The Best Life Insurance in Canada (Updated List 2025)

One of the most important decisions to make in the purchase of life insurance is which provider to trust. Your choice of life insurance provider affects everything from your shopping experience and experience premiums to the terms of your coverage and extra benefits.

As part of our commitment to streamline modern life insurance, PolicyMe analyzed over 450,000 life insurance quotes to find you the most competitive rates. We also collected customer service reviews and policy details to complete the picture of the 10 best life insurance policies in Canada:

^{1 For each product, we averaged the monthly premiums for healthy female non-smokers between the ages of 30-44. The results show the approximate cost of a policy with $50,000 of coverage.}

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How we found the best life insurance in Canada

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+ Canadian life insurance products with in-depth research on 20+ providers, plus expert recommendations from our insurance advisors. Our star rating system assigns three stars for financial stability, one star for competitive pricing, a half-star for customer satisfaction, and a final half-star for ease of purchase.

Rankings are determined first by star rating and then by price. Our findings are entirely data-based and do not include paid placements, but should not be considered a substitute for personalized financial advice.

What’s the best life insurance in Canada?

A better question might be, “What’s the best life insurance for your situation?”

Term life insurance is the top choice for most Canadians because it’s simple, affordable, and covers a fixed term of 10-30 years, which matches the length of most financial obligations. If you’re shopping for life insurance to protect your family’s finances when your kids are young or until your mortgage is paid off, you likely need term coverage.

Permanent life insurance is best suited for Canadians with permanent financial obligations, like a disabled adult child. It’s also well suited for high-net-worth individuals that regularly max out their TFSA and RRSP contributions. It may include extras like cash value components, investment accounts, or participating dividends (i.e. a share of your life insurance provider’s annual profits).

Both term and permanent insurance coverage may be fully underwritten, which means it may require a medical exam, or no medical (which doesn’t). The no medical category is further divided into simplified issue life insurance that asks a few eligibility questions, and guaranteed issue life insurance that refuses no applicants.

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Our expert recommendation

We always recommend applying for fully underwritten term life insurance first.

Full underwriting can yield premiums up to 10 times more affordable than either permanent or no medical coverage, which helps you maintain your policy until the end. A shocking 87% of permanent, universal life insurance policies never pay out, largely due to payment lapses caused by unexpected events–and life is full of those.

That’s part of the reason why it’s worth buying life insurance in the first place, right?

What’s the best term life insurance in Canada?

PolicyMe’s term life insurance follows our core philosophy by providing simple, cost-effective coverage with the policyholder’s benefit in mind. Using technology, we’ve streamlined the application process so most applicants can bypass the medical exam and access affordable protection for their loved ones.

Combined with a convenient, online buying experience and a 4.9-star rating on Google, PolicyMe takes the top spot among the 5 best term life insurance policies in Canada:

^{2 For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44 across every term length available. The results show the approximate cost of a 10-30-year term life insurance policy with $500,000 of coverage.}

Term life insurance by PolicyMe

Our expert take: PolicyMe offers one of the most affordable term life insurance policies in Canada, with rates as low as 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 that PM's insurance rates aren't so competitive for high-risk cases such as seniors and smokers.

Pros & Cons

Available products

• Term life insurance with $100,000 - $5 million in coverage for 10-30 years
• Term 100 life insurance with $10,000 - $5 million in lifetime coverage

RBC YourTerm by RBC Life Insurance

Our expert take: 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 & Cons

Available products

• RBC YourTerm with $100,000 - $25 million in coverage for 10-40 years
• RBC Growth Insurance and Growth Insurance Plus with $25,000 - $25 million in lifetime coverage and participating dividends
• RBC Guaranteed Acceptance Life Insurance with $5,000 - $40,000 in lifetime coverage
• RBC Simplified Term Life Insurance with $50,000 - $1 million in coverage for 10-40 years
• RBC Universal Life and Universal Life with Bonus Interest with $25,000 - $25 million in lifetime coverage and an investment account
• Term 100 Life Insurance with $50,000+ in lifetime coverage

Versatile Term by Co-operators

Our expert take: 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 & Cons

Available products

• Term Life 1 with $50,000 - $475,000 in coverage for 1 year
• Versatile Term with $25,000 - $5 million in coverage for 10-30 years
• Infinity Term with $25,000+ in lifetime coverage
• Responsibility and Responsibility PLUS with up to $25,000 in lifetime coverage
• Universal Life with $25,000+ in lifetime coverage
• Whole Life Ascend with $25,000+ in lifetime coverage and participating dividends
• Whole Life Protector with $25,000+ in lifetime coverage and participating dividends

Pick-A-Term by Industrial Alliance

Our expert take: As long as you aren't looking for $100,000 or less in coverage, Industrial Alliance's insurance premiums are fairly competitive. With 13 available riders, Pick-A-Term is one of the most customizable term life insurance policies on the market, but beware: each add-on will increase your insurance premiums.

Pros & Cons

Available products

• Access Life Insurance with $10,000 - $350,000 in coverage for 15-25 years or until age 100
• Pick-A-Term with $25,000 - $20 million in coverage for 10-40 years
• Genesis 10 Life Pay with $100,000 - $10 million in lifetime coverage with investment options
• iA PAR Estate Solution or Wealth Solution with lifetime coverage and participating dividends

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^{3 We compare the yearly cost of each product to the average cost of similar products for the same type of applicant. These figures show the approximate price difference for a female non-smoker between the ages of 30-44 seeking a 10-30-year term life insurance policy with $500,000 of coverage.}

What’s the best permanent life insurance in Canada?

“Permanent life insurance” is a catch-all for three types of products: term 100, universal, and whole life insurance. All three are permanent because as long as you keep paying your premiums, your coverage never expires.

Price is a key consideration for permanent policies because you have to make payments for the rest of your life. If you miss even one, your policy will lapse and you’ll lose all the value you’ve built so far, including any cash values, investments and dividends (unless they were deposited in a separate account).

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Our expert recommendation

We don’t recommend buying permanent life insurance coverage because its relatively high cost can be unsustainable in the long term–and permanent life insurance is nothing if not long-term.

The only individuals who benefit from treating life insurance as an investment often have a net worth in the octuple digits and fully-maxed out RRSP and TFSA accounts. Instead of paying high monthly premiums for a policy with a low-growth investment account and the inability to transfer funds, we suggest buying term life insurance and investing the rest.

What’s the best term 100 life insurance in Canada?

In our opinion, the best permanent life insurance follows our term life philosophy: simple, straightforward, and budget-friendly. Our top recommended product is therefore term-to-100 life insurance, so-called because your premiums continue until you turn 100 (although coverage extends to the rest of your life).

Term 100 life insurance is usually the most affordable type of life insurance because it doesn’t include cash values, investment accounts, participating dividends and other extras. The 3 best T100 life insurance policies in Canada are nearly affordable as term life insurance:

^{4 For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44. The results show the approximate cost of a term 100 life insurance policy with $50,000 of coverage.}

Term to 100 by Desjardins

Our expert take: Desjardins Term to 100 life insurance is competitively priced and–with 11 riders, positive Google reviews, and an "A+" from Standard & Poor's–our top pick for permanent life insurance. The only downside is its above-average pricing for adults over the age of 44.

Pros & Cons

Available products

• Term life insurance with $50,000 - $20 million in coverage for 10-30 years
• Life Insurance Over 50 with $5,000 - $20,000 in lifetime coverage and no medical exam
• Term to 100 with lifetime coverage
• Universal Life with investment options
• Whole Life Guaranteed to 100 with participating dividends

Term to 100 by Empire Life

Our expert take: Empire Life is an established name in the Canadian insurance industry, and with a 4.2-star rating on Google and an "A" from Morningstar DBRS, it has every reason to continue. Its Term to 100 plan offers a great deal to non-smokers of all ages and smokers under the age of 45. 

As with other T100 products, there are few frills attached, but you can customize your policy with 14 riders.

Pros & Cons

Available products

• Solution 10-30 with $25,000 - $20 million in coverage for 10-30 years
• Solution ART with $25,000 - $499,999 in coverage for 3 years
• EstateMax with $10,000+ in lifetime coverage and participating dividends
• Optimax with $5,000+ in lifetime coverage and participating dividends
• Solution 100 with $10,000 - $10 million in lifetime coverage
• Term to 100 with $10,000 - $20 million in lifetime coverage

Term 100 by PolicyMe

Our expert take: With Term 100, PolicyMe took the same cost-effective approach to permanent coverage as we did to term. Our policy undercuts the industry average rates for permanent life insurance by as much as 9%, without sacrificing a high customer satisfaction rating. 

The drawbacks are a lack of customization and cash value. If you'd rather treat your life insurance policy as an investment vehicle, you may prefer a universal or whole life policy.

Pros & Cons

Available products

• Term life insurance with $100,000 - $5 million in coverage for 10-30 years
• Term 100 life insurance with $10,000 - $5 million in lifetime coverage

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^{5 We compare the yearly cost of each product to the average cost of similar products for the same type of applicant. These figures show the approximate price difference for a female non-smoker between the ages of 30-44 seeking a term 100 life insurance policy with $50,000 of coverage.}

What’s the best whole life insurance in Canada?

Because life insurance is generally tax-deductible, a whole life insurance policy with participating dividends or an investment account can help you leave more wealth to your loved ones. But unless you’ve already maxed out your RRSP and TFSA, you’ll enjoy more growth with traditional financial instruments. 

If you want life insurance with extra benefits, our top 3 recommendations offer straightforward, lifelong protection:

^{6 For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44. The results show the approximate cost of a whole life insurance policy with $50,000 of coverage.}

ParPlus (Life Pay Enhanced) by Assumption Mutual Life

Our expert take: The price of ParPlus by Assumption Life starts at 17% below the industry average and maintains its competitive streak until applicants reach the age of 44. At that point, older adults and seniors are better off seeking a non-participating permanent life insurance product to save on premiums. However, its pricing remains below-average for smokers of any age.

Pros & Cons

Available products

• FlexTerm with $100,000 - $10 million in coverage for 10-35 years
• YouthPlus with $35,000 - $175,000 in coverage until age 25
• Non-Participating Whole Life with $5,000 - $10 million in lifetime coverage
• ParPlus and ParPlus Junior with $5,000 - $4 million in lifetime coverage
• Bronze, Silver, Golden and Platinum Protection Whole Life with $5,000 - $750,000 in lifetime coverage

Simplified Whole Life by Beneva

Our expert take: Simplified Whole Life carries an above-average price tag, but that's normal for no medical life insurance. In return for skipping the medical exam, you pay higher rates, but Beneva's high Google review score and "A" from A.M. Best suggest it could be worth it.

It's usually best to apply for a fully underwritten policy first because it can save you a substantial amount of money in the long term. You can always apply for our top pick for no medical life insurance later.

Pros & Cons

Available products

• Term Plus with $10,000 - $5 million in coverage for 10-30 years
• Term Simplified with $10,000 - $5 million in coverage for 10-30 years and no medical exam
• Term 100 with $10,000 - $10 million in lifetime coverage
• Enhanced Term 100 with $10,000 - $10 million in lifetime coverage
• Universal Life Insurance with $10,000 - $10 million in lifetime coverage
• Simplified Whole Life with $10,000 - $99,999 in lifetime coverage and no medical exam

Preferred Whole Life by Canada Protection Plan

‍Our expert take: Preferred Whole Life is no medical, permanent life insurance issued by Canada Protection Plan. If you're in good health, you'll qualify for CPP's second-best rates and an above-average amount of coverage. Otherwise, you'll have to settle for higher insurance premiums and a lower face amount.

It's a good product from a trusted insurer with an "A" from A.M. Best, but we recommend first applying for a fully underwritten policy (with a possible medical exam). According to the Canadian Life and Health Insurance Association, 96% of life insurance applicants receive the coverage they applied for and qualify for standard rates.

Pros & Cons

Available products

• Preferred Elite, Express Elite, Preferred, Simplified Elite and Deferred Elite Term Life Insurance with $25,000 - $1 million in coverage for 10-30 years and no medical exam
• Preferred Elite, Preferred, Simplified Elite, Deferred Elite, Deferred and Guaranteed Acceptance Life with $5,000 - $1 million in lifetime coverage and no medical exam

^{7 We compare the yearly cost of each product 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 the ages of 30-44 seeking a whole life insurance policy with $50,000 of coverage.}

What’s the best universal life insurance in Canada?

Universal life insurance is permanent coverage that typically includes a self-directed investment account. These investments can reduce your premiums, pay for extra coverage or even add to the tax-free insurance payout for your beneficiaries.

However, because it’s attached to your life insurance policy, you can’t close it, transfer your funds, or even withdraw from it as easily as a traditional account. Plus, if you miss even a single premium payment, you’ll lose all your accumulated value.

The top 3 universal life insurance products in Canada manage to keep premiums low for people who like to keep an active hand on their investments:

^{8 For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44. The results show the approximate cost of a universal life insurance policy with $50,000 of coverage.}

Universal Life by Desjardins

Our expert take: We consider most life insurance add-ons to be unnecessary, but if you ever want to customize a Universal Life policy from Desjardins, you've got 9 choices. More importantly, your premiums will be as low as 8% below the industry average, and Desjardins itself carries a 4.5-star rating from Google and an "A+" from S&P.

Pros & Cons

Available products

• Term life insurance with $50,000 - $20 million in coverage for 10-30 years
• Life Insurance Over 50 with $5,000 - $20,000 in lifetime coverage and no medical exam
• Term to 100 with lifetime coverage
• Universal Life with investment options
• Whole Life Guaranteed to 100 with participating dividends

Genesis 10 Life Pay by Industrial Alliance

Our expert take: Genesis 10 Life Pay is a rare permanent life insurance product that offers comparatively better rates to older applicants than to those below age 45. It's one of the most affordable policies with a cash value on the market (for non-smokers, at least), and while we can't speak to Industrial Alliance's investment acumen, we can confirm it has positive customer service reviews and an "A+" from A.M. Best.

Pros & Cons

Available products

• Access Life Insurance with $10,000 - $350,000 in coverage for 15-25 years or until age 100
• Pick-A-Term with $25,000 - $20 million in coverage for 10-40 years
• Genesis 10 Life Pay with $100,000 - $10 million in lifetime coverage with investment options
• iA PAR Estate Solution or Wealth Solution with lifetime coverage and participating dividends

Universal Life by Canada Life

Our expert take: Canada Life's Universal Life insurance policy offers fairly competitive rates and a few choices of how to invest your funds. But unlike a traditional investment account, you can't transfer your funds should you change your mind, and you'll lose all your accumulated wealth if you can't pay your premiums. 

For these reasons, we recommend keeping your coverage and your investments separate unless you're confident you can keep up with your premium payments for the rest of your life.

Pros & Cons

Available products

• My Term with $100,000 - $25 million in coverage for 5-50 years
• Universal Life with $25,000 - $10 million in lifetime coverage

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^{9 We compare the yearly cost of each product 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 the ages of 30-44 seeking a universal life insurance policy with $50,000 of coverage.}

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

No medical life insurance covers policies with an eligibility questionnaire (also known as simplified issue) and those that accept all applicants (also known as guaranteed issue). Both tend to carry high premiums.

Applying for fully underwritten life insurance first can yield big savings, and even if you’re rejected, it won’t affect your application for a no medical product later.

Best no medical term life insurance in Canada

^{10 For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44 across every term length available. The results show the approximate cost of a 10-30-year term life insurance policy with $50,000 of coverage.}

Term Simplified by Beneva

Our expert take: 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 & Cons

Available products

• Term Plus with $10,000 - $5 million in coverage for 10-30 years
• Term Simplified with $10,000 - $5 million in coverage for 10-30 years and no medical exam
• Term 100 with $10,000 - $10 million in lifetime coverage
• Enhanced Term 100 with $10,000 - $10 million in lifetime coverage
• Universal Life Insurance with $10,000 - $10 million in lifetime coverage
• Simplified Whole Life with $10,000 - $99,999 in lifetime coverage and no medical exam

Simplified Elite Life by Canada Protection Plan

Our expert take: Canada Protection Plan specializes in no medical term and permanent life insurance, and Simplified Elite Life is just one of the company's many coverage options. Although premiums can be steep, each CPP policy includes a free assortment of useful benefits, and the company has several decades of experience and an "A" financial stability grade from A.M. Best to back it up.

Pros & Cons

Available products

• Preferred Elite, Express Elite, Preferred, Simplified Elite and Deferred Elite Term Life Insurance with $25,000 - $1 million in coverage for 10-30 years and no medical exam
• Preferred Elite, Preferred, Simplified Elite, Deferred Elite, Deferred and Guaranteed Acceptance Life with $5,000 - $1 million in lifetime coverage and no medical exam

Term Superior+ Express/Immediate by UV Insurance

Our expert take: Term Superior+ Express and Immediate are simplified term life insurance products. Despite allowing applicants to skip the medical exam, UV Insurance charges very favourable rates. 

The catch? You'll have to make due with $250,000 or less in coverage.

Pros & Cons

Available products

• Term Superior+ Express with $10,000 - $150,000 in coverage for 10-30 years and no medical exam
• Term Superior+ Immediate with $150,001 - $250,000 in coverage for 10-30 years and no medical exam
• Term Superior+ Regular with $250,001+ in coverage for 10-30 years
• Whole Life Express with $10,000 - $150,000 in lifetime coverage and no medical exam
• Whole Life Regular with $150,0001 in lifetime coverage and no medical exam

^{11 We compare the yearly cost of each product 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 the ages of 30-44 seeking a 10-30-year term life insurance policy with $50,000 of coverage.}

Best no medical permanent life insurance in Canada

^{12 For each product, we averaged the monthly premiums for female non-smokers between the ages of 30-44. The results show the approximate cost of a permanent life insurance policy with $50,000 of coverage.}

Simplified Whole Life by Beneva

Our expert take: Simplified Whole Life carries an above-average price tag, but that's normal for no medical life insurance. In return for skipping the medical exam, you pay higher rates, but Beneva's high Google review score and "A" from A.M. Best suggest it could be worth it.

It's usually best to apply for a fully underwritten policy first because it can save you a substantial amount of money in the long term. You can always apply for our top pick for no medical life insurance later.

Pros & Cons

Available products

• Term Plus with $10,000 - $5 million in coverage for 10-30 years
• Term Simplified with $10,000 - $5 million in coverage for 10-30 years and no medical exam
• Term 100 with $10,000 - $10 million in lifetime coverage
• Enhanced Term 100 with $10,000 - $10 million in lifetime coverage
• Universal Life Insurance with $10,000 - $10 million in lifetime coverage
• Simplified Whole Life with $10,000 - $99,999 in lifetime coverage and no medical exam

Access Life L100 Immediate Plus by Industrial Alliance

Our expert take: Access Life is divided into four coverage steps that determine premiums and maximum face amounts. Immediate Plus is the highest tier; as long as you're in fairly good health and have no signs of AIDS, HIV, cirrhosis of the liver, hepatitis C or kidney failure, you'll be eligible for the best rates and most coverage. 

That being said, as a simplified product, Access Life L100 Immediate Plus can cost as much as 34% more than the industry average. We always recommend applying for fully underwritten life insurance first. You could save a lot of money, and it won't affect your chances of qualifying for no medical life insurance in the future.

Pros & Cons

Available products

• Access Life Insurance with $10,000 - $350,000 in coverage for 15-25 years or until age 100
• Pick-A-Term with $25,000 - $20 million in coverage for 10-40 years
• Genesis 10 Life Pay with $100,000 - $10 million in lifetime coverage with investment options
• iA PAR Estate Solution or Wealth Solution with lifetime coverage and participating dividends

Simplified Elite Life by Canada Protection Plan

Our expert take: Simplified Elite Life is no medical, permanent life insurance issued by Canada Protection Plan. If you're in fairly good health or you participate in extreme sports, you'll qualify for CPP's third-best rates and a modest amount of coverage. Otherwise, you'll have to settle for higher insurance premiums and a lower face amount.

It's a good product from a trusted insurer with an "A" from A.M. Best, but we recommend first applying for a fully underwritten policy (with a possible medical exam). According to the Canadian Life and Health Insurance Association, 96% of life insurance applicants receive the coverage they applied for and qualify for standard rates. 

Pros & Cons

Available products

• Preferred Elite, Express Elite, Preferred, Simplified Elite and Deferred Elite Term Life Insurance with $25,000 - $1 million in coverage for 10-30 years and no medical exam
• Preferred Elite, Preferred, Simplified Elite, Deferred Elite, Deferred and Guaranteed Acceptance Life with $5,000 - $1 million in lifetime coverage and no medical exam

^{13 We compare the yearly cost of each product to the average cost of similar products for the same type of applicant. These figures show the approximate price difference for a female non-smoker between the ages of 30-44 seeking a no medical permanent life insurance policy with $50,000 of coverage.}

Methodology: best 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 10-30-year policies with $500,000 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 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 the 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 November 2025.

For example, the cost of a 10-year term policy for non-smoking women aged 18-29 with $500,000 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 $50,000 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. 

How to choose the best life insurance policy for you

Life insurance works best when it’s tailored to your needs. To find a policy that works for you, first:

1. Consider term vs permanent. If your financial obligations will end or change in a decade or two, term life insurance is likely your best option. If you’re planning for end-of-life or estate planning expenses, permanent life insurance may suit you better.
2. Calculate how much life insurance you need. Rather than simply multiplying your income, sit down and think about your dependents, what you want to cover and how much it will cost. Subtract any coverage already provided by your group benefits.
3. Choose your term length or permanent life insurance options. Think about how long your financial obligations will last and set your term accordingly. Consider your budget carefully to see if you can support the extra cost of a cash value, investment account or participating option.
4. Compare permanent and term life insurance quotes. The best way to find a deal is to compare prices from multiple insurers. 

FAQ: Best life insurance in Canada