How much does life insurance cost in Canada? For a healthy 35-year-old non-smoker, $500,000 of 20-year term coverage is roughly $21 to $30 a month for a woman and $27 to $38 a month for a man. Those figures come from the Instasure estimate model for that example profile, as of October 2026. Your price depends mostly on your age, health, smoking status, coverage amount and term length, and it varies by insurer.
The tables below show how each factor moves the price. Every figure is a model range for an example profile, not a quote.
How much does life insurance cost by age?
Age is the single biggest factor. This table shows $500,000 of 20-year term for non-smokers in standard-plus health.
| Age when you apply | Female, per month | Male, per month |
|---|---|---|
| 25 | $17–25 | $22–31 |
| 30 | $18–26 | $23–32 |
| 35 | $21–30 | $27–38 |
| 40 | $28–40 | $36–52 |
| 45 | $42–60 | $55–78 |
| 50 | $67–94 | $87–123 |
| 55 | $108–153 | $141–201 |
| 60 | $182–257 | $238–338 |
Source: Instasure estimate model, October 2026. Example profiles only. Actual prices vary by insurer, health and age.
Prices rise slowly through your 20s and early 30s, then climb fast. In this model, the price roughly doubles between 35 and 45, and more than triples between 35 and 50. Women pay less than men at every age because, on average, they live longer.
Why do smokers pay so much more?
Insurers price smokers higher because smoking is linked to shorter life expectancy. Most insurers treat any tobacco or nicotine use in the past 12 months as smoking. That usually includes vaping, cigars, and nicotine gum or patches.
| $500,000, 20-year term, male | Non-smoker | Smoker |
|---|---|---|
| Age 25 | $22–31 | $49–70 |
| Age 35 | $27–38 | $60–85 |
| Age 45 | $55–78 | $149–211 |
| Age 55 | $141–201 | $391–555 |
Source: Instasure estimate model, October 2026. Example profiles only.
In this model, smokers pay about 2.4 times non-smoker rates under age 45, and about 2.8 times from 45 on. If you quit, many insurers will offer non-smoker rates once you have been nicotine-free for 12 months.
Tip: Never hide nicotine use on an application. Insurers can check with lab tests and records, and a misstatement can lead to a denied claim. Quit first, then ask about moving to non-smoker rates.
How do coverage amount and term length change the price?
More coverage costs more, but not in a straight line. Insurers charge less per $1,000 at higher amounts, and every policy carries a fixed fee.
| Age 35, non-smoker, 20-year term | Female | Male |
|---|---|---|
| $250,000 | $12–18 | $15–22 |
| $500,000 | $21–30 | $27–38 |
| $1,000,000 | $36–50 | $46–65 |
Longer terms cost more because the insurer covers you into older ages. For a 35-year-old non-smoking man with $500,000, the model gives:
| Term length | Monthly range |
|---|---|
| 10 years | $20–28 |
| 20 years | $27–38 |
| 30 years | $40–56 |
Source: Instasure estimate model, October 2026. Example profiles only.
Permanent coverage costs far more. In the same model, $250,000 of participating whole life at age 35 is about $160 to $227 a month for a woman and $194 to $275 for a man. Our term vs whole life guide explains when that extra cost makes sense.
What else affects your price?
Beyond age, sex and smoking, insurers look at:
- Health and build: height and weight, blood pressure, cholesterol and any medical conditions.
- Family history: for example, a parent or sibling with early heart disease or cancer.
- Occupation and hobbies: aviation, scuba diving, mountaineering and motor racing can add cost or exclusions.
- Driving record: serious convictions, such as impaired driving, can affect approval and price.
- Underwriting route: simplified-issue and guaranteed-issue policies skip most health checks, but usually cost more. See no-medical life insurance.
- Riders: add-ons such as waiver of premium or a child rider raise the premium.
Insurers sort applicants into health classes, such as preferred or standard. Two people of the same age can pay very different prices.
Why do prices differ between insurers?
Each insurer sets its own rates and underwriting rules. The insurer with the lowest price for a healthy 35-year-old may not have the lowest price at 50. Some insurers price higher coverage amounts more keenly. Others are more flexible with certain health conditions, such as well-controlled diabetes or high blood pressure.
Underwriting decisions also differ. One insurer may offer you a preferred class while another offers standard. That one step can change your premium noticeably.
This is why a model estimate is only a starting point. A licensed advisor can compare several insurers for your exact profile. In Canada, the insurer sets the premium, so using an advisor does not usually change the price of a given policy.
How can you lower the cost?
- Buy sooner. Your premium is locked for the term. In the model, waiting from 35 to 40 raises the monthly price by about a third.
- Quit nicotine. After 12 months nicotine-free, ask about non-smoker rates.
- Right-size your coverage. Use the life insurance needs calculator instead of guessing.
- Match the term to your need. Do not pay for 30 years of coverage if you need 20.
- Ladder two policies. A long and a short term can cost less than one large policy.
- Compare insurers. Prices and underwriting rules differ for the same profile.
- Choose full underwriting if you are healthy. Exam-free accelerated underwriting can still give regular prices.
- Pay annually if you can. Some insurers charge a little more in total for monthly payments.
Some Canadians are cutting insurance to save money in 2026, according to a survey reported by Wealth Professional. Before you cancel, remember that replacing coverage later means paying your older-age price, and you may face new health questions.
About these numbers
These ranges come from Instasure's estimate model, calibrated to typical Canadian market pricing, as of October 2026. They assume monthly payments and standard-plus health. They are not quotes or offers. Final prices are set by the insurer after underwriting.
Next steps
- Get your own instant term life estimate for your age, coverage and term.
- Check whether you need more or less coverage in our guide to how much life insurance you need.
- Talk to a licensed advisor in your province. They can compare insurers for your health profile and help you apply.