Life Insurance in British Columbia
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Term life insurance quotes in British Columbia
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.
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How much does life insurance cost in British Columbia?
Using data from 20 insurance companies, we found that a term life insurance policy with $500,000 in coverage in British Columbia costs an average of $54.83 per month, or $657.96 per year, for non-smoking applicants between ages 30 to 39 in good health.
Term Length | Industry Average Rates | PolicyMe Average Rates |
|---|---|---|
10 years | $32.58 | $20.79 |
15 years | $41,75 | $25.76 |
20 years | $50.33 | $30.11 |
25 years | $66.00 | $42.60 |
30 years | $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?
Where you live generally doesn’t impact your cost of life insurance, but insurance providers typically consider the following personal factors when calculating your rate:
- Your age
- Your coverage amount
- Your policy’s term length
- Your health status
- Your smoking status
- Your risk factors (e.g. your career or hobbies)
- Policy add-ons or rider (e.g. critical illness insurance or disability insurance)
What are the best life insurance companies in British Columbia?
There isn’t an overall “best” life insurance provider in British Columbia. Each applicant has a unique budget, coverage needs, lifestyle, and more that impact their idea of what makes a great insurance provider.
However, there are certain features that can help you choose the best life insurance based on your needs. Here’s a rundown of the top-ranking companies for the most common categories:
Category | Insurance Company |
|---|---|
Best Life Insurance Company | PolicyMe |
Best Term Life Insurance | PolicyMe |
Best Whole Life Insurance | Manulife |
Best Whole Life Insurance with Cash Value | Sun Life |
Best Universal Life Insurance | BMO |
Best Participating Life Insurance | Canada Life |
Best No Medical Life Insurance | Canada Protection Plan |
Best Life Insurance for Seniors | Co-operators |
Best Life Insurance for Smokers | Co-operators |
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.
PolicyMe does not receive compensation for any life insurance reviews.
How much life insurance does the average British Columbian need?
One of the best ways to understand how much life insurance you need is by using the Debt, Income, Mortgage, Education (DIME) method. Let’s build a sample life insurance policy using some province-specific data that follows this method.
Debt: $22,923
Based on findings from a 2025 Equifax report, the average debt in British Columbia currently sits at $22,923.1
Income: $61,800
Data from Statistics Canada shows the average income for British Columbians age 15 and over is $61,800 as of 2023.2
Mortgage: $357,942
The average mortgage debt for British Columbians of all ages groups is $357,942.3
Education: $26,428
For those planning to send their kids to university, the average cost of an undergraduate program in BC is $6,607. Since undergraduate degrees typically take four years to complete, that can add up to an average of $26,428 per child.4
According to our research, the average British Columbian would benefit from $469,093 in term life insurance coverage.
Our DIME method estimate lands us with an average just under $500,000 for the average British Columbian’s life insurance policy. A 20-year term life insurance policy with that coverage amount costs an average of $39.12 per month or $469.44 per year for non-smoking applicants who are age 40.
Keep in mind that these numbers can vary based on where you live in BC. Residents of major cities like Vancouver or Surrey may face higher DIME estimates than those who live in rural areas, or vice versa. PolicyMe’s online term life insurance calculator offers a more precise estimate of individual insurance needs, and it calculates rates for three tiers of term coverage insurance options.
1 https://www.equifax.ca/business/blog/all-news/-/story/delinquency-levels-show-signs-of-stabilizing-but-the-financial-gap-continues-to-widen-for-some-canadians/ https://assets.equifax.com/assets/canada/english/consumer-trends-report-2025-q1-en.pdf
2 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110023901&pickMembers%5B0%5D=1.13&pickMembers%5B1%5D=2.1&pickMembers%5B2%5D=3.1&pickMembers%5B3%5D=4.1&cubeTimeFrame.startYear=2019&cubeTimeFrame.endYear=2023&referencePeriods=20190101%2C20230101
3 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110001601&pickMembers%5B0%5D=1.13&pickMembers%5B1%5D=3.1&pickMembers%5B2%5D=5.1&pickMembers%5B3%5D=4.1&cubeTimeFrame.startYear=2005&cubeTimeFrame.endYear=2023&referencePeriods=20050101%2C20230101
4 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710004501
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How can our life insurance premiums be more affordable?
Distribution and underwriting costs account for about 40% of a policy’s rate from traditional life insurance providers.
With technology, we streamlined these processes. And we’re giving those savings back to you.
Our life insurance policies offer the high-quality protection you deserve, but at a lower cost.
Life insurance in British Columbia: Quick facts
56 life insurance companies
British Columbians can choose from 56 licensed life insurance providers in the province.5
Higher average coverage
Compared to the national average of $483,000, British Columbians generally purchase more coverage, with an average of $520,000.5
Policyholder age
The median age for life insurance policyholders in BC is 41, which is the average of provincial and territorial medians.5
Life expectancy is average
British Columbians have a life expectancy of 81.5 years at birth, which is the same as the national average.6
Policyholders are choosing individual over group policies
Individual life insurance policies make up 65% of active policies in Canada, while group life insurance term plans only account for 35%.5
$17.3 billion in payouts
Life insurance companies paid out a total of $17.3 billion to policyholders in 2023, with $9.2 million in death benefits to beneficiaries.5
5 https://www.clhia.ca/web/CLHIA_LP4W_LND_Webstation.nsf/resources/Factbook2024/$file/CLHIA-2024Facts.pdf
6 https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1310011401&pickMembers%5B0%5D=1.10&pickMembers%5B1%5D=3.1&pickMembers%5B2%5D=4.8&cubeTimeFrame.startYear=2017+%2F+2019&cubeTimeFrame.endYear=2021+%2F+2023&referencePeriods=20170101%2C20210101
How do you get term life insurance in British Columbia?
1. Select your life insurance plan type
Most Canadians choose term life insurance for its affordable premiums and flexibility. It's best for individuals who have temporary financial obligations, like a mortgage, dependent children, or debt.
2. Choose your coverage level
You can calculate your life insurance coverage amount (which also represents your tax-free death benefit payout) using the DIME method, or by multiplying your annual income by seven to ten. A life insurance calculator or advisor can also help you understand your coverage needs.
3.Research providers in British Columbia
56 life insurance companies operate throughout British Columbia, but not all of them will meet your individual needs. Take a look at policyholder reviews, financial stability ratings, and product lists to narrow down your search. A licensed insurance broker can also help you navigate the life insurance landscape in BC.
4. Complete an application
Once you choose a company, fill out an online application or work with an agent to get it submitted. Applications typically require personal details like your name, address, and information about your health and lifestyle.
5. Documents and medical details
Insurance providers typically ask for specific documents and medical exam results during the application process. This helps your insurer determine your eligibility and calculate your premiums.
6. Read over and sign your policy after approval
After your application is approved and you receive your policy, take some time to read through the details. Before signing, it may be wise to speak with an agent if you need clarification on any part of the policy.
Why term life is the best life insurance type for most families in British Columbia
Term life insurance is a popular choice for many Canadians because it’s affordable and provides coverage during the most crucial years. This means policyholders don’t pay for unnecessary coverage, and their savings can be used for other financial ventures.
But, permanent life insurance can be a better fit for those with long-term financial responsibilities. Here are a few points that can help you choose the best type of life insurance product for your financial needs:
Whole life insurance and universal life insurance policies often include cash value components that increase with time, but this should not be considered a wise investment option or a leading factor for getting life insurance. Since permanent policies are generally more expensive, you’d be better off investing your term policy premium savings elsewhere (e.g. TFSAs or RRSPs), where growth is more reliable and less costly.
Permanent life insurance may be worth considering if you have dependent children or loved ones who require long-term care. An insurance advisor can help you make the best decision in this type of situation. But, be aware that most term life policies can be converted to permanent plans if needed.
Some applicants overlook term life insurance because it seems like a waste of money if you outlive your policy. But, term life policies offer peace of mind during their active years and can protect your family if you pass during your term length. Even if you don’t pass during your term, you will have saved hundreds (or even thousands) of dollars in premiums, which can be used for other investments or expenses.
FAQs: Life insurance in BC
Term life insurance can cost between $40 to $138 per month in British Columbia for individuals under the age of 40. Your life insurance premiums will depend on your age, coverage, policy length, lifestyle, and riders or add-ons.
Term life insurance is generally the best type of life insurance for Canadians due to its affordability. It provides coverage during a specific period, usually 10 to 30 years when financial responsibilities are high, and it helps policyholders avoid overpaying for coverage that isn’t needed while still upholding the financial security of a life insurance policy. In fact, term life insurance can be 10 times cheaper than permanent coverage, offering term policyholders hundreds to thousands of dollars in savings for other financial pursuits.
British Columbia doesn’t necessarily have a “best” life insurance provider, since the best insurance provider for each individual depends on their specific coverage needs, budget, and preferences for special features like online policy management. But, some of the top providers across the country include Manulife, Canada Life, Sun Life, and PolicyMe.
