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Life insurance in Ottawa: affordable peace of mind

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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!
Rodney
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“Impressed with PolicyMe’s straightforward, easy application process. And their policies are way more affordable!
Kerry
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Great rates and coverage put into effect in less than 24 hours. Highly recommended.”
Josie
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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.”
Casey
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“Easy application, fully online. It took a couple of days and I am fully insured. Couldn't be happier.”
Pamela
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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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40% of a standard life insurance plan's rate is made up of distribution and underwriting costs
With PolicyMe’s technology, you get to ditch the convoluted and drawn-out processes that cost you more than other life insurance companies in Ottawa
Get access to life insurance that offers you a fully underwritten policy, with a better monthly rate

Compare the life insurance coverage you need to our customers across Ottawa

We’ve sold almost $5 billion in life insurance throughout Canada, helping Ottawa families feel more financially secure.
Average coverage amount
$432K
Average policy length
17.5 years
Average premium starts at
$20.46

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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.

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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Life insurance quotes in Ottawa

Take a look at estimated quotes for current PolicyMe customers with a 20-year term for a coverage amount of $250,000.

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

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

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

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

Man, aged 30, smoker from The Glebe: $50.43/mo

See how much you could save on life insurance in Ottawa with PolicyMe:

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Canada Life is one of the only life insurance companies headquartered in Ottawa

But you can get life insurance coverage in Ottawa from PolicyMe and other insurers including Sun Life and Manulife Canada. So rest assured that you don’t need to settle.

The average real estate cost in Ottawa is around $710,000 in 2022

If you want to take on a mortgage in Ottawa, join many of the financially-savvy parents who’ve taken out a term life insurance policy to help potentially cover their future mortgage payments.

zolo.ca/ottawa-real-estate/ottawa/trends

The unemployment rate in Ottawa sits at 4.1%, better than Canada’s average (5.2%)

Group life insurance (often referred to as optional or employee life insurance) won’t typically provide enough for the everyday Canadian family’s coverage needs. This kind of insurance is also non-portable. Lose your job, you lose your policy.

creastats.crea.ca/board/otta-employment-trends

FAQ: Life insurance in Ottawa

How much does life insurance cost in Ottawa?

The cost of life insurance in Ottawa will vary across the insurance industry, but the costs of insurance can be as little as two coffees. Like other cities across Canada, the average monthly cost of life insurance in Ottawa falls between $15 and $100. You can access affordable term life insurance products with the right provider.

There is a tactical element to getting a lower-priced life insurance policy. The younger you are, the less you pay. That’s why it can be a smart financial move to get life insurance when you’re young and in good health in order to access coverage without the extra cost.

Beyond your age, family history, and whether or not you have any pre-existing health conditions, your monthly life insurance rates will also be impacted by variables such as your gender and your current lifestyle choices as an insurance applicant. For example, a heavy drinker who smokes will typically need to pay more for life insurance than someone who doesn’t regularly drink or smoke due to their higher medical risk to an insurer.

Where can I get life insurance in Ottawa, Ontario?

You can get life insurance in Ottawa in two main ways, broadly speaking. You can get life insurance from either an insurance company or an insurance broker.

Check to see if the agency or business of your choice is licensed by the Financial Services Commission of Ontario. The FSCO regulates companies and agents across the insurance sector, helping to make sure they’re adequately meeting the needs of the public.

Both agents and life insurance solutions are easy to find online. Take a look at online reviews to find out more about which agent or business might be right for you and your family. Factor in coverage, customer support, and how affordable your monthly premiums will be.

Is life insurance taxable in Ottawa?

Life insurance isn’t typically taxed in Ottawa. The lump sum payout is generally tax-free. This means that families can use a potential lump sum tax-free payment to spend more on the everyday necessities they took out insurance for in the first place.

On very rare occasions, this payout may be taxed. As an insured person, if you opted for a permanent life insurance policy with a cash value rather than a term life insurance policy.

No matter what size your policy is, a term life insurance payout is not taxable. Once the claim is approved, your family will get every penny of the death benefit. This is one of the main reasons why many people choose term life insurance over permanent life insurance.

What does life insurance cover in Ottawa?

Life insurance in Ottawa can cover a wide range of things your family needs. From making debt payments to covering the mortgage, a term life insurance policy can potentially be used to help cover any expenses your loved ones have.

Many people take out life insurance to help provide for dependent children or a partner during a difficult time. If you pass away during your policy term and your claim is approved, your family will get access to a tax-free lump sum payment that they can spend on their everyday expenses. Many of our customers' families have covered financial costs like school fees for dependent children, groceries, bills, mortgage payments, funeral costs, and emergency expenses like home repairs.