Best Term Life Insurance in Canada (2026)

What’s the best term life insurance in Canada?

Thanks to its affordability, flexibility and straightforward coverage, term life insurance is the best type of life insurance for most Canadians, and PolicyMe, Desjardins, and RBC Life Insurance are the best providers. The rest of the 10 best life insurance policies in Canada are sold by:

1. PolicyMe: Best overall term life insurance
2. Desjardins: Best bank term life insurance
3. RBC Life Insurance: Runner-up best bank term life insurance
4. Co-operators: Best term life insurance for smokers
5. Empire Life: Best term 30 life insurance rates
6. Manulife: Best health benefits
7. Canada Life: Best term life insurance for high net-worth shoppers
8. Industrial Alliance: Best policy selection
9. Beneva: Best no medical term life insurance
10. Canada Protection Plan: Best guaranteed term life insurance

For fully-underwritten terms of 10-30 years, the five best policies are as follows:

^{* The table above shows the approximate monthly cost of a 10-30-year term life insurance policy with $500,000 in coverage for a 30-year-old female non-smoker.}

Term life insurance by PolicyMe

PolicyMe’s term life insurance is convenient, affordable, and supported by the highest Google Reviews scores among the providers in our study. It also has some of the lowest term life insurance quotes in Canada.

Term life insurance by Desjardins

Desjardins takes a close second place behind PolicyMe for its high customer review scores and affordable life insurance rates, although its prices aren’t quite as low as PolicyMe.

YourTerm by RBC Life Insurance

RBC Life Insurance is a close runner-up for the best term life insurance policy, and beats out other banks (such as BMO Life Assurance) thanks to its superior pricing and customer service.

Versatile Term by Co-operators

Despite its name, Versatile Term life insurance by Co-operators doesn’t have the biggest selection of riders. If you want disability insurance or critical illness insurance riders, check out Desjardins.

Solution 10, 20, and 30 by Empire Life

Empire Life offers fairly cheap life insurance rates, but its customer service is lacking, and you can’t buy a policy online.

^{* The widgets above compare the approximate monthly cost of a 10-30-year term life insurance policy with $500,000 in coverage for a 30-year-old female non-smoker to the industry average for similar plans for the same applicant.}

What’s the best no-medical term life insurance in Canada?

No medical life insurance is designed for Canadians who have applied and been declined for standard life insurance. Although it often costs more, Beneva and Canada Protection Plan are fairly affordable simplified term life insurance providers that don’t require a medical exam.

^{* The table above shows the approximate monthly cost of a 10-year no medical term life insurance policy with $100,000 in coverage for a 60-year-old female non-smoker.} 

Term Simplified by Beneva

Beneva is an online digital insurance provider with extremely competitive premiums and a decent product selection.

Simplified Elite Life by Canada Protection Plan

Canada Protection Plan specializes in no-medical life insurance for Canadians with a variety of medical backgrounds. The company was bought by Foresters Life Insurance in 2020 and has so far kept its unique array of benefits.

^{* The widgets above compare the approximate monthly cost of a 10-year no medical term life insurance policy with $100,000 in coverage for a 60-year-old female non-smoker to the industry average for similar plans for the same applicant.} 

What’s the best term life insurance according to Reddit?

Redditors agree that the best term life insurance policies include the option to convert or renew because, as u/lifeinsurancecanada puts it, “you cannot predict your future health.” As for specific recommendations for the best term insurance in Canada, here are a few:

• u/labo-is-mast: “PolicyMe is the easiest and cheapest if you’re healthy and just want something simple.”
• u/nsparadise: “I’ve worked with many companies over the years. Nowadays, I primarily use Canada Life and Empire Life with my clients, because they are solid companies with good policies and good service. BMO is good too.”
• u/Khyron686: “I switched to PolicyMe, no issues/regrets. In our 20s we were suckered into whole life from a mutual advisor... The numbers make no sense once you’re 50+ and don’t need insurance anymore.”

How much does term life insurance cost in Canada in 2026?

In Canada, term life insurance costs an average of $22–$29 per month for a 20-year term with $500,000 in coverage for a 35-year-old non-smoker. For smokers, the industry average life insurance rate rises to $60–$78 per month.

The cost of life insurance depends on your age, sex at birth, smoking status and health, as well as the amount of coverage, length of term, and type of life insurance you choose. Young, healthy, non-smoking applicants who were born female typically qualify for lower rates, and shorter policies with low amounts of coverage cost less than permanent, non-medical, or high-value life insurance plans.

What’s the average cost of term life insurance by age?

To see how insurance rates change by age, let’s check the industry average rates for the most popular term life insurance plan: 20 years with $500,000 in coverage.

^{* The table above shows the approximate monthly cost of a 20-year fully underwritten term life insurance policy with $500,000 in coverage.}

What’s the best way to find cheap term life insurance?

Not every life insurance factor is within your control, but you can save as much as possible using the following tips:

Finally, it’s worth considering an online insurance provider. For a 30-year-old female non-smoker, a 20-year term life insurance policy with $800,000 in coverage costs an average of $30 per month from a traditional insurer with at least one brick-and-mortar store, versus $28 per month from a digital insurer.

How to choose the best term life insurance policy

Term life insurance works best when it’s tailored to your insurance needs in three easy steps:

1. Calculate how much life insurance you need. Rather than simply multiplying your income, sit down and think about what you want to cover and how much it’ll cost, whether it’s a mortgage or your children’s education. Accurately estimating your insurance needs can help you avoid overpaying or going underinsured.
2. Choose your term length. Think about how long your financial obligations will last and set your term accordingly. How long will your mortgage last? How long until your children turn 18? How long until your spouse retires?
3. Compare term life insurance quotes. The best way to find a deal is to compare prices from life insurance providers, whether on your own or through an insurance broker.

What’s the best term length for life insurance?

The best life insurance term length depends on what you want to cover and how long you need your financial safety net to last. In Canada, term life insurance can last from 5–40 years and increases in increments of 5:

• 5 years can cover the repayment period for a short-term loan (such as for an ATV or motorbike) or the first stage of your career while you repay student loans.
• 10–15 years lasts long enough to cover a car loan or small property debt, and because it’s cheap, you can pair it with other life insurance policies to cover multiple debts of varying length.
• 20–25 years provides financial protection for the duration of a modest mortgage or the time it takes to raise children to independence.
• 30 years is an ideal length to cover a large mortgage, so your partner can keep the house if you pass away before paying it off.
• 35–40 years is best for long-term commitments such as caring for a disabled dependent.

What happens when your life insurance term ends?

You have three options when your life insurance term expires:

1. Renew your coverage: Most life insurance policies automatically renew themselves for an extra year at the end of their term, which may continue until you cancel. Renewal keeps your coverage in place for a little longer, but increases your life insurance premiums at the end of each year. 
2. Cancel your coverage: If you don’t need any more coverage (or you need to apply for a different amount of coverage), you can tell your life insurance provider not to renew your policy and allow it to expire.
3. Convert your coverage: Convertible term life insurance lets you transfer your coverage amount (or a reduced coverage amount) to a permanent policy. Your premiums will increase, but you won’t have to complete a medical exam or questionnaire to qualify.

Next steps: Best term life insurance in Canada

After you decide on the best term life insurance for you, you can buy an affordable term policy 100% online to secure protection for your loved ones.

In 20 minutes, you can get a quote and purchase your policy. For most applicants with PolicyMe, there’s no medical exam and you’ll receive an instant decision. Here’s how to buy online in five steps:

1. Decide on a coverage amount, term length, and policy.
2. Complete an application online, over the phone or in person, then wait for a decision.*
3. Read insurance policy details closely before signing. 
4. Provide your payment information and make your first payment.
5. Use your 10-day, free look period to consider your policy documents carefully.

With PolicyMe, you can get a quote, apply, and pay for a life insurance policy entirely online in 20 minutes or less. Enjoy a 30-day money-back guarantee for plenty of time to consider your purchase and make a change if you need to.

"Term life insurance is a simple and affordable way to protect your family’s financial future. The key is finding a policy that balances affordability with the right coverage amount." – Christelle Arouko, Licensed Insurance Advisor

FAQ: Best term life insurance in Canada

Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance providers:
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• Biggest life insurance companies in Canada
• Best bank owned life insurance
• Best whole life insurance in Canada
• American Income life insurance review
• Beneva life insurance review
• Canada life insurance review
• Canada Protection Plan life insurance review
• Canadian Premier life insurance review
• Costco life insurance review
• Desjardins life insurance review
• Equitable life Insurance review
• Foresters life insurance review
• Industrial Alliance life insurance
• Ivari life insurance review
• Manulife life insurance review
• PolicyMe life insurance review
• Primerica life insurance review
• UV life insurance review