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Compare our term life insurance rates with other Canadian companies

PolicyMe

$31.42 /mo

Desjardins

$31.95 /mo

Manulife

$32.80 /mo

RBC

$32.85 /mo

BMO

$33.30 /mo

See how much your policy would cost with PolicyMe

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*Pricing based on publicly available rates in June 2022 for a 35-year-old non-smoking man for $500,000 in coverage over a 20 year term.
Terms and conditions apply. Pricing based on publicly available rates in April 2022, for non-smoking men for a 20-year term policy.

Pricing comparisons for term life insurance products are based on a review of publicly available rates/premiums at that time period. In some cases, additional underwriting and medical exams may be necessary and require additional time.

Our terms & conditions

Why a term policy with PolicyMe?

Term life insurance that’s delightfully simple and surprisingly affordable.

More life insurance for less cost

Get the most affordable term insurance with the same high-quality coverage. Fully underwritten.

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Get a quote in seconds. Apply in minutes. Find out if you're approved right away, not in weeks from now.

Canadian advisors available 7 days a week

Receive custom advice from non-commissioned licensed advisors based in Canada.

Term plans that put your family first

$10,000 in free life insurance coverage for each child. Couples applying together get a discount on premiums.

Canadians are talking about our term policies and saying pretty great things

People don’t always like talking about term life insurance plans, but they do like talking about our simple application process and affordable coverage options. 

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What is term life insurance?

Term life insurance is a type of life insurance that financially protects families for a specific period. Term tends to be the most affordable option for Canadians.

Benefits of term life insurance

Term life insurance is one of the most affordable types of life insurance. Premiums tend to be around 15% of the price of whole or permanent.

Your beneficiary receives a tax-free death benefit if you pass away during the term.

Unlike permanent life insurance, term policies are only active in the years you need it most.

The payout can be used for anything your family needs: funeral costs, debts, tuition, etc.

Read video transcript

Term life insurance 101: What Canadians need to know

Your family deserves the best, and for most families, that means a straightforward and affordable term life insurance policy.

Who is term life insurance for?
Term life insurance is for those that want financial protection for a set period, like while raising a family or paying off debt. If someone depends on you financially, a term policy might be for you.
How does term life insurance work?
Term life insurance works by providing coverage for a set amount of time – most commonly 20 years. A term plan guarantees that if you pass away while the policy is active, your loved ones get a tax-free lump sum.
What term length should I choose?
Term coverage is protection for the years you need it most. When looking at your life insurance options, you’ll generally see policies around 10, 20 or 30 years. We tend to recommend a term that covers the length of your financial obligations – like childcare, mortgage, etc. Not sure how much you need? Try our life insurance calculator.

Frequently asked questions about term life insurance

The ABCs and 123s of term life insurance.
When is the best time to get term life insurance?
What is the cheapest term life insurance?
How much term life insurance coverage do I need?
What age does most term life insurance end?
What happens when term life insurance expires?
Can I extend my term life insurance coverage in Canada?
Is my term life insurance worth anything?
How much does term life insurance cost in Canada?
Is there any cash value with a term life insurance policy?
How can I pay for my term life insurance policy?
Who offers PolicyMe term life insurance policies?

Learn more about term life insurance