Your age, health, budget, debts, family needs and how long you need protection can all affect which option makes sense. I can compare coverage from multiple Canadian insurers and help you understand the differences.
Not Sure Which Type You Need?
Simplified and no-medical options may provide another path to coverage for people with certain health concerns or those looking for a simpler application process. Coverage, questions and eligibility vary by insurer.
Simplified & No-Medical Life Insurance
Coverage designed to remain in force for life, provided required premiums are paid. It can be used for final expenses, estate planning, leaving an inheritance and other permanent insurance needs.
Permanent Life Insurance
Affordable coverage for a set period, commonly used to protect a mortgage, replace income or provide financial security while children are dependent on you. Terms such as 10, 20 and 30 years are available, depending on the insurer and product.
Term Life Insurance
What Type of Life Insurance Is Right for You?
Life Insurance Basics
How Does Life Insurance Work in Ontario?
Life insurance provides a tax-free lump-sum payment to the person or people you name as beneficiaries when you die, provided the policy is in force.
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In Ontario, life insurance is commonly used to help replace income, pay off a mortgage or other debts, cover final expenses, and provide financial security for a spouse, children or others who depend on you.
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The cost of coverage depends on factors such as your age, health, smoking status, coverage amount and the type of insurance you choose. Term life insurance generally provides protection for a specific period, while permanent life insurance is designed to provide lifelong coverage.
Life Insurance Costs
How Much Does Life Insurance Cost in Ontario?
Age
Health
Life insurance generally costs less when you purchase coverage at a younger age.
Your health and medical history can affect your eligibility and the premium offered.
Smoking Status
Coverage Amount & Policy Type
Smoking, vaping and other nicotine use can significantly affect life insurance rates.
Higher coverage amounts and longer coverage periods generally result in higher premiums.
Female Non-Smoker — 20-Year Term Life Insurance
Sample Monthly Premiums
Male Non-Smoker — 20-Year Term Life Insurance
Sample Monthly Premiums
See What Life Insurance Would Cost You
Compare current rates from multiple Canadian insurance companies based on your age, coverage needs and smoking status.
Sample premiums are for illustration only. Actual rates vary based on age, health, smoking status, coverage amount, insurer and underwriting.
Find the Right Life Insurance for You
Life insurance isn't just about finding the lowest premium. The amount of coverage, type of policy, term length and insurer should fit your needs, budget and long-term plans.
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Compare available options from multiple Canadian insurers or see current life insurance rates using the online calculator.