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Term Life Insurance Quotes in Canada
Compare rates across 20+ carriers in one call. We compare options across every major carrier to help find the lowest available rates for your situation, not just one company’s quote.
Serving Ontario, Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, and Saskatchewan.
Independent broker. Straight answers. Zero pressure.
Licensed independent brokerage since 2007. Over 25 years of experience placing coverage across Canada.
Term Life Insurance Quotes in Canada
Compare rates across 20+ carriers in one call. We compare options across every major carrier to help find the lowest available rates for your situation, not just one company’s quote.
Serving Ontario, Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, and Saskatchewan.
What Is Term Life Insurance?
Term life insurance covers you for a set period, typically 10 to 30 years. If you pass away during that term, your beneficiaries receive a tax-free lump sum. If you outlive the term, the policy ends or can be renewed at a higher rate.
It is the most affordable type of life insurance in Canada. A healthy 35-year-old non-smoker can get $500,000 of coverage for roughly $30 per month, depending on the carrier and term length. Rates are locked for the full term once approved.
Most Canadians who need life insurance need term. It covers the years when your family depends on your income most: while the mortgage is being paid, while children are young, while debts are outstanding. Once those obligations wind down, so does the need for coverage.
Is Term Life Insurance Right for You?
If you have a mortgage, dependents, or business obligations that would create a financial gap if you were gone, term life insurance is likely the right starting point. It is also commonly used as collateral for business loans, to protect a co-signed debt, or to bridge coverage until retirement savings are large enough to self-insure.
The right term length, coverage amount, and carrier depend on your specific situation. That is where working with an independent broker makes the difference: we compare options across every major Canadian insurer to find the best fit, not just the first option available.
How It Works
Tell us about your situation
Your age, health history, coverage amount, and how long you need protection. Takes about five minutes by phone or online.
We compare rates across 20+ carriers
Not one company. Not two. Every major Canadian insurer, simultaneously. The cheapest rate for your profile changes depending on age, health, and coverage amount.
Anonymous preliminary checks if needed
For anything complex, health conditions, medications, or lifestyle factors, we contact underwriters directly. No names on file, no application submitted. Just a clear answer on what to expect before you commit to anything.
You choose the best option, we handle the application
Pick the carrier and plan that fits. We submit everything, track the underwriting, follow up with the insurer, and keep you updated until the policy is issued.
Coverage locked, rate guaranteed
Your premium is guaranteed for the full term. A 20-year policy at $30 per month stays at $30 per month for all 20 years. Done.
Term Life Insurance Rates in Canada
Lowest available monthly rates across 20+ carriers. Standard non-smoker, fully underwritten.
Based on current rates. Your actual rate depends on health, lifestyle, and carrier guidelines. Illustration only.
20-Year Term, $500,000 Coverage
The most common term length purchased in Canada. Rates shown are the lowest available across all carriers we work with.
| Age | Male | Female |
|---|---|---|
| 30 | $27.90/mo | $19.80/mo |
| 35 | $30.15/mo | $22.05/mo |
| 45 | $69.75/mo | $49.95/mo |
| 55 | $208.80/mo | $151.65/mo |
| 65 | $665.55/mo | $463.95/mo |
The lowest rate at each age comes from a different carrier. Which company is cheapest for your specific profile depends on your health, smoking status, and coverage amount. That is what we compare for you.
How Rates Change by Term Length
Male non-smoker, age 35, $500,000 coverage. Longer terms cost more per month but lock your rate in for a longer period.
| Term Length | Monthly Rate |
|---|---|
| 10 Year | $20.25/mo |
| 20 Year | $30.15/mo |
| 30 Year | $53.55/mo |
A 10-year term is the cheapest option, but two back-to-back 10-year terms often costs more over 20 years than a single 20-year term purchased upfront. You are 10 years older at renewal, and your new rate reflects that. We run both scenarios so you can see the real cost before deciding.
These rates reflect standard non-smoker pricing. If you qualify for preferred rates (better than standard health), your premiums could be lower. Paying annually instead of monthly also saves roughly 9% on most carriers. Both are things we check when building your comparison.
Rates shown are the lowest available across major Canadian carriers for standard non-smoker applicants, based on current rates. Actual premiums depend on your health, lifestyle, occupation, and underwriting outcome. For illustration purposes only. Rates may vary by province.
Canadian Life Insurance Coverage Estimator
Estimate how much after-tax income your family would lose, and what coverage range to consider.
Using Tax Year 2026 Information
How 10, 20, and 30 Year Terms Compare
The right term length depends on what you are protecting and for how long. Here is how the three most common options break down.
10-Year Term
$20.25/mo
Male, age 35, $500K, non-smoker
Lowest monthly cost, but be careful: two consecutive 10-year terms almost always cost more over 20 years than a single 20-year policy purchased upfront. You are 10 years older at renewal and your new rate reflects it. Best suited for short-term needs like bridging a business loan or covering the final years of a mortgage.
Most Common
20-Year Term
$30.15/mo
Male, age 35, $500K, non-smoker
Covers the window most families care about: children growing up, a mortgage being paid down, and peak earning years where income replacement matters most. For most Canadians under 45, this is the starting point. Balanced cost with meaningful protection length.
30-Year Term
$53.55/mo
Male, age 35, $500K, non-smoker
One policy from your early working years to retirement. Higher monthly cost, but you lock it in once and never deal with renewal, reapplication, or medical questions again. For someone at age 35, that means guaranteed coverage to 65 with zero changes.
Beyond the Standard Options
Terms from 5 to 40 years are available depending on the carrier, along with 15, 25, and 35-year options. Term to 100 is a permanent option with level premiums for life.
Hybrid structures worth knowing about
A 20-year base policy with a 10-year rider on top means your coverage is higher during the first decade when obligations are largest, then steps down as debts are paid off. You lock in pricing for the full period and get protection matched to when you actually need it most.
Every term policy converts to permanent insurance
Before a set age (typically 65 to 71, depending on the carrier) you can convert to whole life or universal life without a new medical exam, at the rate class you were originally approved at. If your health changes during your term, this is your safety net. The carrier where your term policy lives determines what permanent products are available to you later, which is one of the reasons the cheapest term rate is not always the best long-term decision.
Choosing the right term length is not just about monthly cost. It is about matching coverage to the years your family actually depends on your income, and making sure the carrier and conversion options work for where your life might go next.
Not Sure Where to Start?
Every situation is different. The right term length, coverage amount, and carrier depend on your health, your family’s needs, and what you are trying to protect. We start by understanding your situation, then compare across every major Canadian insurer to find the best option. No cost, no obligation, no pressure.
What Actually Drives Your Term Life Insurance Rate
Your premium is not random. These are the factors carriers use to price your policy, and the ones most people overlook.
Age at Application
The single biggest factor. Every year you wait, your rate goes up. A 35-year-old pays roughly $30/mo for a 20-year $500K policy. By 45, the same coverage is closer to $70/mo. Locking in a rate earlier saves thousands over the life of the policy.
Health and Medical History
Blood pressure, cholesterol, weight, family history, current medications. Each carrier weighs these differently. A health condition that gets you declined at one company might qualify for standard rates at another. That is one of the main reasons carrier comparison matters.
Smoking and Nicotine
Smoker rates are typically two to three times higher than non-smoker. Most carriers require 12 months nicotine-free to qualify for non-smoker pricing. That includes cigarettes, vaping, nicotine pouches, and cannabis in some cases.
Coverage Amount and Banding
Insurance companies price in bands. A common break point is $250,000: going from $225,000 to $250,000 can actually lower your per-unit cost because you move into a cheaper pricing band. At $1,000,000, most carriers apply an additional discount. Understanding these increments is how we sometimes get you more coverage for the same or less premium.
Two Savings Most People Miss
Preferred rate class: If your health is better than average (healthy weight, no medications, no family history of heart disease or cancer), you may qualify for preferred non-smoker rates, which are lower than the standard non-smoker rates shown in the tables above. Not every carrier offers preferred pricing, and the qualification criteria vary. We check eligibility as part of every comparison.
Annual payment discount: Paying your premium annually instead of monthly saves roughly 9% with most carriers. On a $50/month policy, that works out to about $54 saved per year. We flag this option on every quote so you can decide whether the upfront payment makes sense.
The carrier that is cheapest for a healthy 30-year-old is rarely the cheapest for a 55-year-old with controlled blood pressure. Rates shift across carriers depending on your exact profile. That is why going direct to one company only shows you one price, and it may not be the best one available to you.
Why Comparing Across Carriers Matters
Going direct to one insurance company only shows you one price. Here is what changes when you work with an independent broker.
Going Direct
You see one company’s rate. If that company’s underwriting does not suit your health profile, you get declined or rated higher. That decline goes on your record and makes the next application harder.
You also have no way to know whether a different carrier would have offered standard rates for the same health profile. Most people never find out.
Working With a Broker
We compare rates across every major Canadian insurer at the same time. Before submitting anything, we check which carriers are the best fit for your specific health and lifestyle profile. For complex cases, we run anonymous preliminary checks with underwriters so you know the outcome before your name is on an application.
The process takes the same amount of time as going direct to one company. The difference is you see every option, not just one.
I don’t work for any of these companies. I work for my clients to find the best solution. There is no bias toward one carrier, no sales quota to fill, and no incentive to place you with a specific insurer. The only goal is finding the right coverage at the best available price for your situation.
Every plan we place is fully pre-underwritten. That means the qualification happens upfront, not after a claim. Whatever information the carrier needs, whether it is health questions, a report from your doctor, or a nurse visit, they ask for it all during the application. If something happens years later, they are not coming back to question whether you qualified. That work is done before the policy is issued.
The first step is always understanding your situation: how much coverage you need, what your health history looks like, and what you are trying to protect. From there, we build a plan that works based on your actual needs, not a generic recommendation.
Ready to compare your options?
Free, no-obligation comparison across every major Canadian carrier. Takes about 15 minutes.
Frequently Asked Questions About Term Life Insurance
01
How much term life insurance coverage do I need?
A common starting point is 10 to 15 times your annual income, but the real number depends on your mortgage balance, number of dependents, outstanding debts, and how many years of income your family would need to replace. A 35-year-old earning $100,000 with two young children and a $400,000 mortgage has very different needs than a 55-year-old with no debt and adult children. We build coverage recommendations based on your actual situation, not a generic formula.
02
What happens when my term life insurance expires?
You have three options. You can renew the existing policy at a higher rate (guaranteed, no medical required). You can apply for a new policy with a different carrier at current market rates, which usually means a new medical review. Or you can convert the policy to permanent insurance (whole life or universal life) without any medical questions, as long as you are within the conversion window, typically before age 65 to 71 depending on the carrier. The worst option is letting the policy lapse without a plan. If you still have financial obligations, you should review your options before the term ends.
03
Can I get term life insurance without a medical exam?
Yes. Several Canadian carriers offer simplified issue term life insurance with no medical exam required, just a health questionnaire. Coverage amounts are typically lower (up to $500,000 depending on age and carrier) and premiums are slightly higher than fully underwritten policies. Some carriers also offer accelerated underwriting, where eligible applicants can get approved for up to $1,000,000 or more without biometric testing if they meet certain health and age criteria. Which path makes sense depends on your health, how much coverage you need, and how quickly you need it in place.
04
Is term or whole life insurance better?
For most Canadians, term life insurance is the right starting point. It covers the period when your family depends on your income most, and it costs a fraction of what whole life costs for the same death benefit. A 35-year-old can get $500,000 of 20-year term coverage for around $30 per month. The same death benefit in a whole life policy would cost several hundred dollars per month. Whole life makes sense in specific situations: estate planning, tax-sheltered wealth transfer, or covering a permanent obligation like a special-needs dependent. But for straightforward income replacement and debt coverage, term is almost always the more practical choice.
05
How long does it take to get approved for term life insurance?
It depends on the underwriting path. Simplified issue policies with no medical exam can be approved in as little as a few days. Accelerated underwriting, where the carrier uses data-driven screening instead of a nurse visit, can result in approval within one to two weeks. Fully underwritten policies, which typically involve a medical questionnaire, blood work, and possibly a report from your doctor, take four to eight weeks on average. More complex health histories can take longer if the carrier requests additional records. We manage the full process and follow up with the insurer so nothing stalls.
06
Do I still need term life insurance if I have coverage through work?
Probably. Most employer group plans provide one to two times your annual salary in life insurance coverage. That sounds meaningful until you calculate what your family would actually need: mortgage payments, childcare, daily living expenses, and future education costs for several years. The gap between what your group plan covers and what your family would need is often hundreds of thousands of dollars. Group coverage also ends when you leave the job. An individual term policy stays with you regardless of where you work, and the rate is locked for the full term.
Insurers we work with
