The Best Life Insurance for Couples in Canada (2026 Edition)

Mortgage payments, car loans, living expenses—modern couples have a lot to stress over, but buying life insurance doesn’t have to be one of them. Our analysis of the top 70+ products and 20+ life insurance providers reveals the best life insurance policies for couples and common-law partners in Canada.

How we found the best life insurance in Canada

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+ life insurance products with in-depth research on 20+ 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 12 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..

What’s the best life insurance for couples?

Term life insurance is the best type of life insurance for most couples because it’s simple, affordable, and covers a fixed term of 10-30 years. Compared to permanent policies, term life insurance can provide more coverage for lower premiums, making it easier for parents to stay insured while raising kids or paying off their mortgage.

As a couple, you can either buy a single joint life insurance policy or two term life insurance policies. Even though it’s more expensive, we recommend purchasing separate policies. Two life insurance plans provide two payouts (joint life only provides one) and are easier to split if you go your separate ways.

Assuming you’re a pair of male and female non-smokers, you’ll pay an average of $88/month for two new policies with 10-30-year terms and $600,000 in coverage:

^{* For each product, we calculated the average monthly premiums for a male and female non-smoker between 30-44. The results show the approximate cost of two 10-30-year term life insurance policies with $600,000 in coverage each.}

Our expert recommendation

We always recommend applying for fully underwritten over no medical life insurance, especially if you’re young and healthy.

Not only are your life insurance premiums likely to be cheaper, but you could also qualify for more coverage–and you might not have to take an exam at all! Couples from 18-50 who apply for less than $2,000,000 from PolicyMe may be eligible for instant approval without a medical exam.

Term life insurance by PolicyMe

Solution by Empire Life

RBC YourTerm by RBC Life Insurance

Versatile Term by Co-operators

Term life insurance by Desjardins

^{* 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.}

"When two people commit to building a life together—whether that means marriage, buying a home, or starting a family—the focus is rightly on hopes and dreams. But true commitment also includes planning for the unexpected. Life insurance is not about being pessimistic; it's about being responsible, loving, and forward-thinking. You're not planning for death; you're planning for life to keep going for the one you love." — Ivana Govedarica, Licensed Advisor at PolicyMe

What’s the best permanent life insurance for couples?

Permanent life insurance is best for couples with permanent financial responsibilities, such as a disabled child or estate planning fees. Extras like cash values, investment accounts, and participating dividends (which yield a share of your life insurance provider’s annual profits) make them potentially valuable to high-net-worth couples.

There are three types of permanent life insurance, which we list from most to least recommended: term-to-100, whole, and universal.

Our expert recommendation

Most Canadians don’t need life insurance coverage for their entire lives.

For example, let’s say you purchase a whole life policy as a young married couple in your 30s. Because permanent life insurance tends to be more expensive than term, you can only afford $300,000 in coverage, leaving you underinsured while you’re raising kids and paying off a mortgage. After your kids leave and you pay off the house, you’re overinsured and stuck with high monthly premiums.

Missed payments and policy lapses are probably why 87% of universal life insurance policies never pay out, despite their marketing as lifelong solutions. Unless you have a large budget and the need to cover funeral expenses, end-of-life expenses, or a tax-free inheritance, you probably don’t need permanent coverage.

Best term 100 life insurance for couples

Term 100 life insurance covers you for life, and you pay premiums until you turn 100 years old. It seldom includes extras like cash values or investments, making it more affordable and our top choice for permanent coverage for couples in Canada:

^{* For each product, we display the approximate monthly cost for a 30-year-old male and female non-smoker seeking two term 100 life insurance policies with $50,000 in coverage each.}

Term to 100 by Desjardins

Term 100 by PolicyMe

Term to 100 by Empire Life

^{* 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 30-year-old female non-smoker shopping for a term 100 life insurance policy with $50,000 in coverage.}

Best whole life insurance for couples

Because life insurance is generally tax-deductible, two whole life insurance policies with participating dividends or an investment account can help you leave a larger lump sum to your loved ones. But unless you’ve already maxed out your RRSP and TFSA, you’ll enjoy more growth with traditional financial instruments. 

For life insurance with extra benefits, turn to our top 3 recommendations:

^{* For each product, we display the approximate monthly cost for a 30-year-old female and male non-smoker seeking two whole life insurance policies with $50,000 in coverage each.}

ParPlus (Life Pay Enhanced) by Assumption Mutual

Preferred Whole Life by Canada Protection Plan

Solution 100 by Empire Life

Best universal life insurance in Canada

Universal life insurance is a type of policy that typically includes a self-directed investment account. These investments can reduce your premiums, pay for extra coverage or even add to the tax-free insurance payout for your beneficiaries.

However, because it’s attached to your life insurance policy, you can’t quit, transfer your funds, or withdraw money as easily as a traditional investment account. Plus, if you miss even a single premium payment, you’ll lose all your accumulated value.

The top 3 universal life insurance products in Canada manage to keep premiums low for couples who like to keep an active hand on their investments:

^{* For each product, we display the approximate monthly cost for a 30-year-old male and female non-smoker seeking two universal life insurance policies with $50,000 in coverage each.}

Universal Life by Desjardins

Genesis 10 Life Pay by Industrial Alliance

Universal Life by Canada Life

^{* 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 30-year-old male non-smoker shopping for a universal life insurance policy with $50,000 in coverage.}

Best life insurance for senior couples

Age is one of the biggest factors in insurance premiums, and life insurance for seniors can be over 10 times more expensive than that for younger applicants. Regardless of your age, we recommend applying for term life insurance with full underwriting before exploring no medical or permanent coverage options, as the price difference can be significant.

For example, two 10-year term life insurance policies with $100,000 in coverage for a 60-year-old non-smoking couple start around $78/month:

^{* For each product, we display the monthly premiums for a 60-year-old male and female non-smoker. The results show the approximate cost of two 10-year term life insurance policies with $100,000 in coverage each.}

Switching to permanent coverage can cost the same couple at least $219/month and yield only half the amount of coverage. We only recommend investing in this type of policy if you need to cover estate fees, funeral costs, and other end-of-life expenses:

^{* For each product, we display the approximate monthly cost for a 60-year-old male and female non-smoker seeking two permanent life insurance policies with $50,000 in coverage each.}

No medical life insurance is even more expensive for seniors. We recommend first applying for a fully underwritten life insurance plan just to see how much you could save. You may even be eligible for instant approval if you’re between 51-60 and you apply for $500,000 in coverage or less to PolicyMe.

A pair of non-smoking seniors seeking two 10-year, individual life insurance policies will pay at least $93/month to skip a medical exam:

^{* For each product, we display the monthly premiums for a 60-year-old male and female non-smoker. The results show the approximate cost of two 10-year no medical term life insurance policies with $100,000 in coverage each.}

‍No medical permanent life insurance is at the top of the pricing ladder, starting at about $278/month for two. We recommend using it only as a product of last resort:

^{* For each product, we display the approximate monthly cost for a 60-year-old male and female non-smoker seeking two no medical permanent life insurance policy with $50,000 in coverage each.}

How to choose the best life insurance policy for you

Life insurance works best when it’s tailored to your needs. To find a policy that works for the two of you, first:

1. Consider term vs permanent. If your financial obligations will end or change in a decade or two, term life insurance is likely your best option. If you’re planning for end-of-life or estate planning expenses, permanent life insurance may suit you better.
2. Calculate your life insurance needs. Rather than simply multiplying your income, sit down and think about your dependents, how much financial support you want to provide, and for how long. Tally up any debts you want to pay off, then subtract your savings, assets, and any existing coverage you already have.
3. Choose your term length or permanent life insurance options. Think about how long your financial obligations will last and set your term accordingly. Consider your budget carefully to see if you can support the extra cost of a cash value, investment account or participating option.
4. Compare permanent and term life insurance quotes. The best way to find a deal is to compare prices from multiple insurers. 

As a couple, you can either buy a single joint life insurance policy with a single payout, or buy a pair of individual policies with differently-sized payouts. The latter provides more flexibility, and you can save money if one of you chooses a lower amount of coverage.

Hint

PolicyMe’s term life insurance calculator can help you size up how much life insurance you need to address your unique needs and financial goals.

FAQ: Life insurance for couples