Life Insurance Broker in Canada | Independent Since 2007hayesweb2026-05-21T10:27:06-04:00
Life Insurance Across Canada, From an Independent Broker
Real-broker comparison across 20+ Canadian insurers, not a chatbot and not a captive agent.
Most Canadians shopping for life insurance online get funneled into a single carrier's app or an aggregator running on a script. Protect Your Wealth works the way a broker actually should: licensed in 7 provinces, compares 20+ insurers, including the carriers that handle complex underwriting, and gives you a real person to talk to from first quote to coverage in force.
Life Insurance Across Canada, From an Independent Broker
Most Canadians shopping for life insurance online get funneled into a single carrier's app or an aggregator running on a script. Protect Your Wealth works the way a broker actually should: licensed in 7 provinces, compares 20+ insurers including the carriers that handle complex underwriting, and gives you a real person to talk to from first quote to coverage in force.
If you have searched for life insurance in Canada lately, you have probably noticed the same pattern: every site claims it has the best rates, every site asks for the same five details, and every site funnels you toward the carrier paying the highest referral fee. This page is built differently.
Protect Your Wealth has been a licensed independent life insurance brokerage in Hamilton, Ontario since 2007. The brokerage holds licenses in seven Canadian provinces (Ontario, Alberta, British Columbia, Manitoba, Saskatchewan, New Brunswick, and Nova Scotia) and compares offerings from 20+ insurers, including the carriers that handle complex underwriting, no-medical applications, and cases other brokers postpone.
There are no fees to use the service. Every application goes through a real broker, not a self-serve form.
The rest of this page covers what life insurance options are available across Canada, how a real broker fits into the buying process, and what the coverage actually costs.
Quick Answer
What is the best way to buy life insurance in Canada?
For most Canadians, the cheapest, fastest, and most flexible path is to work with a licensed independent broker who compares quotes from 15 to 20+ insurers on your behalf, then walks you through the application. Going direct to one carrier (your bank, your employer's group plan, or a single advertised insurer) limits you to that company's product set, underwriting rules, and pricing, even when a different insurer would have approved you at a lower rate or accepted a condition the first one would not.
What an independent broker like Protect Your Wealth does for you: compares 20+ insurers in one sitting, knows which carrier underwrites which medical and lifestyle conditions most favourably, completes the application with you, advocates for your file during underwriting, and answers questions at policy delivery and every renewal after that. The service is free to you. Insurers pay broker compensation directly, and your premium is the same whether you go through a broker or go direct.
What Life Insurance Means in Canada (and Why the Market Matters)
Life insurance in Canada is a contract between a person and a federally or provincially regulated insurer: the policyholder pays a premium on a regular schedule, and in exchange the insurer pays a tax-free lump sum, called the death benefit, to a named beneficiary when the insured person dies. The product itself is straightforward. The decision around which type to buy, which insurer to apply with, and how much coverage to carry is where most Canadians get lost.
Some context on the size and shape of the market helps frame the rest of this page. The numbers below come from the Canadian Life and Health Insurance Association, the industry body that tracks Canada-wide policy data.
23M
Canadians with life insurance
$6T
Total in-force coverage in Canada
$509K
Average household coverage
$8.9B
Annual death benefits paid
$9.7B
Annual living benefits paid
40%
Individual term life share
Most policies in force are individual term life, with whole life and universal life dividing most of the remainder. The market is large, healthy, and competitive, which is why broker compensation does not raise your premium and why no insurer has a monopoly on good rates.
Three things life insurance does in Canada
1. Replaces income. If someone depends on your paycheque, life insurance keeps the household running after you are gone. For most families, this is the primary reason coverage exists.
2. Settles debts and final expenses. Mortgages, lines of credit, business loans, and funeral costs all survive the policyholder. A tax-free benefit clears those balances without forcing a sale of assets.
3. Funds long-horizon plans. Children's education, charitable bequests, estate equalization between heirs, and tax planning on capital gains at death are all common uses for permanent coverage, especially when sized to specific dollar amounts.
The carrier that wins your application depends on which of these reasons matters most to you, what your health and lifestyle look like to an underwriter, and what your budget can support over the full term of the policy. The next section walks through every type of life insurance Protect Your Wealth places across Canada, and which type fits which situation.
The 8 Types of Life Insurance We Place Across Canada
Eight product types cover almost every real-world reason a Canadian buys life insurance. Click any card to see how the product works, who it fits, and which insurers Protect Your Wealth compares for that category.
The recommended amount starts with the mortgage, because that is the single largest liability most Canadian families carry. Above that, the calculation shifts to income replacement, outstanding debts, and future expenses. The four-part formula below is the starting point we use with every client.
Component 1
Mortgage Balance
The biggest liability for most Canadian households. Coverage equal to the remaining principal lets your family stay in the home without forced sale or refinancing.
Component 2
Income Replacement
Roughly 60% of pre-tax income approximates after-tax take-home. Multiply by 10 years for a working baseline, longer if children are young or one spouse is not employed.
Component 3
Outstanding Debts
Lines of credit, car loans, business debt, and any co-signed obligations. These survive the policyholder and become the family's responsibility if not insured.
Component 4
Future Expenses
Children's post-secondary education, final expenses, and any legacy or charitable bequests. Round to the nearest million for pricing efficiency.
Broker Insight
The million-dollar rounding rule almost no one knows about
Insurers discount premiums at the million-dollar increment. A client whose calculation comes to $870,000 is almost always better off applying for $1,000,000: the per-unit cost drops, and the extra $130,000 of coverage costs less than most people expect. This is something a broker catches immediately that an online calculator will never flag.
The other factor most Canadians miss is that the number changes over time. A 35-year-old with two young children and a new mortgage needs significantly more coverage than the same person at 55 with a paid-off house and adult kids. The smart approach is to layer policies: a large 20-year term for the high-need years, a smaller permanent policy for lifetime coverage, and a review every 5 to 7 years to adjust.
Why Working With an Independent Broker Beats Going Direct
Most Canadians buy life insurance through a bank, an online aggregator, or an independent broker. The application form looks similar across all three. The outcome is not.
Banks sell one product and use creditor insurance that is only confirmed at claim time. Online aggregators route by referral fee, not underwriting fit. An independent broker compares 20+ insurers, selects the carrier that fits your health profile, and advocates for your file from application to policy delivery. The premium is identical whether you go through a broker or go direct.
What Matters
Independent Broker
Bank / Creditor
Online Aggregator
Number of insurers compared
20+
1
3 to 8
Coverage confirmed at application
✓
Post-qualified
✓
Carrier matched to your health profile
✓
✗
✗
Broker advocates during underwriting
✓
✗
✗
Handles complex underwriting
✓
✗
✗
Beneficiary is your family (not the lender)
✓
✗
✓
Live support from quote to claim
✓
✗
✗
Cost to you
Same as direct
Marked up
Same as direct
Individual outcomes vary by carrier, product, and applicant profile.
Protect Your Wealth has placed applications with every major Canadian life insurer since 2007. The approval rate on submitted applications is above 95%, because carrier selection happens before the file is opened, not after. More about the brokerage.
How Working With Protect Your Wealth Actually Works
Five steps from first conversation to coverage in force. No pushy sales call, no automated form, no carrier lock-in. Start to finish, you are working with a licensed broker.
1
Tell us what you need
Call 1-877-654-6119, fill out the quote request form, or book a 15-minute call. We ask about your coverage goals, household situation, health background, and budget. No personal health details are shared with any insurer at this stage.
2
Broker shops 20+ insurers on your behalf
We compare quotes across every carrier we represent. If your file has medical or lifestyle complexity (weight, mental health, diabetes, medications, dangerous occupation, cannabis use), we identify which carriers underwrite that profile most favourably before any application is filed. For complex cases, we run a preliminary assessment with the insurer's underwriting desk, anonymously, to confirm eligibility before committing to an application.
3
Review your options and choose
We walk you through the shortlisted carriers, explain how each one would underwrite your file, and show you the premium comparison side by side. You pick the carrier and coverage amount. No pressure, no upsell, no expiring offers. If you want to think about it for a week, go ahead.
4
Apply and complete underwriting
We complete the application together. Most applications are submitted electronically, and many carriers now offer accelerated underwriting with no nurse visit for applicants under 40 at coverage amounts up to $3 million. If a medical exam is required, the insurer sends a paramedical nurse to your home or office at no cost to you. Typical turnaround: 2 to 6 weeks depending on complexity.
5
Coverage in force, broker stays on file
Once approved, we review the policy together at delivery to make sure everything matches what was quoted. Your broker stays on file for the life of the policy. Beneficiary changes, policy reviews, conversion options at renewal, claims support: one call to the same person who placed the original application. No call centres, no ticket systems.
Ready to start?
Most first conversations take 15 minutes. No commitment, no health details shared with insurers until you say go.
Coverage for Complex Cases: ADHD, Weight, Mental Health, Diabetes and More
This is the area where an independent broker makes the biggest difference. Online tools reject complex applicants or push them into expensive no-medical products by default. A broker who knows the carrier landscape can often place the same person at standard or near-standard rates with a fully underwritten insurer.
Protect Your Wealth handles all of the conditions below on a regular basis. Each card links to a detailed guide covering how Canadian insurers actually assess that condition.
The preliminary assessment: your file gets underwritten before your name goes on an application
For any condition that could trigger a rating, postponement, or decline, we contact the insurer's underwriting desk with the full medical profile but no identifying information. They come back with a preliminary decision: standard, rated at +X%, or decline. That answer tells us exactly where to file, and it means we never submit a formal application to a carrier we already know will say no. No unnecessary declines on your record. No surprises after weeks of waiting. The whole preliminary process takes about 30 minutes.
What Life Insurance Costs in Canada
Rates below are the lowest available across the 20+ insurers Protect Your Wealth compares, for $500,000 of term life coverage on a healthy non-smoker. Your actual premium depends on age, health, lifestyle, and which carrier underwrites the policy.
Female, Age 30
$19.80
/month, Term 20
Male, Age 30
$27.90
/month, Term 20
Female, Age 45
$49.95
/month, Term 20
Male, Age 45
$69.75
/month, Term 20
Profile
Term 10
Term 20
Term 30
Male, 30, NS
$20.25
$27.90
$42.75
Female, 30, NS
$13.95
$19.80
$31.50
Male, 35, NS
$20.25
$30.15
$53.55
Female, 35, NS
$14.40
$22.05
$40.50
Male, 45, NS
$40.95
$69.75
$145.80
Female, 45, NS
$27.90
$49.95
$102.15
NS = non-smoker. All rates shown are $500,000 face amount, lowest available carrier, based on current rates for standard health. Rates vary by health, lifestyle, and carrier underwriting guidelines. Not a quote or guarantee of insurability.
What Drives the Price
Six factors determine what you pay: age at application, sex, smoking status, health history, coverage amount, and term length. Of those six, only one is fully within your control at the time of application: coverage amount. Everything else is already set by the time you start shopping. That is why the carrier you apply with matters more than any other decision. Two carriers looking at the same applicant can quote rates 30% to 50% apart, because their underwriting guidelines, build charts, and risk tolerances differ.
A broker's job is to know those differences before your application is filed. That is the entire value of the comparison: not showing you 20 quotes on a screen, but knowing which of those 20 carriers will actually approve you at the rate they quoted.
Quick answers to the questions we hear most from Canadians shopping for life insurance. For anything not covered here, get in touch directly.
01
Is there a cost to use a life insurance broker in Canada?
No. There is never a fee to use a broker's services. Insurers pay broker compensation directly as part of the policy cost, and the premium you pay is the same whether you go through a broker or apply directly to the carrier. This applies across all product types: term, permanent, critical illness, disability, and no-medical coverage.
02
How long does it take to get life insurance approved in Canada?
It depends on the product and the applicant's health profile. No-medical (simplified issue) policies can be approved in 24 to 48 hours. Fully underwritten term and permanent policies typically take 2 to 6 weeks, depending on whether a medical exam, doctor's report, or additional documentation is required. Accelerated underwriting programs at some carriers can approve applicants under 40 for up to $3 million without a nurse visit.
03
Do I need a medical exam to get life insurance?
Not always. Several carriers offer no-medical or simplified-issue products that require only health questions and no physical exam. Coverage limits are typically lower (up to $500,000 depending on the carrier and product), and premiums are higher than fully underwritten policies. For healthy applicants under 40 applying for standard coverage amounts, many carriers now waive the medical exam entirely through accelerated underwriting programs.
04
Can I get life insurance if I have been declined before?
Yes, in most cases. A decline from one carrier does not mean every carrier will decline you. Each insurer has different underwriting guidelines, build charts, and risk tolerances. A broker who knows these differences can identify carriers likely to approve an application that a previous insurer rejected. For cases where no fully underwritten carrier will approve coverage, simplified-issue and guaranteed-issue products provide an alternative path.
05
What happens to my life insurance if I move to a different province?
Your policy stays in force. Life insurance policies in Canada are not province-specific once issued: coverage continues regardless of where you live. If you move to a province where your current broker is not licensed, servicing may need to transfer. Protect Your Wealth is licensed in Ontario, Alberta, British Columbia, Manitoba, Saskatchewan, New Brunswick, and Nova Scotia, which covers most interprovincial moves.
06
Can I hold more than one life insurance policy at the same time?
Yes, and many Canadians do. A common structure is layering a large term policy for the high-need years (while children are young and the mortgage is active) with a smaller permanent policy for lifetime coverage. Each policy is independent, each can be with a different carrier, and each pays out its own death benefit. The total coverage amount across all policies is subject to financial underwriting limits based on income and obligations.
Still have questions? Our full FAQ page covers dozens more topics, or you can talk to a broker directly.
Life Insurance That Fits Your Situation, Not Someone Else's Template
20+ insurers compared, 7 provinces covered, complex underwriting welcome. Talk to a licensed independent broker who works for you, not for the carrier.
Parvesh has been nothing but helpful and professional. He is kind and understanding and really knows his stuff. A great guy with a wealth of knowledge.
Beth Mitchell
My family has worked with Parvesh for a number of years now. He has advised us on a variety of financial situations from our children's education to our own personal investments. Parvesh provides sound advice and is very knowledgeable in a variety of investment strategies. He treats his clients with care and always has had our best interest in mind. Parvesh has helped us build a portfolio we are very proud of. We have really enjoyed working with Parvesh.
Martin
Parvesh was was an absolute delight to work with! His customer support was outstanding! Thank you for being so patient with me, I know I had a lot of questions but you took the time to explain everything in detail until I had no doubts.
Roberto Ferreira
Parvesh has been a great resource to my family and I in setting up our life insurance policies, and residential mortgage. His honesty and excellent knowledge of the insurance landscape have made making these often difficult decisions very easy. I would highly recommend his services without hesitation.
Rajiv Butany
Working with Parvesh has been a wonderful experience. We have very much appreciated his advice and guidance as we organize our finances and plan for the future. He is extremely knowledgeable and helpful; he walked us through the process of developing a plan that perfectly meets our needs.
Amanda Magnus
Parvesh was very informative and easy to deal with. He didn't push us to make a decision. He showed us a bunch of options and based on that we made the most informed decision for us. I would highly recommend him to others.
Steven St. Angelo
Exceptional one on one customer service. He listened to our family needs evaluated what we had and what we actually needed. I now feel comfortable we are headed in the right track for our insurance needs.
Davis
Protect Your Wealth answered every question my wife and I had and it was clear to us that they had my family's best interest in mind. They are extremely professional and knowledgeable and I highly recommend their services.
Steve Schotel
Parvesh provided us with excellent service. Highly recommended!
Piseth Danh
I am lucky to find Parvesh. He listened to us and provided us with options that best benefited our needs. He searched several companies for different policies for our life insurance and came up with a wonderful policy at a huge savings. He provided explanation on things we didn’t understand, gave us the pros and cons of each types of policies and most importantly, never forced us to get anything. He let us decide on our own. I will definitely recommend him.
Martin Pineda
I appreciate the attention to detail and the promptness of responses when I contact Parvesh Benning for information and guidance.
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