Get Ontario Life Insurance Quotes

As Canada’s most populous province, there are more people covered by life insurance in Ontario than in any other province - no surprises there! Below is everything you’ve ever wanted to know about life insurance in Ontario. But remember, where you live is only a small part of your life insurance premium - the most important factor is you! To get a great policy, it’s best to get multiple life insurance quotes and pick the one that suits you best.

Ontario life insurance is part of the larger health and life insurance industry, which is one of the largest and most important industries in Canada. All data is from 2019.

• Ontarians with coverage: 11 million (national average: 2.9 million)
• Industry employees: 72,700 (national average: 15,740)
• Weekly benefits paid: $900 million (national average: $199.1 million)
• Provincial tax contributions: $2.8 billion (national average: $559.5 million)

*stats sourced from Canada Life and Health Insurance Association

The ‘insurance premium tax’ is a provincial tax on all premiums - it’s one of the main ways in which life insurance varies between provinces. The Ontario insurance premium tax is paid by insurance companies and generally invisibility to you, unless you hold universal life insurance. Either way, the higher the tax, the higher your premiums. The Ontario life insurance premium tax is 2%, as of November 2019. Below is the full schedule of insurance premium taxes for Ontario:

• Life: 2%
• Accident: 2%
• Sickness: 2%
• Property: 3.5%
• Other: 3%

Ontario is one of the few provinces that charges retail tax on group policies (like those paid by employers). In Ontario, this adds an additional 8% to the cost of group policy premiums - it doesn’t affect the cost of individual premiums. The Ontario tax rates on life insurance premiums are on the low side, matching the 2% charged on BC life insurance, while beating the more expensive 3% of Alberta life insurance, and the 3.48% charged on Quebec life insurance. It’s important to remember that your insurance tax is based on where you live, not where your insurer is based. More information on Ontario insurance taxes can be found on the province’s website.