Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for no medical
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for universal life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for decreasing term coverage
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life insurance for the self-employed
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Blue Cross is a great option if you want both life and disability insurance under one policy: their tangible hybrid plan. Health insurance is their specialty, though; not life insurance.
Pros and Cons
Pros
Get up to $1M in coverage, plus the plan converts to a permanent one at age 56.
Option to add riders like health, dental and disability to your life insurance policy.
Cons
The only term lengths available are 10, 20 or 25 years.
Whole life insurance coverage only available up to $500,000 for ages 18 to 70.
No standalone critical illness insurance, it must be added as a rider to your life insurance policy.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for cancer survivors
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for credit union members
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
With preferred rates for eligible Canadians, CUMIS life insurance could be a good choice if you're a credit union member, but there are better options otherwise.
Pros and Cons
Pros
Variety of add-ons and riders available (for an extra fee).
Large variety of policy types from term, to whole, to universal, and children's coverage.
Cons
Only available through credit unions and cooperatives.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for participating life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for seniors and no medical life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Top pick for seniors, especially for those with health issues that would get them declined or charged sky-high rates elsewhere. Most plans let you skip medical exam.
Pros and Cons
Pros
No health exam for simplified issue & guaranteed acceptance plans.
Known for fast processing times, some get approved within 24 hours.
Established player in the no medical life insurance space.
Cons
More expensive than traditional term life insurance.
Some plans are deferred by 2 years, meaning no death benefit if you pass before then.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for short-term life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for whole life insurance for children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Desjardins offers one of the most affordable whole life policies for kids. Unique offering of 5 Pay which is the ability to pay the policy in full within 5 years.
Pros and Cons
Pros
Number of riders like children’s accidental fracture and guaranteed insurability.
Strong brick-and-mortar presence in Ontario and Quebec.
Cash value options available, with a dividend scale of 6.2%.
Cons
Presence outside of Ontario and Quebec is limited.
Children’s Life Protection policy can be converted to permanent, but coverage only goes to $20K.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life insurance for smokers
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for wealth transfer to children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner up for life insurance for children
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best life/disability insurance for the hard-to-insure
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Humania's Insurance Without Medical Exam asks only 6 questions and is issued immediately. Get disability & critical illness insurance with no extra questions.
Pros and Cons
Pros
Insurance Without Medical exam includes life, critical illness, and disability insurance.
Get $5K-$300K in coverage.
Cons
Will not pay out death benefit for a pre-existing condition for 1-2 years (depends on the policy)
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for business owners life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for permanent life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for parents & homeowners
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for best term life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for existing customers
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for whole life insurance with cash value
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Policies are pricier, but Sun Life has the highest dividend scale for whole life insurance in Canada. Good option for high-net-worth individuals and has perks like succession planning.
Pros and Cons
Pros
Very experienced advisors, some with 30+ years of experience.
Range of options for cash value life insurance.
Single & joint policies available.
Cons
Premiums are higher than competitors
Funds are expensive and investment options limited to their available funds.
Check their MERs (management fees) against other companies.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Best for simplified & guaranteed issue life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Known for its variety of no medical, simplified issue and guaranteed accepted life insurance products. But make sure to compare premiums with other no medical providers.
Pros and Cons
Pros
Multi-contract discount, refunds up to $100 if a referral buys UV within 1 year.
No health exam needed for up to $500,000 in term & $150,000 in permanent coverage.
Cons
Only available in Quebec, Ontario and New Brunswick
Prices for their simplified whole life policies look higher than CPP and Beneva.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Second runner-up for best term life
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Rated between 1-5 stars for cost, trustworthiness, policy options, customer reviews, and financial stability. Pulling from sources including but not limited to AM Best, Better Business Bureau, Fitch Ratings, InsurEye, TrustPilot, Google Reviews, etc.
Runner-up for smokers life insurance
Cost
Based on monthly premiums, pulling from publicly available rates. $ - most affordable rates $$ - average rates $$$ - most expensive rates
Rated between $, $$, $$$ in relation to comparable life insurance products on the market in Canada. Based on publicly available rates pulled from WinQuote and other external sources.
Laura McKay is the co-founder and COO of PolicyMe, Canada's fastest-growing digital life insurance company. In 2021, she was named one of the Women of the Year by Bay Street Bull. Laura has a Bachelor of Mathematics from the University of Waterloo. Her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation. After her degree, she was employed by Manulife and Munich Re in Actuarial Science. Laura then worked at famed management consulting company Oliver Wyman in New York from 2013-2018. In this position, she worked with many Fortune 500 life insurance companies and helped them develop growth strategies and solve operational problems and regulatory issues.
November 24, 2022
•
6 minutes
Peer reviewed by Tobin Tuff
,
Certified Life Insurance Advisor
PolicyMe content follows strict guidelines for editorial accuracy and integrity. Learn more about our editorial guidelines.
The best life insurance for most cancer patients is a guaranteed issue policy.
Guaranteed issue policies are what they sound like; a policy that is guaranteed to be approved. But the insurance costs are higher
The best life insurance for cancer survivors will vary on a case by case basis; but most survivors will be able to get an affordable term life insurance policy.
Depending on the type of cancer you have or how long you’ve been in remission, you can qualify for other types of life insurance that are more affordable.
The bottom line is that you can get a life insurance policy with cancer.
Best life insurance for cancer patients
The best type of life insurance for cancer patients is guaranteed issue policies. Insurers will approve this type of policy without any of your medical information.
But this comes at a cost because life insurance companies treat these applicants like they're all equally risky to cover.
Life insurance advisor, Tobin Tuff says,
“Guaranteed issue policies are more expensive than a traditional life insurance policy, with smaller payout options.”
“And, like with most life insurance, there is a two-year waiting period. So if you pass before then, your loved ones will only get a return of premiums, not a payout.”
Here’s what Tobin says about other life insurance options if you have cancer:
No medical life insurance (also known as simplified issue life insurance) will not be a good option here because there is still a medical questionnaire as a part of the application
Generally, you need to be cancer-free for three years to apply for a "regular" term life insurance policy
There are some rare exceptions to this, for example, with malignant melanoma, where you can apply for a (more affordable!) term policy immediately after having it removed
Here is a breakdown of how these types of life insurance compare:
Best life insurance for cancer survivors
The best type of life insurance for cancer survivors depends on how recently you went into remission.
Three in four Canadians diagnosed with cancer are expected to recover, says the Canadian Cancer Society. So if you waited to get life insurance, you still have options!
Here are some of your life insurance choices as a cancer survivor:
If you just recently went into remission, you may still only qualify for guaranteed issue life insurance.
You may qualify for no medical life insurance as well, but note that they will likely still ask you questions about your health history and premiums will be high
You may qualify for a traditional term life insurance or permanent life insurance policy if you’ve been in remission for a few years or more. The number of years you’ve been in remission depends on each company’s policy rules
Have you been in remission for three or more years? You can qualify for one of the cheapest term life insurance on the market with PolicyMe.
We offer some of the best term policy rates in Canada (up to 20% more affordable).
Best life insurance companies for cancer
The best life insurance companies for cancer patients are Canada Protection Plan, Assumption Life and CIBC Life Insurance.
We review companies that offer guaranteed issue policies, which is a type of life insurance that doesn't require without a medical questionnaire or exam.
But don't forget: these policies are pricey, have smaller payouts and are only for very specific life situations. Each option offers different coverage amounts.
1. Canada Protection Plan: Guaranteed Acceptance Life
Canada Protection Plan offers a life insurance policy called Guaranteed Acceptance Life. No matter your current health condition, you will be accepted.
Coverage: Up to $50K
Eligibility: Ages 18–75
Pros:
Includes terminal illness benefit; if you’re diagnosed with a terminal illness, this pays up to 75% of the death benefit (maximum $250K) to the policy owner
Includes transportation benefit; this helps with the cost of transportation if you (the policyholder) pass away more than 200km from your principal residence
Optional accidental death benefit of up to 5x your death benefit; eligibility depends on age. But note that this will increase your monthly premiums
In the fifth policy year, it will start to accumulate a cash value; if you cancel your policy, you (the policy owner) will get any cash value back
Cons
Two-year waiting period and if you pass away before then by non-accidental means, your beneficiaries only get a refund of premiums
2. Assumption Life: Bronze Protection Life Insurance
Assumption Life offers term life and permanent life insurance options with fewer medical requirements. Their guaranteed issue life insurance is called Bronze Protection. Below are more details about it.
Coverage: Up to $50K
Eligibility: Ages 18–80
Pros:
Includes living benefit of 50% of coverage amount if you’re diagnosed with a terminal illness
Includes transportation benefit of up to $2K if you pass away 200km away from your home
Includes accidental death benefit
After the fifth policy year, you can get cash values
After the fifth policy year, you can get reduced paid-up. The Canadian Life and Health Insurance Association explains that this means you don’t pay any more premiums and your policy will continue but for a reduced coverage amount
Cons
No death benefit if you pass away in the first two years of the policy
Coverage for ages 71–80 is less (between $2,500 and $25,000)
3. CIBC: Guaranteed Acceptance Life Insurance
CIBC’s Guaranteed Acceptance Life Insurance product is not as robust as other companies but it can be a good last resort option. You can still get some coverage with it to help cover funeral and other expenses after your passing.
Coverage: Increments of $5K, up to $25K
Eligibility: Canadian resident aged 40–74
Pros:
Locked in premiums if your smoker status stays the same
Lower rates for non-smokers
You can get coverage for your spouse as well
Accidental death coverage of up to 5x your coverage, if you pass away before age 80 (maximum $125K)
Optional living benefit if after two years you’re diagnosed with a terminal illness and have two years or less to live. You can receive up to 50% of your coverage amount
30-day review period where you can cancel your policy and get a full refund
Cons
If you pass away before two years, no death benefit; only your premiums will be returned
After your policy becomes active, you cannot add a spouse to it
You can’t change the coverage amount of your policy; if you want to increase coverage, you need to buy a new policy
Cancer life insurance quotes
To get a life insurance quote for cancer patients, many companies have an online tool you can use to get an estimate.
But you can be eligible for a few different types of policies depending on your unique situation and type of cancer; so it might be a good idea to contact an insurance advisor at the company.
They can give you a quote and help answer your questions in more detail.
But tread carefully: many life insurance advisors are commissioned and incentivized to sell customers more coverage than they might require.
If you’ve been cancer-free for three years, you can get a life insurance quote with PolicyMe in just a few clicks. No commitment necessary.
Next steps:
Know that you absolutely do have options for keeping your family financially secure if you pass away.
Keep in mind that guaranteed issue life insurance is much more expensive than traditional types of coverage. And the payout amounts are much smaller, too.
You can get life insurance quotes online to start shopping around for rates. You can also ask a life insurance advisor, but many of them are commissioned.
If you’re a cancer survivor, you can shop around for other options like term life insurance, which is considerably more affordable and for much bigger payouts.
Caution: there is a two-year waiting period for most life insurance in Canada. If you pass away before then, your beneficiaries just get your premiums paid back, not the full payout.
FAQ: best life insurance for cancer patients and survivors Canada
Can I get whole life insurance if I have cancer?
No, if you have cancer, you cannot get traditional whole life insurance. However, you can get a guaranteed issue life insurance policy which can last your whole life, but coverage amounts will be much smaller than a typical life insurance policy.
Can cancer patients get life insurance?
Yes, cancer patients can get life insurance in Canada.
But some companies will deny you for certain policies if you have cancer, which is considered a critical illness. So, your best option is a guaranteed issue policy which does not require any medical screening.
Can you get life insurance for Stage 4 cancer?
Yes, if you have stage 4 cancer, you can get guaranteed issue life insurance.
Note that most policies will only give your beneficiaries the full death benefit after two years of the policy being signed. So, if you pass away before then, your loved ones will only receive a return on the premiums you already paid.
How much is life insurance if you have cancer?
If you have cancer, you'll pay higher term life insurance premiums than a healthy person will. This is because you will likely need to get a guaranteed issue life insurance policy which is more expensive than traditional policies.
Shop around with different insurers who offer guaranteed issue life insurance to see your pricing options.
How long after cancer can you get life insurance?
You can get life insurance while you have cancer or you can wait until you’ve been in remission for a few years. Each company has different policies so while some may require you to be in remission for at least three years to qualify, others might require ten.
If you are worried about leaving your family financially insecure in the event of your passing, it’s best to consider life insurance options sooner than later.
If your partner has cancer, it may be better to get spouse life insurance that way if your partner passes away first, they receive a payout.
Laura McKay
COO & Co-Founder
About the Author
Laura McKay is the co-founder and COO of PolicyMe, Canada's fastest-growing digital life insurance company. In 2021, she was named one of the Women of the Year by Bay Street Bull. Laura has a Bachelor of Mathematics from the University of Waterloo. Her degree focused on Actuarial Science, which included learning about mortality risk, the basis of life insurance pricing and valuation. After her degree, she was employed by Manulife and Munich Re in Actuarial Science. Laura then worked at famed management consulting company Oliver Wyman in New York from 2013-2018. In this position, she worked with many Fortune 500 life insurance companies and helped them develop growth strategies and solve operational problems and regulatory issues.
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in our marketing efforts. More info
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage and assist in our marketing efforts. More info