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Compare life insurance quotes online

Who has the most affordable term life insurance rates? Use the interactive table below for a comparison of Canadian life insurance quotes. Saving money (and time!) on your life insurance policy is easier than you think.

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Estimated monthly rates for anon-smoker, $500,000 in coverage over 10 years

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Canadian life insurance quotes on your own terms

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Answer 4 questions online and get your estimated term policy rate (surprisingly affordable)!
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How much life insurance coverage do I need?

​​Most Canadians only need coverage for the years when their dependents need it most; like when their kids are young, or while they’re paying off large debts. Start by tallying up your expenses and debts and subtracting any savings or investments to figure out how much life insurance you need.
Life insurance is a tool for the financial security of your family. For example, you might want a death benefit to cover your kids’ early years and education, supplement your partner’s income until their retirement and mortgage payments.

What term policy length should I get?

The best term policy length for you will depend on your personal need for a financial safety net for your loved ones. The lump-sum payment (or death benefit) is used to shield your family from financial hardship during a difficult time.
Your coverage needs will change over time, which is why term life insurance policies work best. Term coverage is typically available for 10, 20, or 30 years, which you would ideally line up with your financial obligations.

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Online life insurance quote for Canadian families

Life insurance is more affordable than you think

Cutting out the unnecessary steps in the process doesn’t just make getting life insurance easier — it makes it more affordable.
We’ve streamlined the traditional process, offering you some of the lowest rates for term policies in Canada. The result? You get the protection you need and at a price that you can afford.
Affordable life insurance quotes for parents in Canada

FAQs: life insurance quotes

What do you need to get a life insurance quote?

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.

What is a life insurance beneficiary?

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.

How are online life insurance rates calculated?

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.

What is the cheapest form of life insurance?

The cheapest form of life insurance is term life insurance. As the name suggests, a term policy is a type of affordable life insurance meant to cover you during a specific amount of years.

What is considered "cheap" will differ from household to household in Canada; but term life insurance is a lot more affordable than most people think. For example, PolicyMe's term life insurance rates start at around $22. This is a great premium rate for the peace of mind of having financial protection in place for your beneficiaries.

The types of life insurance that tend to be more expensive would be a permanent life insurance policy, a universal life insurance policy, or a “no medical” life insurance policy. The latter is a type of life insurance that does not require a medical exam, but will always be more expensive than a term policy.

Can I get life insurance online in Canada?

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.

Why do I need life insurance?

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.

Are life insurance quotes free?

Getting a life insurance quote should be free in Canada. Most life insurance companies offer free quotes on their website. Generally, you’ll be required to provide basic information to get an estimate of how much your premiums would be each month.

Free life insurance quotes are a great way to compare different policies and make sure you get the best possible rate for your needs. But make sure that you understand the various types of coverage and riders offered by the company when deciding on your policy – you want to make sure you’re comparing apples to apples!

How do you get life insurance quotes online?

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.

Why should I compare online life insurance rates?

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: 

  • Age
  • Lived gender
  • Smoking status
  • Personal health
  • Driving history
  • Risky hobbies

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.

Who has the best life insurance rates?

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 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.

Do I have to pay for a life insurance quote?

You should not have to pay to get a life insurance quote. It’s true that some companies make it harder than others to get an estimated quote, but it should never come at cost to the applicant.

We make it as easy as possible for Canadians to get an instant life insurance quote in just a few clicks, all without any pressure to buy. In contrast, some companies will require you to fill out lengthy forms or even wait for a call back to learn what your estimated quote will be. So while you don’t end up paying for the quote, you pay for it in the resource of time spent.

How can I tell if my online life insurance quote is reasonable?

It might be hard to tell if your online life insurance quote is reasonable without getting quotes from different companies for the same type of coverage. We asked Certified Life Insurance Advisor, Erik Heidebrecht, what advice he would give on the topic of term life insurance quotes:

“As a rule of thumb for term life insurance rates; if a 30-something with generally good health has been quoted more than $50 for their monthly premiums, I would start asking more questions.

But if you are older or have health issues (or both) – more than $50 might be expected. The key here is to compare quotes from different life insurance companies so you are as informed as possible.”

What factors affect your life insurance rates?

The factors that affect your life insurance rates most commonly include:

  • The policy type and coverage amount you’re getting quoted for, as well as the period of time in which you'll require life insurance coverage (term length).
  • Your age, because the older you are, the more likely that the life insurance provider will need to pay out a death benefit.
  • Your gender, as women tend to be in better health than men and will then have lower premium payments.
  • Your health history, along with your family history is used to assess the likelihood that you get a serious illness while covered. This is sometimes through a simple medical questionnaire or with a medical exam.
  • Your lifestyle and smoking status are also used to determine if you are a high-risk applicant and the probability of something life-threatening occurring. You can expect these questions to be in your life insurance application.

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.

Where do you get life insurance quotes?

You can get life insurance quotes from a number of sources, including insurance companies, independent agents who represent multiple insurance companies and online life insurance aggregators.

Shopping around for life insurance is an important step in getting the best rate possible. Comparing life insurance quotes online is an important step to ensuring that you get the best rate on your coverage. Some life insurance companies don’t make it easy to get a quote online – they will require you to have a call or meeting with an advisor before giving you a price.

But PolicyMe makes it easy to get a life insurance quote. On our website, you can get a quote in seconds, apply in minutes and get an instant decision (so you’ll know if you’ve been approved right away!).

How do you get life insurance quotes?

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!