Guide to Term Life Insurance in New Brunswick Canada

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Key Takeaways

  • Wallet-Friendly Option: Term life insurance is a cost-effective choice, giving you plenty of coverage for a set time without the hefty price tag of whole life insurance.
  • Hassle-Free Application: With providers like PolicyMe, applying is a breeze. You can do it all online, often get an instant decision, and many times, skip the medical exams.
  • Top Picks in New Brunswick: Trusted names like PolicyMe, Sun Life, and RBC offer a range of term life insurance options, so you can easily find a policy that suits both your needs and your budget.

Understanding Term Life Insurance in New Brunswick

Term life insurance is a straightforward and affordable way to provide financial protection for your loved ones. It covers you for a specified term, such as 10, 20, or 30 years, and pays out a death benefit if you pass away during that period. This type of insurance is particularly popular in New Brunswick, where it can help cover significant expenses like mortgage payments, childcare, and living costs during the insured period.

One key point to note is that term life insurance rates are consistent across provinces. This means that an Albertan and a Quebecois applying for the same policy with identical personal information from the same company would pay the same premium. This uniformity in rates ensures fairness and simplicity in the application process across Canada.

But, not all insurance companies offer coverage in every province. It’s essential for buyers in New Brunswick to do their research and confirm that the provider they choose offers policies in their region. This step helps ensure they are adequately covered without any unexpected gaps in their insurance protection. By thoroughly researching and selecting a suitable provider, residents can secure reliable and consistent term life insurance coverage that meets their needs.

Who Should Choose Term Life Insurance in New Brunswick

Term life insurance is a practical choice for many New Brunswick residents, offering financial security during crucial years. Here's a quick guide to who should consider this type of policy:

Homeowners with a Mortgage: Term life insurance is ideal for homeowners with a mortgage. It can cover the remaining mortgage payments, ensuring your family won't lose their home in case of your unexpected passing.

Newlyweds: Marriage often brings new financial responsibilities. A term life policy can help your spouse maintain their standard of living and manage any debts or future expenses if you're no longer there to support them.

Business Owners: If you own a business, term life insurance can be crucial. It helps cover business debts and ensures the continuity of your business, providing support to your partners and employees during a challenging time.

Those on a Budget: Term life insurance is generally more affordable than permanent life insurance. It provides significant coverage at a lower cost, making it accessible for those who want protection without breaking the bank.

Residents with Dependents: If you have dependents who rely on your income, a term life insurance policy can provide them with financial security. This includes not only children but also aging parents or other family members who depend on you.

Key Benefits of Term Life Insurance

Keeps More Money in Your Pocket

Term life insurance is generally cheaper than whole life insurance, as it covers you for a set period. This can free up your budget for other priorities while still providing essential coverage.

Matches Your Life Stages

You can pick a term that fits your current needs, whether it’s 10, 20, or 30 years. This flexibility lets you sync your coverage with big milestones like paying off your mortgage or until your kids are financially independent.

No-Nonsense Coverage

Term life insurance is straightforward: you pay your premiums, and if something happens to you within the term, your loved ones get the payout. It’s simple to understand, with no confusing investment parts or cash values.

Best Term Life Insurance Companies in New Brunswick

When it comes to securing your family's future with term life insurance in New Brunswick, choosing the right provider is crucial. 

Make note: term life insurance across Canada is pretty stable. That means if you apply for a policy in Ontario and in Newfoundland, your rates would most likely be the same price. Because of this, we recommend to focus on the most affordable policies or policies with unique features that suit your personal needs. 

Here’s a look at some of the top options for term life insurance in New Brunswick.


PolicyMe shines with its budget-friendly and straightforward approach. For a 35-year-old woman, rates start at just $23.44 per month, and for a 35-year-old man, they start at $31.29. The whole application process is online and takes around 20 minutes, with most applicants getting an instant decision. Plus, they include free $10,000 child coverage and offer a 10% discount for couples in their first year.

Sun Life

Sun Life, one of Canada’s biggest insurance providers, is known for its wide range of products and financial stability. Their term life insurance costs $33.30 per month for a 30-year-old woman and $35.10 for a 35-year-old man for a 20-year term with $500,000 coverage. Sun Life policies are both renewable and convertible, adapting to your changing needs. They also offer optional riders like children's insurance and accidental death benefits.

RBC Insurance

RBC Insurance offers strong term life insurance options, known for excellent customer service and flexible coverage. Although specific rates weren't available, RBC provides tailored policies, easy online applications, and renewability features.

How to Get Term Life Insurance in New Brunswick

1. Determine Your Coverage Needs: It is always good to take a close look at your financial obligations, such as debts, living expenses, and future needs like college tuition for your kids. This will help you decide the coverage amount and term length. Also take a look at what you might need help covering like your mortgage or business expenses.

2. Compare Policies: Look at different insurance providers and compare their policies. Pay attention to the premiums, term lengths, and the insurer’s financial stability. Don’t be afraid to look through trusted review sources like Trustpilot and Insureye, where life insurance customers share their personal experiences in the whole process. 

3. Apply Online: Many insurers, including PolicyMe, offer a streamlined online application process. Life is pretty hectic as it is so making your application process as quick and easy as possible is a great way to ensure you can focus on the more important things. Online applications typically involve filling out a form about your health and lifestyle, and you might get an instant decision.

4. Medical Exam: Depending on your health and the amount of coverage you're applying for, you may need to undergo a medical exam. This is a standard part of the underwriting process to determine your insurability.

Tips for Choosing the Right Term Life Insurance

  • Reevaluate Your Needs Frequently: Life is always changing, and so are your insurance needs. Whether you get married, have kids, or buy a home, take the time to reassess your coverage to ensure it still meets your needs.
  • Know Your Renewal Terms: Term life policies can usually be renewed, but keep in mind that premiums will go up as you age. Make sure you’re clear on the renewal conditions before committing to a policy.
  • Check for Conversion Options: Some term policies allow you to convert to permanent life insurance without needing a medical exam. This can be a great option if your needs evolve over time, giving you more flexibility and long-term security.

Summary: Term Life in New Brunswick

  • Cost-Effective Coverage: Term life insurance provides significant coverage for a set period at a lower cost compared to whole life insurance.  
  • Easy Online Application: Providers like PolicyMe offer a straightforward, online application process with instant decisions and often no medical exams required.
  • Top Providers: Trusted companies such as PolicyMe, Sun Life, and RBC offer various term life insurance options tailored to fit your needs and budget.
  • Uniform Rates Across Provinces: Term life insurance rates are consistent across Canada, ensuring fairness and simplicity in the application process for New Brunswick residents.

FAQs: Term life insurance in New Brunswick, Canada

Do I need a medical exam to get term life insurance in New Brunswick?

Whether you need a medical exam to get term life insurance in New Brunswick depends on several factors, like your age, health, and the coverage amount you’re seeking. Companies like PolicyMe often skip the medical exam for many applicants, streamlining the process with a quick online application. This makes it easier for healthy individuals to get covered without the hassle of scheduling and undergoing medical tests.

However, if you're applying for a higher coverage amount or have certain health conditions, a medical exam might be necessary. This exam typically involves basic health checks like blood pressure, blood tests, and a medical questionnaire. It’s a standard part of the underwriting process to help insurers assess your health risks accurately. But don't worry, the process is usually straightforward and can even be done at your home or office.

Can I convert my term life insurance policy to a permanent one?

It depends, you can convert your term life insurance policy to a permanent one with many providers, including Sun Life and RBC. This feature allows you to switch your temporary coverage to lifelong protection without needing a new medical exam. It’s a great option if your needs change—say, if you’re nearing the end of your term and want continued coverage without the hassle of reapplying. Just remember, your premiums will increase based on your age at the time of conversion, but you’ll lock in lifelong protection.

This flexibility can be particularly valuable if your health has declined since you first got your term policy, as you won't need to prove insurability again. However, it's important to check the specific terms of your policy because conversion options vary. For instance, some policies allow conversion within the first few years, while others offer it anytime during the term. Always review your policy details or speak with your insurer to understand your conversion options fully.

Can I get term life insurance if I have pre-existing health conditions?

Yes, it may still be possible to get term life insurance even if you have pre-existing health conditions. While it might affect your premiums, many insurers are willing to offer coverage after evaluating the specifics of your health situation. Companies like PolicyMe, Sun Life, and RBC consider various factors such as the type and severity of your condition, your treatment history, and your overall health. Some policies may require a medical exam, while others might offer coverage based on a detailed health questionnaire.

It's important to be honest about your health history when applying. Insurers use this information to accurately assess risk and determine your premiums. Skipping or misrepresenting information can lead to issues down the line, such as denied claims. Shop around and compare options, as some insurers specialize in covering individuals with health conditions, potentially offering more favorable rates and terms. Remember, having a pre-existing condition doesn’t mean you can’t protect your family’s future with term life insurance.