Life insurance in Saskatchewan can be simple and affordable
Save on your term life insurance in Saskatchewan with PolicyMe.
Term life insurance quotes in Saskatchewan
Average starting costs for PolicyMe term life insurance with $500,000 over 20 years
Age | Premiums For Women | Premiums For Men |
|---|---|---|
30 | $20.68 | $29.67 |
35 | $22.93 | $31.29 |
40 | $33.27 | $44.96 |
45 | $51.25 | $71.49 |
*For a non-smoking person with average health.
See your rate with 5 easy questions!
How much does life insurance cost in Saskatchewan?
Calculated based on rates from 20 insurance providers, a term life insurance policy in Saskatchewan for healthy, non-smoking applicants aged 30-39 with $500,000 in coverage costs an average of $54.83 per month, or $657.96 per year.
Durée de couverture | Taux moyens de l'industrie | Taux moyens d'AssureMoi |
|---|---|---|
10 ans | 32,58 $ | 20,79 $ |
15 ans | 41,75 $ | 25,76 $ |
20 ans | 50,33 $ | 30,11 $ |
25 ans | 66,00 $ | 42,60 $ |
30 ans | 83,50 $ | 54,15 $ |
*The table above shows average premiums for term life insurance across 20+ carriers in the industry.
What impacts life insurance cost?
Life insurance rates don’t vary by province in Canada, so living in Saskatchewan won’t affect the cost of your life insurance; however, insurance providers typically use the following key factors to determine your policy rate:
- Your age
- The amount of coverage
- Your policy’s term length
- Your health status
- Your smoking status
- Other lifestyle factors (e.g., high-risk hobbies or your career)
Your life insurance rates are also influenced by policy add-ons or riders, such as critical illness insurance or disability insurance. These inclusions typically lead to higher premiums.
What are the best life insurance companies in Saskatchewan?
There isn’t necessarily a “best” life insurance company across the board. The right company for you depends on your coverage needs, lifestyle, budget, and more. With that said, here’s a rundown of the best life insurance companies across the most popular products.
Catégorie | Fournisseur | Notation | Prime moyenne* |
|---|---|---|---|
Meilleure assurance vie temporaire | AssureMoi | ★★★★★ (5,0) | 20 $/mois |
Meilleure assurance vie entière | Assomption Vie | ★★★★★ (4,5) | 30 $/mois |
Meilleure assurance vie universelle | Desjardins | ★★★★★ (4,5) | 30 $/mois |
Meilleure assurance vie sans examen médical | Beneva | ★★★★★ (4,5) | 25 $/mois |
* We compared each product's yearly costs to the average cost of similar products for the same type of applicant. For term life insurance, we pull premiums for $500,000 in coverage, for permanent and no medical life insurance, we pull premiums for $50,000 in coverage. Your life insurance premium will vary based on your sex, age, health, and policy specifications
How prices are compared
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 PolicyMe'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
Coverage: $10,000 - $5 million
How prices are compared
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 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
- $5,000 - $4 million in lifetime coverage available
- $80 Annual policy fee
- 7 Available riders
- Choice of paying for 20 years or until age 100
- Choice to receive dividends as accumulation, cash, enhanced, paid-up additions or reduced premiums
- Choice of individual or joint life coverage
- Includes the ability to vote at annual general meetings
Cons
- Above-average rates for seniors
- No accidental death and dismemberment or disability riders
- No brick-and-mortar offices
- Above-average rates for older applicants and seniors
- Phone call may be required to quote and purchase
FlexTerm
Term: 10-35 years
Coverage: $100,000 - $10 million
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YouthPlus
Term: until age 25
Coverage: $35,000 - $175,000
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Non-Participating Whole Life
Term: lifetime
Coverage: $5,000 - $10 million
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ParPlus and ParPlus Junior
Term: lifetime
Coverage: $5,000 - $4 million
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Bronze, Silver, Gold and Platinum Protection Whole Life
Term: lifetime
Coverage: $5,000 - $750,000
How prices are compared
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.
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
- 9 Available riders
- Bundling discount
- High Google review scores
- Includes access to telehealth phone assistance
Cons
- Above-average rates for senior smokers
- Phone call may be required to quote and purchase
Term Life Insurance
Term: 10-30 years
Coverage: $50,000 - $20 million
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Life Insurance
Coverage: Over 50 with $5,000 - $20,000 in lifetime coverage and no medical exam
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Term to 100
Term: lifetime coverage
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Universal Life
Coevrage: with investment options
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Whole Life Guaranteed
Coverage: to 100 with participating dividends
How prices are compared
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
Term: 10-30 years
Coverage: $10,000 - $5 million
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Term Simplified
Term: 10-30 years and no medical exam
Coverage: $10,000 - $5 million
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Term 100
Term: lifetime coverage
Coverage: with $10,000 - $10 million
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Enhanced Term 100
Term: lifetime coverage
Coverage: with $10,000 - $10 million
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Universal Life Insurance
Term: lifetime coverage
Coverage: with $10,000 - $10 million
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Simplified Whole Life
Term: lifetime coverage and no medical exam
Coverage: with $10,000 - $99,999
* 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 30-66 shopping for $50,000 in coverage for permanent life insurance and no medical life insurance plans, and $500,000 in coverage for term life insurance plans.
To find the best life insurance companies in Canada, we evaluated over 20 of the largest and most well-known insurers in the country using three categories:
- Affordability: To determine which insurers charge the lowest premiums, we gathered over 2,000 life insurance quotes. Our price data spans smokers, non-smokers, and birth sex, across six age groups from 18-70 and five products (including term and permanent life insurance).
- Customer service: To find out which life insurance companies offer the best customer experience, we averaged review scores from the Better Business Bureau, Trustpilot, Insureye and Google. We also counted the number of contact methods each insurer offers to its customers.
- Industry reputation: To ensure our recommendations were financially sound, we reviewed each life insurance company’s financial stability ratings from leading credit agencies A.M. Best, Morningstar DBRS and S&P Global. We incorporated Glassdoor reviews to reflect each insurer’s ability to manage and support its employees.
All three categories received a final, averaged score out of 5. After adding the results together, we had a definitive list of the best life insurance providers in Canada. The rates listed in this article are based on publicly available rates as of December 2025.
PolicyMe does not receive compensation for any life insurance reviews.
How much life insurance does the average Saskatchewanian need?
When deciding how much life insurance you’ll need or what your budget should be for a policy, it's helpful to look at your debt, income, mortgage, and educational expenses (also known as the DIME method). Here’s an overview of some average Saskatchewanian data to help you visualize how this calculation works:
Debt: $23,478
According to a 2024 Equifax report, the average debt in Saskatchewan is $23,478.1
Income: $57,600
For Saskatchewanians ages 15 and older, the average annual income is $57,600.2
Mortgage: $156,146
Across all age groups, the average mortgage debt in Saskatchewan is $156,146.3
Education: $39,452
The average annual tuition fee in Saskatchewan is $9,863 for a Canadian undergraduate. For a standard four-year program, that costs an average of $39,452 for your child’s education.4
According to our research, the average Saskatchewanian would benefit from $276,676 in term life insurance coverage.
This DIME method analysis gives us an estimated average of $600,000 in life insurance needs for the average Saskatchewanian.
Keep in mind that Saskatchewanians living in main urban hubs like Saskatoon or Regina may have different DIME values (and rates) than those living in rural areas.
The fastest way to calculate your personal insurance needs is by using PolicyMe’s online term life insurance calculator. You can gain insight on rates for three levels of coverage, making your Life Insurance shopping experience smoother.
Faites comme des milliers de familles de la Saskatchewan et optez pour une assurance vie AssureMoi.
Des tarifs plus qu'abordable et une couverture intéressante
Un processus simplifié et des taux abordables pour tous
Une soumission sans engagement
Découvrez vos options d'achat sans pression d'achat
Obtenez une réponse immédiate à votre demande
Découvrez sur le champs si votre demande a été acceptée
Soutenue par Securian Canada
Une couverture sur laquelle vous pouvez compter
Des conseils sans vente incitative
Nos conseillers canadiens sont prêts à vous aider à chaque étape.
Arrêtez de faire défiler. Commencez à enregistrer.
If you’re wondering how our policies are so affordable, here’s why:
Around 40% of a Big Bank's policy price comes from distribution and underwriting costs.
Using technology for good, we cut out unnecessary costs and passed those savings back to you.
Our life insurance policies are fully underwritten with the same quality protection you deserve, but at a lower monthly price.
Misez sur des taux abordables avec AssureMoi...
Et un processus simplifié.
Life insurance in Saskatchewan: Quick facts
55 life insurance providers
Saskatchewanians can choose from 55 licensed life insurance companies, so options aren’t limited.5
Saskatchewanians buy more coverage
Saskatchewan’s average life insurance coverage amount is $503,000, which is slightly high compared to the national average of $483,000. This life insurance coverage amount is nearly nine times higher than the province’s average income.6
Albertans buy life insurance younger
Alongside AB and MB, Saskatchewan’s median age of life insurance policyholders is 38. This is the lowest median of the provinces, with NL being the highest at 48 years. 7
Life expectancy is below average
Life expectancy at birth is 79 years in Saskatchewan, which is slightly lower than Canada’s national average of 81.5 years.
Less coverage from work policies
Canada’s employer-provided group life insurance plans only make up 35% of total active policies.5
$17.3B paid out to policyholders
Canadian life insurance companies paid out $17.3 billion to policyholders in 2023, including $9.2 billion in death benefits to beneficiaries.5
How do you get term life insurance in Saskatchewan?
Think about why you need life insurance. For example, you may need it to protect your loved ones from the financial burden of one-time costs like final expenses, or temporary responsibilities such as a mortgage, childcare expenses, or other large debts. In this case, term life insurance is typically the most cost-effective option. When preparing for lifelong dependents or estate planning, you may want to consider options like whole life or universal life insurance. A licensed insurance advisor can help you decide.
1. Choose the type of life insurance
Term life insurance is typically the best coverage for those who have temporary financial responsibilities, like a mortgage, dependent kids or family members, or outstanding debts. But, permanent life insurance, like whole life insurance, may be a better fit if you have lifetime dependents who require long-term financial planning.
2. Select a coverage amount
Calculate the amount of money your family would need for a secure financial future if you weren’t there to support them. Insurance experts typically recommend 7–10x your annual income, but you can uncover a more accurate estimate by using an online calculator or speaking with a financial professional about your unique situation.
3. Compare insurance companies in Saskatchewan
Research trusted life insurance providers in Saskatchewan, including customer reviews, policy features, and financial stability ratings. You can research on your own or work with a licensed broker, who can provide tailored recommendations and quotes.
4. Complete your application
When you’ve chosen an insurance company, fill out their application form online or with the help of an agent. At this step, you will need to provide details about your personal background, lifestyle, and health history.
5. Submit medical details if needed
Some insurance providers require a medical exam or health records to complete the underwriting process. This helps them accurately price your policy, which could save you money if you’re in good health.
6. Review and finalize your policy
Be sure to carefully read through your application once it's approved. Take note of your coverage amount, payment schedule, exclusions, and beneficiary details. If needed, ask your insurance agent for clarification on any aspects of the policy before signing.
Why term life is the best life insurance type for most families in Saskatchewan
Term life insurance is typically the best choice for most Canadian families, but before you commit to a term policy, it’s worth understanding how it compares to permanent life insurance.
First and foremost, term life coverage can be 5 to 10 times cheaper than permanent policies. The lower price point is partially due to the fact that term life insurance covers you for a specific period of time (usually when your financial responsibilities are high), whereas permanent coverage offers lifelong protection.
Permanent policies also include cash value or investment components, which contribute to higher insurance premiums for these plans.
There are some cases where permanent life insurance may be a good option to consider—for example, individuals with a high net worth or dependents who require lifelong care. But in most situations, term life is more cost-effective and makes sense for people with temporary responsibilities, such as paying off a mortgage or raising children.
Permanent life insurance products can offer a cash value component that grows over time, but it isn’t the wisest investment option. These policies are far more expensive than term life insurance and the return from their investment components don’t measure up to those of FHSAs, RRSPs, or TFSAs. So, you might be better off saving on life insurance premiums with a term policy and investing your money in another tax-deferred contribution.
For those with children who may need medical, emotional, or financial support beyond the age of 18, it may be a good idea to discuss your permanent life insurance options with an advisor. However, many term plans can be converted into permanent plans, so it’s a good idea to also review term life policies with convertibility options.
Not necessarily. Term life insurance helps you protect your family at a budget-friendly rate, which gives you financial flexibility for other expenses or investments. Term policies are a great way to have life insurance when it’s needed most, at a price that doesn’t greatly impact your bank account and allows you to grow your finances in other areas for you and your loved ones.
FAQ : l'assurance vie en Saskatchewan
Oui, les primes d'assurance vie en Saskatchewan sont imposables à hauteur de 3 %. Et les primes actives signées avant le 1er avril 2000 sont taxé à hauteur de 2 % jusqu'à la fin de la police.
En revanche, de nombreuses provinces canadiennes ne taxent pas les primes d'assurance vie. Mais quelle que soit votre province de résidence, la plupart des prestations d'assurance vie ne sont pas imposées. Cela signifie que vos proches peuvent bénéficier de l'intégralité du montant que vous souhaitiez qu'ils reçoivent. Il existe certaines exceptions à cette règle, comme par exemple :
- Si vous ne désignez pas de bénéficiaire dans votre police,
- Si votre police a une valeur de rachat - cela concerne surtout les assurances vie permanentes, comme les polices d'assurance vie universelle ou entière,
- Si vous avez utilisé votre police d'assurance vie permanente comme garantie d'un prêt, ou
- Si vous vendez votre police permanente de votre vivant (la vente d'une police n'est autorisée que dans certaines circonstances).
L'assurance vie hypothécaire n'est pas obligatoire en Saskatchewan. Comparée à l'assurance vie temporaire, l'assurance vie hypothécaire est également moins utile à vos bénéficiaires.
Dans le cas d'une assurance vie hypothécaire, les fonds serviront à rembourser votre prêt hypothécaire (à votre banque ou au prêteur hypothécaire). En revanche, si vous souscrivez une assurance vie temporaire, vos bénéficiaires recevront un capital décès qu'ils pourront utiliser selon leurs besoins. Pour aider votre famille à se sentir plus à l'aise financièrement, souscrivez une assurance vie temporaire qui couvre la valeur de votre prêt hypothécaire et d'autres dépenses futures.
À l'expiration de votre police d'assurance vie temporaire en Saskatchewan, vous n'avez plus à payer de primes et vous n'êtes plus admissible au capital-décès. Les primes que vous avez déjà payées ne sont pas remboursables.
L'assurance vie temporaire vous offre une protection abordable pour une période prédéterminée. Avant que votre police n'expire, vous devriez donc envisager de la prolonger. Cette option est généralement plus abordable que celle qui consiste à laisser votre police expirer et à devoir en demander une nouvelle.
En Saskatchewan, les polices d'assurance vie comportent une clause relative au suicide qui indique ce qu'il advient de votre couverture si vous vous suicidez.
Cette disposition stipule généralement que la police sera annulée si le titulaire de la police décède par suicide au cours d'une certaine période. Cette période est généralement de deux ans et l'assureur remboursera toutes les primes payées avant la fin de la période.
