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Life insurance Manitoba: affordable safety net

Get term life insurance in Manitoba and save up to 20% with PolicyMe.
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“The quote I received from PolicyMe on $650k in insurance was less than I was quoted for $600k at my previous company. 100% satisfied!
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“Impressed with PolicyMe’s straightforward, easy application process. And their policies are way more affordable!
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Great rates and coverage put into effect in less than 24 hours. Highly recommended.”
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“Made a very daunting and important task so easy. I'm relaxed and happy to have things in place for my loved ones.”
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“Easy application, fully online. It took a couple of days and I am fully insured. Couldn't be happier.”
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“I am older and had to authorize my doctor to answer some questions for the life insurance company, but the process was actually very easy and created zero stress for me.”
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Around 40% of a typical policy's rate is from distribution and underwriting costs.
We made the process more efficient and less expensive with technology, so those savings could go back to you.
Your fully underwritten policy will still give you quality protection, but with a better monthly rate.

Compare your life insurance needs to PolicyMe customers in Manitoba

We’ve sold almost $5 billion in life insurance across Canada, helping Manitoba families feel more financially secure.
Average coverage amount:
Average coverage length:
17.5 years
Average monthly premium:

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Call +1 (866) 999-7457 from 9AM-5PM EST Monday to Friday or email us. Our Ontario-based team is happy to help!
Our Canadian advisors are available 7 days a week, from 9 a.m. to 5 p.m. ET.

Need a recommendation?

Talk to an advisor (if you want!)

Call +1 (866) 999-7457 from 9AM-5PM EST Monday to Friday or email us. Our Ontario-based team is happy to help!
Our Canadian advisors are available 7 days a week, from 9 a.m. to 5 p.m. ET.
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FAQs: Life insurance Manitoba

What is the average monthly cost of life insurance in Manitoba?

The average monthly cost of life insurance in Manitoba is between $15 and $100, based on the Canadian average. For many Canadians, their insurance costs less than their monthly cellphone bill! Gather life insurance quotes from different insurers (e.g., a licensed insurance agent or insurance companies) to get the best deal before buying a policy.

Your monthly rate will depend on a range of factors, such as your age, gender, existence of a health condition, policy length, and policy amount. Getting term insurance (instead of permanent) will also help you get lower rates. Also, the younger you are, the lower your life insurance rate premium will probably be. So we recommend getting life insurance sooner than later.

Should I have life insurance in Manitoba?

You should have life insurance in Manitoba if you have dependent children or others who depend on your financial support. A term life insurance policy will ensure your loved ones receive a tax-free lump sum (a death benefit) if you pass away during a certain period of time. They can use this death benefit for everyday expenses, paying the mortgage, post-secondary education for your children and more. Bottom line: life insurance helps you and your family have financial protection.

Your employer may offer optional life insurance for eligible employees that you can consider as well.

Is life insurance taxable in Manitoba?

Life insurance is not taxable in Manitoba. When your beneficiaries receive your death benefit, they will receive the expected amount in full. A death benefit is taxable in certain specific situations, such as:

  • If you didn’t name a beneficiary in your contract of life insurance
  • If you have a cash value attached to your permanent life insurance plan
  • If you use your permanent life insurance policy as loan collateral
  • If you have a permanent policy and sell it while you’re alive.

What does life insurance cover in Manitoba?

In Manitoba, life insurance can cover anything your family needs, including everyday expenses and unexpected ones. They can use the death benefit to pay for funeral costs, groceries, mortgage payments, etc.

The point of life insurance is to help your family maintain their standard of living if you’re not there to financially support them. So think about what expenses your family would have if you passed away. And keep those expenses in mind when considering your life insurance coverage options. For example, if you have debt and children who will attend post-secondary education, a sufficient insurance policy will cover these different expenses.

Is term insurance or whole life insurance better in Manitoba?

Term life insurance is better than whole life insurance in Manitoba. This is because monthly premiums are usually lower for term insurance policies. Plus, if you don’t need life insurance for the rest of your life, then term insurance is ideal. You decide how long you want your policy to last and pay premiums only during that period.

Whole life insurance is better for people who need coverage for the rest of their life rather than during a specific period. You can also get single-premium whole life insurance. With this insurance, you pay a single lump-sum premium instead of monthly or periodic payments. This option is much more expensive but comes with some benefits. For example, you don't have to worry about future monthly payments and you can build cash value on your policy.

At what age should you get life insurance in Manitoba?

In Manitoba, you should get life insurance when you need it or think you’ll need it. If you have people who depend on your income, you should think about getting life insurance. Life insurance will help them financially support themselves in the event of your death.

Applications for insurance will ask about your age and the older you are, the higher your premiums will likely be. So, there’s no time like the present to get life insurance if you need it!