Life insurance in British Columbia
Protect your family with term life insurance coverage from PolicyMe.
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.
See your rate with 5 easy questions!
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 the rate for individual life insurance:
- 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)
The type of insurance matters, too. For instance, guaranteed issue life insurance costs a lot more than a standard policy because the insurer gives you coverage with zero health questions.
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 | Provider | Rating | Average premium* |
|---|---|---|---|
Best term life insurance | PolicyMe | ★★★★★ (5.0) | $37/month |
Best whole life insurance | Assumption Mutual Life | ★★★★★ (4.5) | $30/month |
Best universal life insurance | Desjardins | ★★★★★ (4.5) | $30/month |
Best no medical life insurance | Beneva | ★★★★★ (4.5) | $11/month |
* 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
- Not well-suited for high-net-worth individuals looking for an estate planning tax strategy
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.
PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance products and providers.
Our analysis combines 450,000+ quotes for 70+ Canadian life insurance products with in-depth research on 20+ providers, plus expert recommendations from our insurance advisors. Our star rating system assigns three stars for financial stability, one star for competitive pricing, a half-star for customer satisfaction, and a final half-star for ease of purchase.
Rankings are determined first by star rating and then by price. Our findings are entirely data-based and do not include paid placements, but should not be considered a substitute for personalized financial advice. The rates listed in this article are based on publicly available rates as of March 2026.
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: $27,448
For those planning to send their kids to university, the average cost of an undergraduate program in BC is $6,862. Since undergraduate degrees typically take four years to complete, that can add up to an average of $27,448 per child.4
According to our research, the average British Columbian would benefit from $470,113 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 applicants who are age 40 and non-smokers.
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.
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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 $509,000, British Columbians generally purchase more coverage, with an average of $541,000.6
Policyholder age
The median age for life insurance policyholders in BC is 41, which is the average of provincial and territorial medians.7
Life expectancy is average
British Columbians have a life expectancy of 81.98 years at birth, which is just above the national average of 81.65 years.8
Policyholders are choosing individual over group policies
Individual life insurance policies make up 66% of active policies in Canada, while group life insurance term plans only account for 34%.8
$18.6 billion in payouts
Life insurance companies paid out a total of $18.6 billion to policyholders in 2024, with $8.9 million in death benefits to beneficiaries.
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 using medical underwriting.
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 cover 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.
Did you know?
One in four uninsured Canadians say they are not confident their family would be financially secure if they died unexpectedly — but 80% of people with coverage say they feel secure.
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. This could look like a lower premium for a 30-year-old non-smoking applicant in good health with a coverage amount of $500,000 for a 20-year term compared to a 40-year old smoking applicant with type 2 diabetes purchasing $500,000 for a 30-year term including policy riders. Premiums can also vary from one provider to the next for the same amount of coverage. For example, you may find lower rates from a provider like PolicyMe compared to premiums from other policies, so it’s best to compare quotes from different insurers.
Term life insurance is generally the best type of life insurance for Canadians due to its lower cost. It provides affordable 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 life insurance options, offering term policyholders hundreds to thousands of dollars in savings for other financial goals.
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.
