Compare the best term life insurance quotes in Canada

Term life insurance is a type of life insurance product that guarantees a death benefit payout to a stated beneficiary for a specific period, typically ranging from 5 to 30 years, with 20 years being the most popular term. If you pass away during the set term, your loved ones can use this money for whatever they wish, including paying off the mortgage, replacing your income, and financing their education, When you purchase a standard term insurance policy, your coverage amount and premiums are locked in for the entire length of the plan.

When the term expires, you'll usually have the option to either renew your policy for a higher cost or let your coverage expire. Some policies also let you convert the term life insurance to permanent life insurance (such as whole life insurance or universal life insurance), typically between one and five years before the term ends.

When you bind your term life policy, you choose the term length (also known as how long you want to be covered for), as well as your coverage amount (also known as how much you want your beneficiary to receive after you die). Only if you die within the term does your life insurance company pay out the death benefit.

Check out these recent quotes from across the Canadian market – last updated in June 2026. To see how much you could be paying for a policy tailored to your unique situation, take advantage of our free comparison tool today.

The main differences between term life and whole life insurance are the coverage period, premium cost, death benefit payout and cash value. Below we cover several differences between the two so you can choose the one that best suits your needs.

Most providers also allow you to purchase extended coverage (or life insurance riders) to protect you against special circumstances. And while you can add these to your term life policy, you may also be able to purchase some of these as standalone policies. Here are a few common additions you can ask your broker about.

The cost of term life insurance depends on personal factors, such as your age, health status, and lifestyle. Most Canadians have opted for around $500,000 in coverage, while many life insurance brokers are now recommending upwards of $1 million in coverage due to the changing economic landscape and rising cost of living - the average cost for term life insurance in Canada currently is for approximately a half of million in coverage and industry wide data has it around $34 per month  ($408 annually).

Here is an example of how term life insurance prices can vary by gender and age - assuming a 20-year term with $500,000 in coverage for a non-smoker with no pre-existing medical conditions.

It's clear to see that the older you get, the more expensive term insurance becomes. This is due to the increased health risk factors that come with aging. There is also a slight difference in pricing for males vs females due to gender based statistics used as part of the rating calculation. Generally, men are seen as a higher risk as they age.

Generally speaking, the more risk you bring as a policyholder, the more expensive your insurance will be. Here are some of the factors insurers look at to determine your term life premium.

For more insight on your various options, check out our blog – What to do when your term life insurance expires.

Even though term life insurance is a temporary coverage solution, there are many benefits to opting for this product, including simplicity, flexibility, affordability, and more.