Child coverage if it’s available as a free or low-cost add-on
There’s no such thing as a ready-made family life insurance plan, but all life insurance is built around the idea of protecting families. By putting term or permanent life insurance in place early, you can protect your family’s financial future against the costs associated with death—especially early, unexpected, or accidental death.
Life insurance for parents
Looking to buy life insurance as a new parent? You may want to check out our guide to life insurance for parents, which compares life insurance options from leading providers based on your child’s age and your future financial goals.
PolicyMe, affordable term life protection for your family
Build the best life insurance policy for your family
Each family’s needs are different. Before comparing life insurance options to build your family’s financial strategy, it’s important to understand what your family needs.
Can you answer these 5 key questions?
Before shopping for life insurance, make sure you know the answers to these five key questions.
Who should your policy cover? Most family life insurance plans should cover parents, since other family members depend on their income and support for daily living expenses and major financial goals.
Who will your beneficiaries be? Minors can’t legally receive the death benefit from a life insurance policy, so think carefully about naming a legal representative or trustee to manage the money in the event of your death.
Joint, individual, or combined policies? Joint insurance policies for parents are the cheapest option, but can leave gaping holes in your coverage. In most cases, individual or combined policies deliver the best coverage.
How long do you need coverage? If you’re buying life insurance to give your children financial protection, your plan(s) should last until the youngest family member is financially independent. A 20-year term is most common, but longer or shorter terms are available along with lifelong coverage for special circumstances.
How much life insurance coverage do you need? Most families need coverage equal to at least 7–10x the primary earner’s annual salary, but you can conduct a quick and thorough needs assessment using PolicyMe’s free online life insurance calculator.
In the tables below, we’ve identified the best life insurance plans for each member of your family to help you build your own strategy for long-term financial security.
“A lot of people come into the conversation with misconceptions about life insurance. Some expect a one-size-fits-all family policy, but in Canada, coverage can be built through a mix of individual and joint policies depending on your needs.” — Christelle Arouko, Life Insurance Advisor
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.
* 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 $500,000 in coverage.
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 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.
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
$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
Term 100 life insurance
Term: Lifetime
Coverage: $10,000 - $5 million
Best term life insurance - #2
RBC Life Insurance
(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 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.
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
RBC Growth Insurance and Growth Insurance Plus
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Participating dividends
RBC Guaranteed Acceptance Life Insurance
Coverage: $5,000 - $40,000
Term: Lifetime
RBC Simplified Term Life Insurance
Coverage: $50,000 - $1 million
Term: 10-40 years
RBC Universal Life and Universal Life with Bonus Interest
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Investment account
Term 100 Life Insurance
Coverage: $50,000+
Term: Lifetime
Best term life insurance - #3
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
Term: 10-30 years
Coverage: $25,000 - $20 million
Solution ART
Term: 3 years
Coverage: $25,000 - $499,999
EstateMax
Term: Lifetime coverage and participating dividends
Coverage: $10,000+
Optimax
Term: Lifetime coverage and participating dividends
Coverage: $5,000+
Solution 100
Term: Lifetime
Coverage: $10,000+
Term to 100
Term: Lifetime
Coverage: $10,000 - $20 million
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
Versatile Term
Coverage: $25,000 - $5 million
Term: 10-30 years
Infinity Term
Coverage: $25,000+
Term: Lifetime
Responsibility and Responsibility PLUS
Coverage: Up to $25,000
Term: Lifetime
Universal Life
Coverage: $25,000+
Term: Lifetime
Whole Life Ascend
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
Whole Life Protector
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
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 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.
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
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
[spacer]
Advantage Plus
Coverage: $25,000 - $5 million
Term: Lifetime
Features: Participating dividends
[spacer]
Non-Par Whole Life
Coverage: $50,000 - $5 million
Term: Lifetime coverage
Couples who apply together for life insurance from PolicyMe are eligible for a 10% discount on each policy in their first year.
Get the term life protection your family needs for an affordable price.
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 3% 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. This figure shows the approximate price difference for a male non-smoker between 30-44 shopping for a 10-30-year term life insurance policy with $500,000 in coverage.
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 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
Term 100 life insurance
Term: Lifetime
Coverage: $10,000 - $5 million
Best term life insurance - #2
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 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. This figure shows the approximate price difference for a male non-smoker between 30-44 shopping for a 10-30-year term life insurance policy with $500,000 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
Versatile Term
Coverage: $25,000 - $5 million
Term: 10-30 years
Infinity Term
Coverage: $25,000+
Term: Lifetime
Responsibility and Responsibility PLUS
Coverage: Up to $25,000
Term: Lifetime
Universal Life
Coverage: $25,000+
Term: Lifetime
Whole Life Ascend
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
Whole Life Protector
Coverage: $25,000+
Term: Lifetime
Features: Participating dividends
Best term life insurance - #3
RBC Life Insurance
(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 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. This figure shows the approximate price difference for a male non-smoker between 30-44 shopping for a 10-30-year term life insurance policy with $500,000 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
RBC Growth Insurance and Growth Insurance Plus
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Participating dividends
RBC Guaranteed Acceptance Life Insurance
Coverage: $5,000 - $40,000
Term: Lifetime
RBC Simplified Term Life Insurance
Coverage: $50,000 - $1 million
Term: 10-40 years
RBC Universal Life and Universal Life with Bonus Interest
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Investment account
Term 100 Life Insurance
Coverage: $50,000+
Term: Lifetime
Best term life insurance - #4
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 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. This figure shows the approximate price difference for a male non-smoker between 30-44 shopping for a 10-30-year term life insurance policy with $500,000 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
Term: 10-30 years
Coverage: $25,000 - $20 million
Solution ART
Term: 3 years
Coverage: $25,000 - $499,999
EstateMax
Term: Lifetime coverage and participating dividends
Coverage: $10,000+
Optimax
Term: Lifetime coverage and participating dividends
Coverage: $5,000+
Solution 100
Term: Lifetime
Coverage: $10,000+
Term to 100
Term: Lifetime
Coverage: $10,000 - $20 million
Best term life insurance - #5
Desjardins Financial Security
(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.
Great Customer Service
Quote Online
Costs 3% 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. This figure shows the approximate price difference for a male non-smoker between 30-44 shopping for a 10-30-year term life insurance policy with $500,000 in coverage.
Desjardins has plenty to recommend it, including a decent product selection, positive customer reviews, and an "A+" financial stability grade from Standard & Poor's. Its Term Life Insurance rates are particularly competitive for seniors, but to get in-person service, you have to live in Ontario or Quebec.
Pros
$50,000 - $20 million in coverage available for 10-30 years
8 Available riders
Adjustable coverage
Bundling discount
Convertible until age 70
High Google review scores
Renewable until age 85
Cons
Concentrated in Ontario and Quebec
Low maximum issue age
Phone call may be required for quote or purchase
Term Life Insurance
Term: 10-30 years
Coverage: $50,000 - $20 million
Life Insurance Over 50
Term: Lifetime coverage and no medical exam
Coverage: $5,000 - $20,000
Term to 100
Term: Lifetime
Universal Life
Term: Investment options
Whole Life Guaranteed to 100
Term: Participating dividends
The best life insurance for children
In general, only parents need life insurance to protect their children, because life insurance provides a payout when the insured dies. Because children don’t have dependents, they should function as life insurance beneficiaries, but don’t need a policy of their own. In fact, most term life insurance policies have a minimum policyholder age of 18.
That said, many life insurance companies offer child term coverage as an add-on to a parent’s life insurance policy, either as an optional rider or as a built-in policy benefit. All PolicyMe life insurance policies include $10,000 of complimentary child coverage, offering a tax-free lump sum payout in the event of the death of any of the insured’s children.
Other life insurance companies may offer child term coverage as an optional benefit for an added cost. If it’s available, you may want to add it to your policy, but it may not be worth paying extra for.
Whole life insurance for children
The most common type of life insurance purchased as a standalone policy for children is whole life insurance, which offers fixed lifelong premiums with a cash value component that grows over time. It’s often seen as a way to invest in a child’s future by locking in low rates and building value that the child can access in adulthood.
If you’re considering buying this type of policy for your child, speak with a licensed insurance advisor about the potential benefits and downsides. Whole life insurance is not cost-effective for most Canadians, so it’s worth exploring other options to provide for your family’s future.
Life insurance exists to protect your loved ones against the financial consequences that could follow your death.
You need life insurance if:
Anyone depends on your income—including children, partners, parents, siblings, or other family members
You have major financial responsibilities—such as a mortgage, student loan debt, or education costs—that would become a burden to your family if you died
You have future goals, like your child’s education, that could not be accomplished if you died without a payout
Your family could not afford to cover final expenses such as medical bills and funeral costs
Some Canadians don’t need life insurance. They’re usually single people with no children or other dependents and no major debts.
Families and life insurance go hand in hand. It’s up to you to decide what life insurance looks like for your family.
“When two people commit to building a life together—whether that means marriage, buying a home, or starting a family—the focus is rightly on hopes and dreams. But true commitment also includes planning for the unexpected. Life insurance is not about being pessimistic; it’s about being responsible, loving, and forward-thinking. You're not planning for death; you're planning for life to keep going for the one you love.” — Ivana Govedarica, Life Insurance Advisor
Get the term life protection your family needs for an affordable price.
There’s no single, specific product known as “family life insurance.” Instead, life insurance works as a safety net for families, typically to protect the financial security of children and other dependents in the event of a breadwinner’s death. Term life insurance, which keeps coverage active only during the period when some family members are dependent on others, is the most popular and cost-effective type of life insurance for most Canadian families.
Most families can benefit from multiple life insurance policies, with separate coverage amounts and policy terms tailored to each provider in the family. While joint insurance policies are an affordable way to get cheap family term insurance, these policies often leave major coverage gaps.
Term life insurance best addresses the needs of Canadian families by providing cost-effective coverage only during the period of life when dependents — like children or non-working spouses — need financial protection. Unlike permanent coverage, which covers the policyholder’s entire life even if they have no dependents or debts, term life insurance keeps costs low and matches coverage to actual need.
Your family’s life insurance plan should include enough coverage to replace the policyholder’s income and pay for daily living expenses, childcare, education, and any major debts or financial obligations such as a mortgage. You can estimate your exact needs by using PolicyMe’s life insurance calculator or by working with a licensed advisor to analyze your family’s financial needs.
Consider the following factors when choosing family life insurance:
Term vs. permanent: Most Canadian families need term insurance.
Joint vs. individual policies: We recommend individual or combined policies for most families.
Coverage needs: You can calculate your desired coverage amount using an online tool or by speaking with an insurance advisor.
Term length: Your policy should stay active as long as you have dependents and/or major debts — and no longer.
Underwriting: Full underwriting via health questionnaires and/or medical exams can keep life insurance costs low.
Insurance provider: You can purchase life insurance directly through an online distributor like PolicyMe or by working with an agent or broker.
Additional products: Consider adding other insurance products, such as critical illness insurance, to your life insurance quotes.
Jaya Anandjit
Jayais a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.
Jayais a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.
