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Life insurance costs about $15 to $100 a month in Canada, though the exact price depends on factors like your age, gender, smoking status, health, lifestyle and the type of policy you buy. You can spend hundreds of dollars a month on a permanent policy or if you’re higher risk.
The average cost of term life insurance per month in Canada is $34, based on industry data.
In general, the younger and healthier you are, the lower your premiums will be.
Term life insurance is a type of life insurance policy that provides coverage for a specific period of time. In Canada, term life insurance is one of the most popular and affordable types of life insurance available.
When you purchase a term life insurance policy, you pay a regular premium to the insurance company, and in exchange, the insurance company agrees to pay a death benefit to your beneficiaries if you pass away during the term of the policy. The death benefit is a lump sum payment that your beneficiaries can use to cover expenses such as funeral costs, outstanding debts, and ongoing living expenses.
Term life insurance policies are typically available for terms ranging from one to thirty years. If you outlive the term of your policy, you can choose to renew it, convert it to a permanent life insurance policy, or let it expire.
Whole life insurance is a type of life insurance policy that provides coverage for your entire life, as long as you continue to pay the premiums. In Canada, whole life insurance is a popular option for those seeking permanent life insurance.
When you purchase a whole life insurance policy, you pay a regular premium to the insurance company, and in exchange, the insurance company agrees to pay a death benefit to your beneficiaries when you pass away. Whole life insurance policies also have a cash value component, which grows over time and can be used as a source of savings or as collateral for loans.
Whole life insurance policies are up to 7.5x more expensive than term ones in Canada, but they may be a good option for some, such as high-net-worth individuals.
Universal life insurance is a type of life insurance policy that provides both life insurance protection and a savings component. In Canada, universal life insurance is a popular option for those who want flexibility and the ability to adjust their coverage and premiums over time. Universal tends to be more complex than other types of life insurance, though, and needs continual monitoring.
When you purchase a universal life insurance policy, you pay a premium split between the cost of insurance and a savings component. The savings component is invested by the insurance company and grows tax-free over time. You can use the savings component to pay for the cost of insurance or to take out a loan against the policy.
No medical life insurance, also known as guaranteed or simplified issue life insurance, is a type of life insurance policy that doesn't require a medical exam or health questions to be answered. In Canada, no medical life insurance is a popular option for those who may have health issues or have been declined for traditional life insurance policies.
When you purchase a no medical life insurance policy, you can usually get coverage quickly and easily. The premiums are typically higher than traditional life insurance policies, and the coverage amounts may be limited. Still, for Canadians who may not qualify for other types of life insurance, no medical life insurance is a good option.
1. Online insurance marketplaces like Ratehub, Policyadvisor and Rates.ca.
2. Insurance providers offer online tools on their websites or you can contact their customer support line. This includes big banks and online solutions like PolicyMe.
3. Insurance brokers are licensed professionals who can provide you with quotes from multiple insurance companies and help you compare the different policies.
4. Financial advisors may offer life insurance policies as part of their services.
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To give you a quote for your life insurance premiums, life insurance companies will ask you for some personal information like your age, gender and smoking status. This information establishes a base rate, and then your premiums might increase based on your medical history.
They use this information to calculate the potential risk of insuring you.
You should also keep in mind things like your desired policy type, amount of coverage, and policy length, so you can decide during the application process. This is put together with your personal information to give you a quote on your monthly premiums.
A life insurance beneficiary is a person that receives a death benefit in the event of the policyholder’s passing.
You can name more than one person as a beneficiary for your life insurance policy, like your partner or kids.
The Financial Consumer Agency of Canada explains, “You can name your spouse, another family member, friend or charitable organization as a beneficiary.
[...] If you [name multiple people], your insurance company will divide the death benefit among them. You may assign different proportions of your life insurance benefits to each beneficiary.”
Life insurance is a tool to protect people that depend on you financially in the worst-case scenario. To decide who you should name as your beneficiary(ies), ask yourself if the person would be able to support themselves without you.
Online life insurance rates are calculated by life insurance providers on the likelihood that they'll pay out the claim. Every life insurance company will have a different way of calculating this rate, but the goal is to assess the risk in covering the applicant.
In essence, the life insurance company will predict future claims, using your application information (like your age, gender, smoking status, family medical history, etc.) to make an educated guess on whether a death benefit would be paid out.
You absolutely can get life insurance online in Canada. And it is indeed safe to do so, as long as you do your research. For example, PolicyMe is one of Canada’s leading online life insurance providers. Our policies are backed by industry heavyweights, Canadian Premier and Securian Financial, and are federally regulated.
Taking the process online makes it all the more convenient for Canadians to get a life insurance policy – and can often result in more affordable premiums by cutting out unnecessary steps and administrative costs.
You might need life insurance if you have people in your life that rely on you financially. It provides financial security by making sure that if you pass away, the people who were relying on your income aren’t put in a tough situation. The life insurance payout can be used to cover any debts such as mortgages, childcare as well as end-of-life costs.
Ultimately, life insurance helps to provide peace of mind for those wanting to make sure their family will be provided for if the unexpected happens.
Conversely, you might not need life insurance if there is no one in your life that relies on your income for their livelihood. If you don’t have dependents, the monthly premiums may be an unneeded expense.
To get life insurance quotes online, visit the website of various insurance companies to explore the options available to you in Canada. When you have chosen a policy that fits your needs, you'll likely be asked to provide personal information such as your current age and lifestyle habits.
Once the insurer has compiled your information and calculated potential premiums, they will give you a quote. PolicyMe uses technology to streamline this process, so you can get a quote in just a few clicks – without any commitment or credit card.
With a few quotes in hand, you’ll have what you need to compare and find one that best fits your needs. Once you select the right policy, you can then start the application process online.
Most types of life insurance can be applied for online, including term life, whole life, universal life and variable life insurance policies. Some insurers may only offer certain types of policies online, while others may need a medical exam or additional documentation for certain policy types. Talk to a licensed financial professional to help you choose the best coverage for your needs and budget.
Term life insurance costs between $15-100 in Canada. But the cost of life insurance you buy online depends on your age, health, occupation and lifestyle habits, and the type and amount of coverage you choose. Still, online life insurance policies can be more affordable as insurers have fewer overhead costs. Make sure you get quotes from multiple insurers or ask a licensed financial professional for help.
Temporary or provisional insurance isn’t usually included when you apply for life insurance online. Some insurers may offer temporary coverage during the underwriting (risk assessment) process, but this temporary coverage is usually limited and may not be available for all types of policies. PolicyMe does not offer temporary life insurance.
Comparing rates is an important step to getting the right policy for you, at the right price.
There are many factors that go into calculating the cost of your life insurance premiums. And each life insurance company has different methods for weighing out the risk of insuring someone, but here are the main things that impact your rate:
Because every life insurance provider has a different approach to calculating the risk of covering you, rates will vary. On top of this, for some companies, rates can trend higher because of the administrative costs and advisor commissions.
PolicyMe’s licensed advisors don’t receive commissions. Our promise is to never pressure or upsell more coverage than you require. In fact, we'll even tell you if you don't require life insurance.
PolicyMe has some of the best life insurance rates in Canada in comparison to other traditional life insurance providers.
How is PolicyMe able to provide some of the most affordable premiums in the country?
Our term life insurance policies are fully underwritten with the same quality protection that your family deserves, but at a lower monthly premium. Using technology for good, we’ve cut out unnecessary costs in the process of getting coverage and pass those savings back to our customers.
The factors that affect your life insurance rates most commonly include:
These are some of the factors that life insurance companies will look at to calculate the chance of having to pay out the tax-free death benefit in a lump sum payment. And ultimately the cost of your life insurance premiums.
There are a few different avenues for you to get life insurance quotes. A good place to start is by comparing life insurance quotes online and looking at multiple providers for the same type of coverage before making a decision.
Some companies are less technologically inclined and don’t provide life insurance quotes online. In those cases, you’ll have to speak directly to an agent or representative of a life insurance company. And then they’ll be able to provide you with a quote based on the information you provide.
No matter what method you use, make sure to ask any questions you might have so you can get the right type and amount of coverage you need!
The benefits of buying life insurance online include convenience and affordability. This is because online applications and digital underwriting processes allow for faster policy approvals and issue without needing in-person meetings. Online insurance shopping also allows Canadians to compare policies and rates from multiple insurers, making it simple to find the best coverage for their needs and budget, whether you go with an online broker or digital provider like PolicyMe.
To apply for life insurance online, start by researching and comparing insurance providers and policies to find the one that suits your needs and budget. Next, you can fill out an online application form that asks for personal and medical information. After that, you may need to answer additional health questions or provide medical records. Once your application is approved, you'll review and sign the policy documents electronically. Finally, you'll need to make the first premium payment online. After that, your life insurance policy will be in effect.
Yes, you will typically need to provide medical information when you apply for life insurance online. Insurers use this information to determine your risk level and set your premiums accordingly. You may need to answer a series of health-related questions, provide medical records or do a medical exam, unless you opt for no medical life insurance. Be honest and accurate when providing medical information, as this will avoid any issues with future claims.
If you need to change or cancel your life insurance application after applying online, contact the insurer or their customer service team immediately. Depending on the status of your application, you can make changes or cancel the policy altogether. If you have already been approved and you signed the policy, you will need to contact the insurer to know what their policy is for cancelling or changing coverage. And be aware that there may be penalties or fees at this point.
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