Life insurance quotes in Canada
See the industry average rate for the coverage you need below.
$19/month
$20/month
How much are life insurance quotes in Canada?
Life insurance quotes in Canada range from $8 per month for a short-term policy for a young woman to $500+ per month for multimillion dollar coverage for a smoker or drinker. It all depends on your health, your lifestyle, and what you're looking for.
Life insurance quotes by age
See how age affects the industry average rates for different coverage lengths and terms. These estimates are based on our analysis of 450,000+ quotes, 25+ companies, and 50+ plans.
Industry average rates by age
Women
| Term length | $50K | $500K | $750K |
|---|---|---|---|
| 10 years | $8 | $15 | $21 |
| 20 years | $9 | $20 | $29 |
| 30 years | $12 | $31 | $45 |
| Permanent | $31 | $213 | $307 |
Men
| Term length | $50K | $500K | $750K |
|---|---|---|---|
| 10 years | $10 | $22 | $31 |
| 20 years | $11 | $28 | $41 |
| 30 years | $14 | $43 | $62 |
| Permanent | $35 | $249 | $362 |
Estimates provided show the approximate monthly cost for non-smokers in good health, based on an analysis of 450,000+ life insurance quotes. Quotes provided are for illustrative purposes only.
Beat the industry average in less than 5 minutes with PolicyMe.
What else affects my life insurance quote?
Age, gender, coverage amount, and term length are the basic ingredients of a life insurance quote. The exact cost depends on more personal factors like your health and lifestyle.
- Pre-existing medical conditions can raise your life insurance premiums by 25% to 200% compared to applicants in good health.
- Smokers may pay 200% or higher life insurance premiums than non-smokers.
- Permanent life insurance options (including term 100, universal, and whole life insurance) tend to cost more.
How to get the best life insurance quote
Getting the best life insurance rate depends on identifying your needs and doing a little research.
Once you’ve found a quote that works for you, it’s time to lock in your rate. Life insurance rates increase as you age, so buying early can save you money.
Look for couples discounts, member association discounts, and incentives to quit smoking to save even more.
Choose a term that matches the length of your financial obligations (like the length of your mortgage), or choose permanent coverage for funeral costs, estate fees, and other end-of-life expenses.
Hot tip: Term life insurance is generally more affordable than permanent options such as term 100, whole, or universal life insurance.
Add up the cost of everything you want to cover, such as income replacement for your spouse, or a post-secondary education for your child.
Hot tip: Making exact calculations can help you avoid going over or underinsured.
You can compare quotes by using a life insurance broker, visiting an online broker website, or by requesting quotes directly from several providers.
Hot tip: Knowing the type of policy and amount of coverage you need makes it easier to compare apples-to-apples instead of apples-to-kumquats.
Our life insurance calculator makes it easy to estimate how much coverage you need
Why you can trust PolicyMe
Your choice of life insurance provider also matters. Traditional insurers can be stable, but inflexible, while digital insurers are cheap, but lacking human touch.
By partnering with Securian Canada, a veteran in the insurance industry for over 70 years, PolicyMe brings reliable coverage into the modern age with plain language, a streamlined process, and unique plans designed to serve modern Canadians from the ground up.
Fully licensed & accredited
PolicyMe is licensed to sell life insurance in every Canadian province and territory, and our staff include fully-licensed life insurance advisors as well as highly-accredited insurance industry veterans.
70+ Years of experience
Before joining Securian Financial and rebranding to Securian Canada, the original Canadian Premier Life Insurance Company has worked to insure Canadians and their families since 1955.
Financial stability
Securian Financial holds an A+ (Superior) financial strength rating from A.M. Best. In 2024, the company was recognized with “Best’s Review Standing the Test of Time” for achieving an A rating or higher for 75 years.
Reviews matter. And we've got hundreds of them
Not interested in our glowing reviews? We get that. Read our 1-and-2 star reviews that we’ve worked to make better. (See, we told you we were honest.)
What’s included in a PolicyMe quote
For applicants who qualify for instant approval, what you see is what you pay for your entire contract. No hidden fees, no surprises.
Plus
- $10B in active life insurance policies across Canada
- 10% discount for couples in the first year
- $10,000 of free child coverage
- No-fuss online application — no fluff, no upsell, and no overpaying
What's not included in a PolicyMe quote? Broker commissions, markups to support brick-and-mortar stores, high-pressure sales tactics, and superfine print. We've streamlined the traditional life insurance process to make the cost and coverage work for more Canadians.
Need help? Speak with an advisor
Schedule your appointment or call us Monday to Friday from 9am to 5pm at +1 (866) 999-7457
Our team of licensed life insurance advisors can help answer your questions, choose the right coverage, or decide whether you need life insurance at all.
Get help when and where you need it, whether you're a PolicyMe customer or simply curious.
FAQ: Life insurance quotes
According to the Canadian Life and Health Insurance Association, around 96% of people who apply for life insurance receive the coverage they apply for at standard rates. PolicyMe always recommends applying first for standard life insurance first, and then simplified or guaranteed issue life insurance only if you’re rejected.
Most Canadians who apply for life insurance through PolicyMe receive instant approval without the need for a medical exam. If you do require a life insurance medical exam, you can schedule it at home at your convenience.
PolicyMe’s online life insurance application takes around 20 minutes to complete, with most applicants receiving an instant decision. PolicyMe uses digital paperwork and a streamlined underwriting process to get customers covered as quickly as possible.
On average, a 20-year term life insurance policy with $500,000 in coverage can cost as little as $18 per month for an 18-year-old female non-smoker, to $800+ per month for a 60-year-old male smoker. The same customers would pay at least $127 and $1,355 per month, respectively, for a permanent life insurance policy with $500,000 in coverage.
Term life insurance tends to cost less than permanent life insurance options, including whole, universal, and term 100 life insurance. Term life insurance policies also tend to offer higher amounts of coverage.
It’s important to update your insurance provider with your new address if you move, but otherwise, your insurance coverage doesn’t have to change.
Depending on your age and coverage needs, PolicyMe term life insurance can cost up to 20% less than the industry average. Our business and life insurance policies were built to be streamlined and cost-efficient, while preserving important features like free child coverage and a 30-day money-back guarantee.
PolicyMe’s life insurance rates stay locked and level until the end of your term. Your insurance premiums will be recalculated only if you decide to renew or convert your coverage to a permanent life insurance policy.
You can get a personalized life insurance quote online in under 5 minutes with PolicyMe. To get an instant price estimate for your coverage, you'll need to provide:
- Your age
- Your sex
- Smoking status
- Desired coverage amount
- Desired term length (10, 20, or 30 years)
There's no obligation to buy a policy and no sales calls unless you ask for one.
Have a question we didn’t answer?
Call +1 (866) 999-7457 from 9AM-5PM EST Monday to Friday or email us. Our insurance expert team is happy to help!
