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
How to get life insurance with Ratehub.ca
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.
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What is life insurance?
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 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.
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.
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.
The different types of life insurance in Canada
There are a number of different life insurance products available to Canadians. Each policy has its own unique features and functions, so it's important to educate yourself in order to find the right product for your situation. Here, we cover some of the most common types of life insurance in Canada.
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.
Canadian life insurance market overview
As of the end of 2022, the Canadian life insurance market appeared to revert back to the pre-pandemic purchasing patterns. Canadians are overwhelmingly opting for whole life insurance over any other form of life coverage. Though the cost of premiums can be higher to start than other forms of coverage, knowing you are covered throughout your entire life is a nice perk. Plus whole life insurance comes with the added perk of an investment component, meaning it won't only pay out if you die. You will recieve dividends and return on your investment throughout the life-time of your policy.
Term vs. whole life insurance in Canada
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
What is the average life insurance cost per month?
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.
Read our page on how life insurance pricing works to learn more.
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?
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?
All about your Ratehub.ca life insurance quote
Securing the coverage you need with Ratehub.ca is simple. Here are our most frequently asked questions about the online life insurance process, answered.
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 Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read more
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