done in 30-60 minutes. Easy enough, and no studying before hand necessary. As with every test, though, it’s important not to cheat. If you lie during the questionnaire, for instance saying that you don’t smoke, and your tests indicate you do, you could be disqualified from receiving any insurance coverage, or have to face much higher premiums than anticipated. Honesty is always the best policy.
Getting the right coverage for you
Life insurance beneficiariesThe beneficiary is the person who will receive the payment of your insurance policy. You can name anyone you want – your partner, a family member, a dependent, even a charity. If you want, you can even name more than one beneficiary, and instruct the insurance company on how to allocate the premiums. Your beneficiary can be either revocable or irrevocable, and the designation is exactly what it sounds like. If your beneficiary is irrevocable, you need their signed agreement to change who is named. In Quebec, if you name your spouse as beneficiary, they automatically become irrevocable unless you explicitly name them as otherwise.
Find a great policy today
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Compare life insurance quotes today
Life insurance is very individual, and you won't know what policies you're eligible for until you compare life insurance quotes from several providers. That's where we can help.