What’s the Best Term Life Insurance in Canada?
Why term life insurance?
Thanks to its affordability, flexibility and straightforward coverage, term life insurance is already the best type of life insurance for most Canadians. It enables you to lock in low rates for the life of your policy, pick a term length that matches your financial obligations and avoid paying for extras like cash values.
You can leverage the advantages of term life insurance even further by looking for a policy with:
To make it easier for you, we’ve done the work of comparing over 25 term life coverage options from more than 20 companies and ranking them by price, customer satisfaction and convenience.
"Term life insurance is a simple and affordable way to protect your family’s financial future. The key is finding a policy that balances affordability with the right coverage amount." – Christelle Arouko, Licensed Insurance Advisor
What’s the best term life insurance in Canada?
Based on our data-driven review of the leading products and over 450,000 quotes, PolicyMe is the best life insurance in Canada for affordability, customer satisfaction and ease of purchase. The runner-ups include Empire Life, RBC Insurance, Co-operators, Foresters Financial, and Desjardins:
* For each product, we calculated the average monthly premiums for a female non-smoker between 30-44. The results show the approximate cost of a 10-30-year term life insurance policy with $600,000 in coverage.
1. Term life insurance by PolicyMe
Our expert take: PolicyMe offers one of the most affordable Term Life Insurance policies in Canada, with term life insurance quotes up to 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 PM's insurance rates aren't so competitive for high-risk cases such as seniors and smokers.
Pros & Cons
Available products
- Term life insurance with $100,000 - $5 million in coverage for 10-30 years
- Term 100 life insurance with $10,000 - $5 million in lifetime coverage
2. Solution by Empire Life
Our expert take: The Solution term life insurance series lasts between 10-30 years, with the option to convert to term 100, universal or whole life insurance before the age of 75. Empire Life carries a 4.2-star rating on Google and an "A" from Morningstar DBRS, making it a smart and budget-conscious pick for all ages.
Pros & Cons
Available products
- Solution 10-30 with $25,000 - $20 million in coverage for 10-30 years
- Solution ART with $25,000 - $499,999 in coverage for 3 years
- EstateMax with $10,000+ in lifetime coverage and participating dividends
- Optimax with $5,000+ in lifetime coverage and participating dividends
- Solution 100 with $10,000 - $10 million in lifetime coverage
- Term to 100 with $10,000 - $20 million in lifetime coverage
3. RBC YourTerm by RBC Life Insurance
Our expert take: As long as you're looking for $500,000 or more in coverage, RBC YourTerm life insurance is competitively-priced and offers a variety of conversion options. If your health changes before your term expires, you can choose between participating and non-participating permanent life insurance products without the need for a medical exam.
RBC Life Insurance carries an "A" rating for financial stability from A.M. Best.
Pros & Cons
Available products
- RBC YourTerm with $100,000 - $25 million in coverage for 10-40 years
- RBC Growth Insurance and Growth Insurance Plus with $25,000 - $25 million in lifetime coverage and participating dividends
- RBC Guaranteed Acceptance Life Insurance with $5,000 - $40,000 in lifetime coverage
- RBC Simplified Term Life Insurance with $50,000 - $1 million in coverage for 10-40 years
- RBC Universal Life and Universal Life with Bonus Interest with $25,000 - $25 million in lifetime coverage and an investment account
- Term 100 Life Insurance with $50,000+ in lifetime coverage
4. Versatile Term by Co-operators
Our expert take: Versatile Term is a good budget pick for term life insurance, albeit one with shaky customer reviews. Google users claim customer service is slow and hard to reach, and because there's no option to buy online, the buying process may take a while. On the plus side, Co-operators carries a large range of products and an "A" financial stability grade from A.M. Best.
Pros & Cons
Available products
- Term Life 1 with $50,000 - $475,000 in coverage for 1 year
- Versatile Term with $25,000 - $5 million in coverage for 10-30 years
- Infinity Term with $25,000+ in lifetime coverage
- Responsibility and Responsibility PLUS with up to $25,000 in lifetime coverage
- Universal Life with $25,000+ in lifetime coverage
- Whole Life Ascend with $25,000+ in lifetime coverage and participating dividends
- Whole Life Protector with $25,000+ in lifetime coverage and participating dividends
5. Term life insurance by Foresters Financial
Our expert take: Foresters Financial's Term Life Insurance rates aren't particularly competitive, but each policy includes up to $1,000 in bereavement counselling and a unique charitable benefit. If you pass away, Foresters will make a donation matching 1% of your policy's face amount (up to $100,000) to the charity of your choice.
Pros & Cons
Available products
- Term life insurance with $50,000 - $5 million in coverage for 10-30 years
- Advantage Max with $50,000 - $20 million in lifetime coverage and participating dividends
- Advantage Plus with $25,000 - $5 million in lifetime coverage and participating dividends
- Non-Par Whole Life with $50,000 - $5 million in lifetime coverage
* 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 30-44 shopping for a 10-30-year term life insurance policy with $600,000 in coverage.
The best high-risk term life insurance
High-risk life insurance is a product of last resort for applicants who have been denied life insurance before. Simplified and guaranteed products (also known collectively as “no medical life insurance”) don’t require a medical exam, but they demand enormous premiums as a result.
At PolicyMe, we always recommend applying for fully underwritten term life insurance first. Even if you require a medical exam, you aren’t likely to be denied, and your premiums will be lower (and your potential coverage higher) than those of a no medical product.
Best for seniors: Term life insurance by PolicyMe
Our expert take: PolicyMe’s term life insurance starts at $33/month for a 60-year-old female non-smoker with $50,000 in coverage, a rate 9% below the industry average. The maximum issue age for our term life policies is 70, so you can keep affordable coverage until age 80.
Policyholders who develop unexpected health conditions or need permanent coverage (and are under 69) can convert all or part of their term coverage into term 100 life insurance. Like our term life insurance, our permanent insurance is designed for simplicity and affordability, and you can make the switch without providing evidence of insurability.
Pros & Cons
Available products
- Term life insurance with $50,000 - $5 million in coverage for 10-30 years
- Term 100 life insurance with $10,000 - $5 million in lifetime coverage
Best for smokers: Versatile Term by Co-operators
Our expert take: Versatile Term offers excellent life insurance rates for smokers, starting at just $8/month for a 10-year policy with $25,000 in coverage (for an 18-year-old female smoker). Even premiums for senior smokers undercut the industry average, making it a great long-term option for leaving a tax-free payout to your loved ones.
Pros & Cons
Available products
- Term Life 1 with $50,000 - $475,000 in coverage for 1 year
- Versatile Term with $25,000 - $5 million in coverage for 10-30 years
- Infinity Term with $25,000+ in lifetime coverage
- Responsibility and Responsibility PLUS with up to $25,000 in lifetime coverage
- Universal Life with $25,000+ in lifetime coverage
- Whole Life Ascend with $25,000+ in lifetime coverage and participating dividends
- Whole Life Protector with $25,000+ in lifetime coverage and participating dividends
Best no medical: Term Simplified by Beneva
Our expert take: 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 & Cons
Available products
- Term Plus with $10,000 - $5 million in coverage for 10-30 years
- Term Simplified with $10,000 - $5 million in coverage for 10-30 years and no medical exam
- Term 100 with $10,000 - $10 million in lifetime coverage
- Enhanced Term 100 with $10,000 - $10 million in lifetime coverage
- Universal Life Insurance with $10,000 - $10 million in lifetime coverage
- Simplified Whole Life with $10,000 - $99,999 in lifetime coverage and no medical exam
Methodology: best term life insurance in Canada
About the data
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+ policies and 20+ insurers, drawing on trusted sources such as COMPULIFE, WinQuote and official provider websites, supplemented by ratings from Google.
About star ratings
Each product received a star rating out of five based on pricing, customer satisfaction and ease of purchase, customized by age group, sex at birth, and smoking status. We awarded three stars to every provider with insolvency protection from Assuris and a financial stability rating of “A-” or higher from a respected credit rating agency such as A.M. Best.
Products with an average price at least 5% below the industry average received one extra star for affordability, while providers with a Google Reviews score of 4.0 or higher earned an extra half-star for customer satisfaction. Finally, products offering convenient online quoting options earned another half-star for accessibility.
About the categories
The 10 “Best Of” categories use criteria reflecting the most popular types of coverage and buyer needs. Most term life insurance categories compare the average price of a 10-30-year policy with $600,000 in coverage for non-smoking women between the ages of 30-44. The “best of” categories for smokers and seniors compare policies for smoking women and 60-year-old women, respectively.
Most senior customers purchase a smaller amount of permanent and no medical coverage because it’s expensive, and they require coverage for end-of-life expenses rather than debt or income replacement. We therefore capped the coverage for senior, permanent, and no medical life insurance categories at $50,000.
About rankings
The rankings within each category are determined first by star rating and then by average monthly premiums by age group, sex at birth and smoking status.
About pricing comparisons
To ensure fairness and accuracy, we made all pricing comparisons between products of the same type, with the same coverage amount, and for the same combination of age group, sex at birth and smoking status. The rates listed in this article are based on publicly available rates as of January 2026.
For example, the cost of a 10-year term policy for non-smoking women aged 18-29 with $400,000 in coverage is always compared to the industry average for all 10-year term policies for the same demographic segment and with the same amount of coverage.
Similarly, the average cost of a fully underwritten permanent life insurance policy for non-smoking women aged 30-44 with $75,000 in coverage is always compared to the industry average for all fully underwritten permanent policies for the same demographic segment and with the same amount of coverage.
Disclaimer
PolicyMe’s findings use unaltered data and are free from paid placements or sponsored influence. While we strive to keep our information up-to-date, we cannot guarantee the validity of third-party data. These results are intended as a helpful reference and not as a substitute for personalized financial advice.
The best term life insurance according to Redditors
Redditors agree that the best term life insurance policies include the option to convert or renew because, as u/lifeinsurancecanada puts it, “you cannot predict your future health.” As for specific recommendations, here are a few:
- u/labo-is-mast: “PolicyMe is the easiest and cheapest if you’re healthy and just want something simple.”
- u/nsparadise: “I’ve worked with many companies over the years. Nowadays, I primarily use Canada Life and Empire Life with my clients, because they are solid companies with good policies and good service. BMO is good too.”
- u/Khyron686: “I switched to PolicyMe, no issues/regrets. In our 20s we were suckered into whole life from a mutual advisor... The numbers make no sense once you’re 50+ and don’t need insurance anymore.”
How much does term life insurance cost?
The cost of life insurance in Canada depends on your age, sex at birth, smoking status and health, plus how much coverage you choose, the length of your term and whether you apply for no medical life insurance or not.
The lowest rates belong to young, female, non-smoking applicants in good health who are shopping for $50,000 of coverage for 10 years (and are willing to undergo a medical exam). By contrast, an elderly, male applicant who smokes and is looking for $750,000 of coverage for 30 years will pay much higher premiums.
Here are the average rates for non-smokers in different age groups, calculated using quotes from 26 Canadian term life insurance plans:
* Prices reflect the approximate average monthly cost of a fully-written 20-year term life insurance policy with $600,000 in coverage for healthy, non-smoking individuals.
How to find cheap term life insurance quotes
You can find the cheapest life insurance quotes by comparison shopping for fully underwritten term life insurance. Underwriting helps life insurance companies accurately assess your risk, and you might be pleasantly surprised by the quote you receive.
The effort it takes to get a medical exam can pay off with big savings with no risk to your insurability–you can always apply for no medical life insurance later.
How to choose the best term life insurance policy
Term life insurance works best when it’s tailored to your insurance needs. To find a policy that works for you, first:
- Calculate how much life insurance you need. Rather than simply multiplying your income, sit down and think about what you want to cover and how much it’ll cost, whether it’s a mortgage or your children’s education. Accurately estimating your insurance needs can help you avoid overpaying or going underinsured.
- Choose your term length. Think about how long your financial obligations will last and set your term accordingly. How long will your mortgage last? How long until your children turn 18? How long until your spouse retires?
- Compare term life insurance quotes. The best way to find a deal is to compare prices from life insurance providers, whether on your own or through an insurance broker.
Next steps: Best term life insurance in Canada
Once you’ve decided on the best term life insurance for you, you’re only 5 steps away from securing protection for your loved ones:
- Choose your coverage amount, your term length, and your product.
- Complete the application online, over the phone or in person, then wait for a decision. If you’re denied, consider applying for no medical life insurance.
- Read your insurance policy documents carefully before signing.
- Provide your payment information and make your first payment.
- Use your 10-day, free look period to consider your policy documents carefully.
With PolicyMe, you can get a quote, apply, and pay for a life insurance policy entirely online in 20 minutes or less. Our 30-day money-back guarantee gives you plenty of time to consider your purchase and make a change if you need to.
FAQ: Best term life insurance in Canada
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance companies:
- Biggest life insurance companies in Canada
- Best bank owned life insurance
- Best whole life insurance in Canada
- American Income life insurance review
- Beneva life insurance review
- Canada life insurance review
- Canada Protection Plan life insurance review
- Canadian Premier life insurance review
- Costco life insurance review
- Desjardins life insurance review
- Equitable life Insurance review
- Foresters life insurance review
- Industrial Alliance life insurance
- Ivari life insurance review
- Manulife life insurance review
- PolicyMe life insurance review
- Primerica life insurance review
- UV life insurance review
Jasmine specializes in converting complex insurance data into actionable guidance. Her background includes auto, life, and health insurance and financial planning. Lately, she’s leveraging AI to extract insights from the numbers and help Canadians make better decisions.
Jasmine specializes in converting complex insurance data into actionable guidance. Her background includes auto, life, and health insurance and financial planning. Lately, she’s leveraging AI to extract insights from the numbers and help Canadians make better decisions.