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Key Takeaways
Based on our research, the best term life insurance in Canada belongs to PolicyMe, followed by Empire Life and RBC Insurance.
PolicyMe is one of the most affordable and best-rated term life insurance solutions in Canada, and one of the few you can purchase entirely online.
The best term life insurance for seniors comes from PolicyMe, the best no medical from Beneva, and the best for smokers from Co-operators.
Why term life insurance?
Thanks to its affordability, flexibility and straightforward coverage, term life insurance is already the best type of life insurance for most Canadians. It enables you to lock in low rates for the life of your policy, pick a term length that matches your financial obligations and avoid paying for extras like cash values.
Affordable premiums, so you can maintain coverage for as long as you need it.
Excellent customer service, so you can get answers and make changes effortlessly.
Online convenience, so you can easily get life insurance quotes and even buy a policy online.
To make it easier for you, we’ve done the work of comparing over 25 term life coverage options from more than 20 companies and ranking them by price, customer satisfaction and convenience.
"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
What’s the best term life insurance in Canada?
Based on our data-driven review of the leading products and over 450,000 quotes, PolicyMe is the best life insurance in Canada for affordability, customer satisfaction and ease of purchase. The runner-ups include Empire Life, RBC Insurance, Co-operators, Foresters Financial, and Desjardins:
Company
Product
Rating
Premiums*
PolicyMe
Term life insurance
★★★★★ (5.0)
$37/month
The Empire Life Insurance Company
Solution
★★★★★ (4.5)
$37/month
RBC Life Insurance Company
RBC YourTerm
★★★★★ (4.5)
$37/month
CUMIS Life Insurance Company
Versatile Term
★★★★★ (4.5)
$38/month
Foresters Life Insurance Company
Term life insurance
★★★★☆ (4.0)
$38/month
* For each product, we calculated the average monthly premiums for a female non-smoker between 30-44. The results show the approximate cost of a 10-30-year term life insurance policy with $600,000 in coverage.
PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers.
Our analysis combines 450,000+ quotes for 70+ life insurance products with in-depth research on 20+ providers. We assigned each product a star rating out of five based on a mix of average pricing, Google Review scores, and shopping convenience, then ranked the results in 12 categories.
Rankings are determined first by star rating and then by price. Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial advice.
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Great Customer Service
Quote Online
Buy Online
Cost 6% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage.
PolicyMe offers one of the most affordable Term Life Insurance policies in Canada, with term life insurance quotes up to 23% below the industry average. Our streamlined application process delivers cost-effective coverage backed by Securian Canada, which has been rated "A" or higher by A.M. Best for over 75 years.
Most applicants don't require a medical exam, and there are family-friendly features like complimentary child coverage and a first-year couple's discount. The downside is PM's insurance rates aren't so competitive for high-risk cases such as seniors and smokers.
Pros
$100,000 - $5 million in coverage available for 10-30 years
$10,000 of complimentary coverage per child with every policy
31-Day missed payment grace period
30-Day trial period
10% First-year couple's discount
Below-average rates for applicants under the age of 60
Buy online or over the phone
Convertible
High Google review scores
Pay by credit card
Renewable
Cons
Above-average rates for seniors
No accidental death and dismemberment or disability riders
No brick-and-mortar offices
Term life insurance
Term: 10-30 years
Coverage: $100,000 - $5 million
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Term 100 life insurance
Term: Lifetime
Coverage: $10,000 - $5 million
2. Solution by Empire Life
Best term life insurance - #2
The Empire Life Insurance Company
(4.5)
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Great Customer Service
Cost 7% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
The Solution term life insurance series lasts between 10-30 years, with the option to convert to term 100, universal or whole life insurance before the age of 75. Empire Life carries a 4.2-star rating on Google and an "A" from Morningstar DBRS, making it a smart and budget-conscious pick for all ages.
Pros
$25,000 - $20 million in coverage available for 10-30 years
6 Available riders
Below-average rates for all ages and smokers
Convertible until age 75
Exchangeable for a longer term
High Google review scores
Renewed policies are fully paid-up at age 100
Cons
Phone call may be required to quote and purchase
Solution 10-30
Coverage: $25,000 - $20 million
Term: 10-30 years
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Solution ART
Coverage: $25,000 - $499,999
Term: 3 years
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EstateMax
Coverage: $10,000+
Term: Lifetime
Features: Participating dividends
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Optimax
Coverage: $5,000+
Term: Lifetime
Features: Participating dividends
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Solution 100
Coverage: $10,000 - $10 million
Term: Lifetime
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Term to 100
Coverage: $10,000 - $20 million
Term: Lifetime
3. RBC YourTerm by RBC Life Insurance
Best term life insurance - #3
RBC Life Insurance Company
(4.5)
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Quote Online
Buy Online
Cost 7% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
As long as you're looking for $500,000 or more in coverage, RBC YourTerm life insurance is competitively-priced and offers a variety of conversion options. If your health changes before your term expires, you can choose between participating and non-participating permanent life insurance products without the need for a medical exam.
RBC Life Insurance carries an "A" rating for financial stability from A.M. Best.
Pros
$100,000 - $25 million in coverage available for 10-40 years
31-Day missed payment grace period
30-Day risk-free review period
4 Available riders
Adjustable coverage
Choice of single or joint life coverage
Convertible until age 71
Exchangeable for a longer term
Includes accidental death benefit
Cons
Above-average rates for policies with $200,000 or less in coverage
Above-average rates for smokers
RBC YourTerm
Coverage: $100,000 - $25 million
Term: 10-40 years
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RBC Growth Insurance and Growth Insurance Plus
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Participating dividends
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RBC Guaranteed Acceptance Life Insurance
Coverage: $5,000 - $40,000
Term: Lifetime
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RBC Simplified Term Life Insurance
Coverage: $50,000 - $1 million
Term: 10-40 years
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RBC Universal Life and Universal Life with Bonus Interest
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Investment account
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Term 100 Life Insurance
Coverage: $50,000+
Term: Lifetime
4. Versatile Term by Co-operators
Best term life insurance - #4
CUMIS Life Insurance Company
(4.5)
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Quote Online
Cost 5% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Versatile Term is a good budget pick for term life insurance, albeit one with shaky customer reviews. Google users claim customer service is slow and hard to reach, and because there's no option to buy online, the buying process may take a while. On the plus side, Co-operators carries a large range of products and an "A" financial stability grade from A.M. Best.
Pros
$25,000 - $5 million in coverage available for 10-30 years
2 Available riders
Below-average rates for all ages and smokers
Convertible until age 70
Exchangeable for a longer term
Renewable
Cons
Few online details
Low Google review scores
Term Life 1
Coverage: $50,000 - $475,000
Term: 1 year
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Versatile Term
Coverage: $25,000 - $5 million
Term: 10-30 years
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Infinity Term
Coverage: $25,000+
Term: Lifetime
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Responsibility and Responsibility PLUS
Coverage: Up to $25,000
Term: Lifetime
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Universal Life
Coverage: $25,000+
Term: Lifetime
Features: Investment account
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Whole Life Ascend
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
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Whole Life Protector
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
5. Term life insurance by Foresters Financial
Best term life insurance - #5
Foresters Life Insurance Company
(4.0)
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Cost 6% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Foresters Financial's Term Life Insurance rates aren't particularly competitive, but each policy includes up to $1,000 in bereavement counselling and a unique charitable benefit. If you pass away, Foresters will make a donation matching 1% of your policy's face amount (up to $100,000) to the charity of your choice.
Pros
$10,000 - $5 million in coverage available for 10-30 years
6 Available riders
Choice of single or joint life coverage
Convertible until before age 71
Exchangeable for a longer term
Includes bereavement counselling for beneficiaries (up to $1,000 combined) and a donation to the charity of your choice
Cons
Low maximum issue age
Phone call may be required to quote and purchase
Term life insurance
Coverage: $50,000 - $5 million
Term: 10-30 years
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Advantage Max
Coverage: $50,000 - $20 million
Term: Lifetime
Features: Participating dividends
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Advantage Plus
Coverage: $25,000 - $5 million
Term: Lifetime
Features: Participating dividends
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Non-Par Whole Life
Coverage: $50,000 - $5 million
Term: Lifetime
* We compared each product's yearly costs to the average cost of similar products for the same type of applicant. This figure shows the approximate price difference for a female non-smoker between 30-44 shopping for a 10-30-year term life insurance policy with $600,000 in coverage.
The best high-risk term life insurance
High-risk life insurance is a product of last resort for applicants who have been denied life insurance before. Simplified and guaranteed products (also known collectively as “no medical life insurance”) don’t require a medical exam, but they demand enormous premiums as a result.
At PolicyMe, we always recommend applying for fully underwritten term life insurance first. Even if you require a medical exam, you aren’t likely to be denied, and your premiums will be lower (and your potential coverage higher) than those of a no medical product.
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Great Customer Service
Great for Seniors
Quote Online
Buy Online
Cost 9% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
PolicyMe’s term life insurance starts at $33/month for a 60-year-old female non-smoker with $50,000 in coverage, a rate 9% below the industry average. The maximum issue age for our term life policies is 70, so you can keep affordable coverage until age 80.
Policyholders who develop unexpected health conditions or need permanent coverage (and are under 69) can convert all or part of their term coverage into term 100 life insurance. Like our term life insurance, our permanent insurance is designed for simplicity and affordability, and you can make the switch without providing evidence of insurability.
Pros
$100,000 - $5 million in coverage available for 10-30 years
$10,000 of complimentary coverage per child with every policy
31-Day missed payment grace period
30-Day trial period
10% First-year couple's discount
Below-average rates for applicants under the age of 60
Buy online or over the phone
Convertible to permanent coverage
High Google review scores
Pay by credit card
Renewable
Cons
Above-average rates for seniors for $150,000+ in coverage
No accidental death and dismemberment or disability riders
No brick-and-mortar offices
Term life insurance
Term: 10-30 years
Coverage: $50,000 - $5 million
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Term 100 life insurance
Term: Lifetime
Coverage: $10,000 - $5 million
Best for smokers: Versatile Term by Co-operators
Best term life insurance for smokers - #1
CUMIS Life Insurance Company
(4.5)
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Great for Smokers
Quote Online
Cost 6% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Versatile Term offers excellent life insurance rates for smokers, starting at just $8/month for a 10-year policy with $25,000 in coverage (for an 18-year-old female smoker). Even premiums for senior smokers undercut the industry average, making it a great long-term option for leaving a tax-free payout to your loved ones.
Pros
$25,000 - $5 million in coverage available for 10-30 years
2 Available riders
Below-average rates for all ages and smokers
Convertible until age 70
Exchangeable for a longer term
Renewable
Cons
Few online details
Low Google review scores
Term Life 1
Coverage: $50,000 - $475,000
Term: 1 year
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Versatile Term
Coverage: $25,000 - $5 million
Term: 10-30 years
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Infinity Term
Coverage: $25,000+
Term: Lifetime
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Responsibility and Responsibility PLUS
Coverage: Up to $25,000
Term: Lifetime
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Universal Life
Coverage: $25,000+
Term: Lifetime
Features: Investment account
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Whole Life Ascend
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
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Whole Life Protector
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
Best no medical: Term Simplified by Beneva
Best no medical term life insurance - #1
Beneva
(4.5)
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Great Customer Service
Cost 13% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $500,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Whether you compare it to fully underwritten term life insurance or other no medical products, Term Simplified carries an extremely competitive price tag.
Despite Beneva's high Google rating and "A" financial stability grade from A.M. Best, we have two reservations: 1) you can't get a quote (or even basic product details) online and 2) there seems to be very little coverage available.
Pros
$10,000+ in coverage available for 10-30 years
6 Available riders
Below-average rates for all ages
Choice of fixed or decreasing coverage
High Google review scores
Cons
Phone call may be required to quote and purchase
Term Plus
Coverage: $10,000 - $5 million
Term: 10-30 years
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Term Simplified
Coverage: $10,000 - $5 million
Term: 10-30 years
Features: No medical exam
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Term 100
Coverage: $10,000 - $10 million
Term: Lifetime
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Enhanced Term 100
Coverage: $10,000 - $10 million
Term: Lifetime
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Universal Life Insurance
Coverage: $10,000 - $10 million
Term: Lifetime
Features: Investment account
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Simplified Whole Life
Coverage: $10,000 - $99,999
Term: Lifetime
Features: No medical exam
Methodology: best term life insurance in Canada
About the data
PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers. Our analysis combines 450,000+ quotes for 70+ policies and 20+ insurers, drawing on trusted sources such as COMPULIFE, WinQuote and official provider websites, supplemented by ratings from Google.
About star ratings
Each product received a star rating out of five based on pricing, customer satisfaction and ease of purchase, customized by age group, sex at birth, and smoking status. We awarded three stars to every provider with insolvency protection from Assuris and a financial stability rating of “A-” or higher from a respected credit rating agency such as A.M. Best.
Products with an average price at least 5% below the industry average received one extra star for affordability, while providers with a Google Reviews score of 4.0 or higher earned an extra half-star for customer satisfaction. Finally, products offering convenient online quoting options earned another half-star for accessibility.
About the categories
The 10 “Best Of” categories use criteria reflecting the most popular types of coverage and buyer needs. Most term life insurance categories compare the average price of a 10-30-year policy with $600,000 in coverage for non-smoking women between the ages of 30-44. The “best of” categories for smokers and seniors compare policies for smoking women and 60-year-old women, respectively.
Most senior customers purchase a smaller amount of permanent and no medical coverage because it’s expensive, and they require coverage for end-of-life expenses rather than debt or income replacement. We therefore capped the coverage for senior, permanent, and no medical life insurance categories at $50,000.
About rankings
The rankings within each category are determined first by star rating and then by average monthly premiums by age group, sex at birth and smoking status.
About pricing comparisons
To ensure fairness and accuracy, we made all pricing comparisons between products of the same type, with the same coverage amount, and for the same combination of age group, sex at birth and smoking status. The rates listed in this article are based on publicly available rates as of January 2026.
For example, the cost of a 10-year term policy for non-smoking women aged 18-29 with $400,000 in coverage is always compared to the industry average for all 10-year term policies for the same demographic segment and with the same amount of coverage.
Similarly, the average cost of a fully underwritten permanent life insurance policy for non-smoking women aged 30-44 with $75,000 in coverage is always compared to the industry average for all fully underwritten permanent policies for the same demographic segment and with the same amount of coverage.
Disclaimer
PolicyMe’s findings use unaltered data and are free from paid placements or sponsored influence. While we strive to keep our information up-to-date, we cannot guarantee the validity of third-party data. These results are intended as a helpful reference and not as a substitute for personalized financial advice.
The best term life insurance according to Redditors
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, 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?
The cost of life insurance in Canadadepends on your age, sex at birth, smoking status and health, plus how much coverage you choose, the length of your term and whether you apply for no medical life insurance or not.
The lowest rates belong to young, female, non-smoking applicants in good health who are shopping for $50,000 of coverage for 10 years (and are willing to undergo a medical exam). By contrast, an elderly, male applicant who smokes and is looking for $750,000 of coverage for 30 years will pay much higher premiums.
Here are the average rates for non-smokers in different age groups, calculated using quotes from 26 Canadian term life insurance plans:
Age group
Industry average*
PolicyMe*
Female
Male
Female
Male
Youths (18-29)
$23
$33
$22
$33
Adults (30-44)
$34
$46
$32
$44
Adults (45-59)
$144
$205
$148
$214
Seniors (60+)
$334
$475
$343
$492
* Prices reflect the approximate average monthly cost of a fully-written 20-year term life insurance policy with $600,000 in coverage for healthy, non-smoking individuals.
See just how affordable term life insurance can be with PolicyMe.
You can find the cheapest life insurance quotes by comparison shopping for fully underwritten term life insurance. Underwriting helps life insurance companies accurately assess your risk, and you might be pleasantly surprised by the quote you receive.
The effort it takes to get a medical exam can pay off with big savings with no risk to your insurability–you can always apply for no medical life insurance later.
How to choose the best term life insurance policy
Term life insurance works best when it’s tailored to your insurance needs. To find a policy that works for you, first:
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.
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?
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.
Next steps: Best term life insurance in Canada
Once you’ve decided on the best term life insurance for you, you’re only 5 steps away from securing protection for your loved ones:
Choose your coverage amount, your term length, and your product.
Complete the application online, over the phone or in person, then wait for a decision. If you’re denied, consider applying for no medical life insurance.
Read your insurance policy documents carefully before signing.
Provide your payment information and make your first payment.
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. Our 30-day money-back guarantee gives you plenty of time to consider your purchase and make a change if you need to.
FAQ: Best term life insurance in Canada
Term life insurance is best used to cover finite financial obligations, such as raising children, paying off a mortgage, or putting a child through post-secondary education. It can give you peace of mind knowing that your loved ones’ financial well-being is protected in the event of an unlikely but devastating loss.
The best term length is whichever one most closely matches the life of your financial obligations. If you need to cover a 30-year mortgage, choose 30 years; if you’ve just had a child and you’d like to support them until they’re 20, get a 20-year policy.
The best age to buy term life insurance is as soon as possible. The younger you are, the lower the cost will be, and because your premiums remain the same over your entire term, an early purchase can help you secure a great deal for years to come.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
Jasmine specializes in converting complex insurance data into actionable guidance. Her background includes auto, life, and health insurance and financial planning. Lately, she’s leveraging AI to extract insights from the numbers and help Canadians make better decisions.
Jasmine specializes in converting complex insurance data into actionable guidance. Her background includes auto, life, and health insurance and financial planning. Lately, she’s leveraging AI to extract insights from the numbers and help Canadians make better decisions.
