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Life insurance in Mississauga: affordable peace of mind

Get up to 20% more affordable term life insurance coverage with PolicyMe.
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Affordable term life insurance rates

Your life insurance policy for up to 20% less

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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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Up to 40% of a typical life insurance policy's rate is down to distribution and underwriting costs.
We cut as many unnecessary steps in the insurance process as possible – giving your family more money for the rainy day fund.
The bottom line: you get high quality life insurance for a budget-friendly rate.

Compare your term life insurance needs to our other PolicyMe customers

With nearly $5 billion in life insurance sold across Canada, we're a go-to choice for many Mississauga families.
Average coverage amount
Average policy length
17.5 years
Average premium starts at

Looking for life insurance tips?

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.

Need a recommendation?

Talk to an advisor (if you want!)

Call +1 (866) 999-7457 from 9AM-5PM EST daily or email us anytime. 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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Sample Mississauga, Ontario life insurance rates

Take a look at estimated quotes for PolicyMe's life insurance for a 20-year term and coverage amount of $250,000.

Woman, aged 36, non-smoker from Erindale: $22.38/mo

Man, aged 32, non-smoker from the Sheridan: $26.33/mo

Woman, aged 46, non-smoker from Port Credit: $49.49/mo

Man, aged 42, non-smoker from Streetsville: $48.53/mo

Man, aged 30, smoker from Lorned Park: $50.43/mo

Get your affordable term life insurance quote.

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Sun Life and RBC Insurance both have offices in Mississauga

But most Canadian life insurance providers offer coverage in Mississauga. You can get affordable life insurance from companies like Manulife, Canada Life and PolicyMe.

The average real estate cost in Mississauga is around $996K in 2022

How would your family cover the mortgage in Mississauga if the unexpected happened? If you're taking on a mortgage, we typically recommend looking into a term policy to help cover the cost.


The average household size of families in Mississauga is 3 people as of the 2021 census

Whether you are part of a couple without kids or have children, your family relies on your income. Look into affordable life insurance options to help provide financial protection for your family.


FAQs: Life insurance in Mississauga

How do you get life insurance in Mississauga?

When you get life insurance in Mississauga, you’ll typically need to go through several steps. First, decide how much coverage you’ll need to help your family replace your income if you pass away. Make a list of all their everyday costs, like bills, mortgage payments, debt and groceries. Don’t forget to factor in any savings or insurance coverage you already have (like with work).

Next, take a look at the different policies out there. Many people go for a term life insurance policy as it typically offers the most affordable monthly life insurance premiums.

Once you’ve narrowed down your list, get quotes from your chosen insurance companies.

After you get a quote you’re happy with, fill in your application. You’ll typically need to answer some lifestyle and medical questions. You may need to have a medical exam, but most people don’t. Carefully review your policy before you sign.

What is the average life insurance payout in Mississauga?

The average life insurance payout in Mississauga (and throughout Canada) is around $200,000. At PolicyMe, our most commonly purchased amount of coverage is $500,000.

With mortgage payments, kids to provide for and the costs of a comfortable retirement, many of our customers feel that this coverage amount could help potentially provide for their family's needs.

As a term life insurance payout comes in the form of a tax-free lump sum, the money your family gets can go further to cover their everyday costs.

What type of life insurance do you need in Mississauga?

You don’t actually need any particular type of life insurance in Mississauga, as it’s not a legal requirement. But many people do take out term life insurance because they want to help provide for the people that rely on them financially, like kids, a partner and other family members.

With a term policy, if you pass away while the policy is active, your family gets access to a lump sum payout from your life insurer (called the death benefit). They can use this money however they want to.

What impacts your life insurance rate in Mississauga?

Many things can impact your life insurance rates in Mississauga. The most common factors are your age, gender, age, pre-existing medical conditions and lifestyle choices.

Say you’re 30, don’t smoke and don’t have any serious medical issues or a family history of health issues. You’ll pay less for premiums for life insurance than you would if you were a 70-year-old man who smokes and drinks regularly.

Is life insurance taxable in Mississauga, Ontario?

Life insurance isn’t typically taxable in Mississauga, but there are exceptions to this. With a term life insurance payout, the lump sum payout is tax-free. This can go a long way in helping families cover more of their bills and other everyday expenses.

But this isn’t always the case if you go for a permanent life insurance policy with a cash value. With a permanent life insurance policy, you may have to pay tax on the proceeds/interest from your policy.

There are other rare scenarios in which you may have to pay tax on life insurance in Mississauga:

  • If you don't name a beneficiary on your policy.
  • If you withdraw cash from your permanent policy.
  • If you cancel your permanent policy, on the cash value it's earned.