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Co-operators: Best term life insurance for smokers
Desjardins: Runner-up best customer service
Manulife: Best health benefits
Canada Life: Best term life insurance for high net-worth shoppers
Industrial Alliance: Best policy selection
Beneva: Best no medical term life insurance
Canada Protection Plan: Best guaranteed term life insurance
For fully-underwritten terms of 10-30 years, the five best policies are as follows:
Provider
Policy
Rating
Premiums*
PolicyMe
Term life insurance
★★★★★ (5.0)
$37/month
RBC Life Insurance
RBC YourTerm
★★★★★ (4.5)
$37/month
Empire Life
Solution
★★★★★ (4.5)
$37/month
Co-operators
Versatile Term
★★★★☆ (4.0)
$38/month
Foresters Life
Term life insurance
★★★★☆ (4.0)
$38/month
* 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.
Looking for the best term life insurance in Ontario? With rates starting around $30 per month, PolicyMe and Empire Life are the top two insurers for the cheapest term life insurance as of July 2026.
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 95+ life insurance products with in-depth research on 25+ providers. We assigned each product a star rating out of five based on a mix of average pricing, Google Review scores, and shopping convenience, then ranked the results in 16 categories.
Rankings are determined first by star rating and then by price. Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial advice..
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Great Customer Service
Quote Online
Buy Online
Cost 6% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage.
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
$100,000 - $5 million in coverage available for 10-30 years
$10,000 of complimentary coverage per child with every policy
31-Day missed payment grace period
30-Day trial period
10% First-year couple's discount
Below-average rates for applicants under the age of 60
Buy online or over the phone
Convertible
High Google review scores
Pay by credit card
Renewable
Cons
Not well-suited for high-net-worth individuals looking for an estate planning tax strategy
Term life insurance
Term: 10-30 years
Coverage: $100,000 - $5 million
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Term 100 life insurance
Term: Lifetime
Coverage: $10,000 - $5 million
RBC YourTerm by RBC Life Insurance
RBC is a close runner-up for the best term life insurance policy, and beats out other banks (such as BMO Life Assurance) thanks to its superior pricing and customer service.
Best term life insurance - #2
RBC Life Insurance
(4.5)
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Quote Online
Buy Online
Cost 6% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
As long as you're looking for $500,000 or more in temporary 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 policies without the need for a medical exam.
RBC Life Insurance carries an "A" rating for financial stability from A.M. Best as of July 2026.
Pros
$100,000 - $25 million in coverage available for 10-40 years
31-Day missed payment grace period
30-Day risk-free review period
4 Available riders
Adjustable coverage
Choice of single or joint life coverage
Convertible until age 71
Exchangeable for a longer term
Includes accidental death benefit
Cons
Above-average rates for policies with $200,000 or less in coverage
Above-average rates for smokers
RBC YourTerm
Coverage: $100,000 - $25 million
Term: 10-40 years
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RBC Growth Insurance and Growth Insurance Plus
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Participating dividends
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RBC Guaranteed Acceptance Life Insurance
Coverage: $5,000 - $40,000
Term: Lifetime
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RBC Simplified Term Life Insurance
Coverage: $50,000 - $1 million
Term: 10-40 years
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RBC Universal Life and Universal Life with Bonus Interest
Coverage: $25,000 - $25 million
Term: Lifetime
Features: Investment account
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Term 100 Life Insurance
Coverage: $50,000+
Term: Lifetime
Solution by Empire Life
Empire Life offers fairly cheap life insurance rates, but its customer service is lacking, and you can’t buy a policy online.
Best term life insurance - #3
Empire Life
(4.5)
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Great Customer Service
Cost 7% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
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
$25,000 - $20 million in coverage available for 10-30 years
6 Available riders
Below-average rates for all ages and smokers
Convertible until age 75
Exchangeable for a longer term
High Google review scores
Renewed policies are fully paid-up at age 100
Cons
Phone call may be required to quote and purchase
Solution 10-30
Coverage: $25,000 - $20 million
Term: 10-30 years
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Solution ART
Coverage: $25,000 - $499,999
Term: 3 years
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EstateMax
Coverage: $10,000+
Term: Lifetime
Features: Participating dividends
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Optimax
Coverage: $5,000+
Term: Lifetime
Features: Participating dividends
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Solution 100
Coverage: $10,000 - $10 million
Term: Lifetime
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Term to 100
Coverage: $10,000 - $20 million
Term: Lifetime
Versatile Term by Co-operators
Despite its name, Versatile Term life insurance doesn’t have the biggest selection of riders. If you want disability insurance or critical illness insurance riders, check out Desjardins.
Best term life insurance - #4
Co-operators
(4.5)
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Quote Online
Cost 5% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Versatile Term by Co-operators is a flexible budget pick for term life insurance for 10-30 years, especially for smokers. It’s renewable and convertible, and even though you may have to speak to an agent to finalize your coverage, an "A" financial strength rating from A.M. Best means it’s worth it.
Pros
$25,000 - $5 million in coverage available for 10-30 years
2 Available riders
Below-average rates for all ages and smokers
Convertible until age 70
Exchangeable for a longer term
Renewable
Cons
Few online details
Term life 1
Coverage: $50,000 - $475,000
Term: 1 year
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Versatile Term
Coverage: $25,000 - $5 million
Term: 10-30 years
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Infinity Term
Coverage: Starting at $25,000
Term: Lifetime
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Universal life
Coverage: Starting at $25,000
Term: Lifetime
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Whole Life Ascend
Coverage: Starting at $25,000
Term: Lifetime
Features: Participating dividends
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Whole Life Protector
Coverage: Starting at $25,000
Term: Lifetime
Features: Participating dividends
Term life insurance by Foresters Financial
Foresters Life offers a competitive term life insurance policy with some unique fraternity benefits.
Best term life insurance - #5
Foresters Life
(4)
How products are rated
Our star ratings are based on a mix of each provider's financial stability and Google Review scores, and each product's pricing and ease of purchase.
Cost 6% less
than industry average
How prices are compared
We compared each product's yearly costs to the average cost of similar products for the same type of applicant. Unless otherwise noted, all figures show the approximate price difference for a female non-smoker aged 30-44 shopping for a term life insurance policy with $600,000 in coverage, or a permanent or no medical life insurance policy with $50,000 in coverage.
Foresters Financial's term life insurance rates are competitive, and each policy includes up to $1,000 in bereavement counselling, plus 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
$10,000 - $5 million in coverage available for 10-30 years
6 Available riders
Choice of single or joint life coverage
Convertible until before age 71
Exchangeable for a longer term
Includes bereavement counselling for beneficiaries (up to $1,000 combined) and a donation to the charity of your choice
Cons
Low maximum issue age
Phone call may be required to quote and purchase
Term life insurance
Coverage: $50,000 - $5 million
Term: 10-30 years
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Advantage Max
Coverage: $50,000 - $20 million
Term: Lifetime
Features: Participating dividends
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Advantage Plus
Coverage: $25,000 - $5 million
Term: Lifetime
Features: Participating dividends
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Non-Par Whole Life
Coverage: $50,000 - $5 million
Term: Lifetime
* We compared each policy’s yearly costs to the average cost of similar policies 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.
PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance policies and providers. Our analysis combines 450,000+ quotes for 95+ policies and 25+ providers, drawing on trusted sources such as COMPULIFE, WinQuote and official provider websites, supplemented by ratings from Google Reviews.
Rating formula
Each policy receives a star rating out of five based on pricing, customer satisfaction and ease of purchase:
3 stars: The life insurance provider is a member of Assuris and carries a financial strength rating of “A-” or higher.
+ 1 star: The policy costs at least 5% less than the industry average for comparable plans.
+ 0.5 stars: The provider’s head office carries a Google Reviews score of 4.0 or higher.
+ 0.5 stars: The policy offers accessible online quotes.
Ranking order
The rankings within each category are determined first by star rating (in descending order) and then by approximate monthly premiums (in ascending order).
Category criteria
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 non-smoking women, respectively. Coverage for policies in the best no medical term life insurance category is capped at $50,000, and coverage for all the best permanent life insurance categories at $25,000.
Pricing comparisons
To ensure fairness and accuracy, we made all pricing comparisons between policies 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 October 2026.
For example, the cost of a 10-year term policy for non-smoking women aged 30-44 with $600,000 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.
Disclaimer
PolicyMe does not accept payments for placement in these rankings, and we include our own policies where applicable. While PolicyMe strives 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 companies 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 for the best term insurance in Canada, 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?
Term coverage costs around $15–$45/month for the average Canadian in 2026.
The cost of life insurance in Canadadepends 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. For instance, young women drink 3x less frequently than young men in the same age bracket according to PolicyMe’s recent insurance study.
Lowest rates: 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)
Highest rates: Elderly, male applicants who smoke and are looking for $750,000 of coverage for 30 years
Average rates in Canada by age group & term length
Age and term length are two major factors that affect how much you pay for coverage.
Below are the average rates for non-smokers in different age groups, calculated using quotes from 28 Canadian term life insurance plans:
20 years
Industry average*
PolicyMe*
Female
Male
Female
Male
Youths (18-29)
$23
$33
$22
$32
Adults (30-44)
$33
$46
$32
$44
Adults (45-59)
$144
$205
$148
$214
Seniors (60+)
$333
$478
$343
$492
* 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.
See just how affordable term life insurance can be with PolicyMe.
You can find the cheapest life insurance quotes by comparison shopping for fully underwritten term life insurance.
Compare insurers: Rates can vary widely for the same coverage.
Underwriting: This process helps providers accurately assess your risk (and get lower rates, if you’re healthy).
Term length: Match your term to your financial obligations, and don’t over-buy.
Avoid unnecessary riders: Optional add-ons can increase your monthly premiums.
Pay annually: Some insurers offer a small discount for paying a year at a time vs. monthly.
Buy young: Term policies cost less when you’re young and healthy.
Note: Underwriting may include medical questions or a medical exam. But this 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.
10-year vs 20-year vs 30-year term: which length is best?
20 and 30-year terms are often a good fit for Canadian families. These term lengths fit the most common debt and dependent timelines, from mortgage payoffs and raising children to independence to finally retiring.
The right term length will fit your family’s specific timeline for financial burdens.
PolicyMe’s available term lengths are 10, 15, 20, 25, and 30 years. The smaller the term length, the smaller the premium. But it’s more important to find the best fit than the lowest cost.
10 year: Good for near-retirees, short-term debt coverage, or laddering
20 year: Good for working parents and couples within 20-25 years of retirement, mortgage coverage, income replacement
30 year: Good for longer mortgages, couples with very young children or planning more children, when retirement is 25+ years away, or when there are concerns about future health issues
What happens when your term ends?
Your life insurance coverage will naturally stop when your term policy expires. But if you don’t want to cancel, you may have three options if you still need life insurance at that time: reapply, renew, or convert.
Reapply: Get a new policy from another insurance provider. This is usually the cheapest option, although your premiums will increase from your previous cost since rates are tied to age.
Renew: Renew your existing term policy for another year. This is guaranteed coverage with simple admin, which can be especially useful if your health has changed. However, premiums are higher.
Convert: If you need lifelong coverage and your term policy is convertible, you can switch from term to permanent coverage. Your premiums will increase but there’s no new medical underwriting.
You could also self-insure, if you have enough savings and liquid assets to cover your debts and dependents (or if your mortgage is paid off and your kids are financially independent). A short term policy may be wise if your spouse is still relying on your ongoing work income.
Next steps: Best term life insurance in Canada
After you decide on the best term life insurance for you, you can buy an affordable term policy 100% online to secure protection for your loved ones.
In 20 minutes, you can get a quote and purchase your policy. For most applicants with PolicyMe, there’s no medical exam and you’ll receive an instant decision. Here’s how to buy online in five steps:
Decide on a coverage amount, term length, and policy.
Complete an application online, over the phone or in person, then wait for a decision.*
Read insurance policy details closely 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. Enjoy a 30-day money-back guarantee for plenty of time to consider your purchase and make a change if you need to.
"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
FAQ: Best term life insurance in Canada
Term life insurance is best used to cover finite financial obligations, such as raising children, paying off a mortgage, or putting a child through post-secondary education. It can provide peace of mind and financial protection for your loved ones in the event of an unlikely but devastating loss.
The tax-free lump-sum payout from a term life policy can be used to cover final expenses, replace income, and meet other financial needs.
The best term length is the one that most closely matches the number of years your financial needs will last. If you need to cover a 30-year mortgage, choose a 30-year term. If you’ve just had a child and want to support your dependants until they’re 20, consider a 20-year policy.
You can tailor the policy length to your obligations and financial goals.
The best age to buy term life insurance is as soon as you need coverage. The younger you are, the cheaper your life insurance premiums will generally be due to the underwriting process.
You may face exclusions or eligibility challenges later if you develop health conditions. Because your premiums remain the same throughout the term, buying early can help you secure affordable coverage for years to come.
In Canada, life insurance providers known for strong term life insurance policies include PolicyMe, Canada Life, RBC Insurance, Manulife, Sun Life, and Canada Life. These offer competitive pricing (though the best rates depend on the policy and the applicant), with flexible term lengths and optional riders whether you’re looking for term life insurance in Ontario, Nova Scotia, BC, or beyond.
It depends on your goal, but term life insurance is the best fit for most Canadians. It’s cheaper, more flexible, and aligns with most people’s financial obligations, which are temporary rather than permanent.
Whole life insurance builds cash value and lasts a lifetime, but its premiums are much higher than those for term coverage and may also continue for life. Universal life insurance is another type of permanent coverage.
You need enough term life insurance coverage to replace your income and pay off your debts. The most common term life insurance policy in Canada is around $500,000 for either 20 or 30 years, which provides a lump-sum payment that can cover a mortgage or raising a child.
You can renew most term policies in Canada, which means extending your coverage annually or for another five or 10 years, depending on the provider’s options.
Your premiums will be higher when you renew compared to buying a new underwritten policy. However, renewing may be helpful if you’ve developed health issues that could prevent you from qualifying for a new policy.
No, term life insurance policies do not build cash value. There is only the death benefit payout.
For an average policyholder, some of the most affordable 20-year term policies in Canada are available from RBC Insurance or PolicyMe at around $27 per month for $500,000 in coverage. Younger applicants may pay less per month for the same plan.
If you want more coverage, such as $1 million, an affordable plan may cost around $48 per month.
Want to learn more about other life insurance options? Here are more reviews of Canadian life insurance providers:
Bonnie Stinson is an insurance writer and researcher in Toronto with a decade of experience producing helpful, accurate content for Canadians. They have published resources for some of Canada's most innovative and consumer-trusted companies in the health, legal, and fintech sectors.
Bonnie Stinson is an insurance writer and researcher in Toronto with a decade of experience producing helpful, accurate content for Canadians. They have published resources for some of Canada's most innovative and consumer-trusted companies in the health, legal, and fintech sectors.
