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Life Insurance in Canada: Compare Quotes in 60 Seconds

Protect your family’s income, mortgage and future with term or permanent coverage from leading Canadian insurers.

Life insurance pays a lump sum to the people you name when you die. For most Canadian households the question is not whether to buy it, but how much, for how long, and which type. Instasure gives you an instant estimate, explains the trade-offs in plain language, and matches you with a licensed advisor in your province to confirm real insurer prices.

checkDeath benefits paid to a named beneficiary are generally received tax-free in Canada
checkLock a level premium for 10, 20 or 30 years, or for life
checkMany healthy applicants can qualify without a medical exam
checkCompare term, whole, universal and no-medical options side by side

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Instant estimate

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Coverage amount $500,000

$100k$1M$2M

Your age

YRS

Province / territory

smoke_freeTobacco / vaping in past 12 months?

Estimated premium

$20.50 /mo

Typical range $20.50–$29.50

Many applicants bolt No-exam options

Example: 35-year-old female, non-smoker, $500,000 Term 20 · as of October 2026. Estimate, not an offer.

Coverage options

Types of life insurance in Canada

Parents playing with their children in the backyard

Term life

Lowest cost per dollar of coverage. Level premiums for a fixed term (10–30 years), usually renewable and convertible.

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Whole life

Permanent coverage with guaranteed premiums and a cash value. Participating policies may earn dividends.

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Universal life

Permanent coverage with flexible premiums and a tax-advantaged investment account inside the policy.

No-medical life

Simplified- or guaranteed-issue coverage approved on health questions alone — faster, but usually pricier.

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Mortgage protection

Coverage sized to your mortgage so your family keeps the home — personal term is often better value than bank creditor insurance.

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Specialty coverage

More life coverage

diversity_1 Joint Life InsuranceFirst-to-die for couples, last-to-die for estate taxes. medical_information Life Insurance with Medical ConditionsDedicated specialist desk flight_land Life Insurance for NewcomersDedicated specialist desk key Key Person & Buy-Sell InsuranceProtect the business if an owner or key employee dies or falls ill.

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What affects your price

Couple reviewing their life insurance policy at home

1Age and sex at birth
2Tobacco or nicotine use in the last 12 months
3Health history and family history
4Coverage amount and term length
5Occupation and hobbies (e.g. aviation, diving)

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Your instant estimate

Estimates start from about

$20.50/mo

Example: 35-year-old female, non-smoker, $500,000 Term 20 · as of October 2026. Not a quote — your price depends on your details and the insurer.

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Local rules & pricing

Life Insurance by province

ON Life in Ontario QC Life in Quebec BC Life in British Columbia AB Life in Alberta MB Life in Manitoba SK Life in Saskatchewan NS Life in Nova Scotia NB Life in New Brunswick NL Life in Newfoundland and Labrador PE Life in Prince Edward Island YT Life in Yukon NT Life in Northwest Territories NU Life in Nunavut

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Learn before you buy

Life guides

All guides →

Life insurance 5 min read

Updated Oct 3, 2026

Term vs Whole Life Insurance in Canada: Which Fits You?

Term life gives the most coverage per dollar for a set period, while whole life covers you for life and builds cash value at a much higher price. Here is how to decide.

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Life insurance 5 min read

Updated Oct 3, 2026

Life Insurance for Newcomers to Canada: PR, Work Permits and Students

Permanent residents can usually buy life insurance much like citizens, and many work-permit holders and students can qualify too. Here is what insurers look at and how to prepare.

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Life insurance 5 min read

Updated Oct 3, 2026

How Much Life Insurance Do I Need in Canada?

Most Canadian families need enough life insurance to clear debts, pay off the mortgage, replace several years of income and fund education. Here is how to add it up with the DIME method.

Read guide arrow_forward

quiz Straight answers

Life Insurance FAQ

policyHave a complaint about an insurer?

Start with the insurer’s complaint officer. Unresolved home, auto and business disputes can go to the General Insurance OmbudService; life and health disputes to the OmbudService for Life & Health Insurance.

How much life insurance do I need in Canada?

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A common starting point is 10–15 times your annual income, but a needs-based calculation is better: add your mortgage and debts, the years of income your family would need replaced, future education costs and final expenses, then subtract savings and existing coverage (including group life at work). Our life insurance needs calculator does this in about two minutes.

Is a life insurance payout taxable in Canada?

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Death benefits paid to a named beneficiary are generally not taxable income in Canada, and naming a beneficiary directly usually keeps the proceeds outside your estate and probate. Tax treatment can differ for corporately owned policies or policies paid to an estate — ask an advisor or tax professional about your situation.

Term or whole life — which is better?

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Term life is usually the most cost-effective way to protect income and a mortgage during your working years. Whole or universal life makes sense for lifelong needs such as estate taxes, a dependant with a disability, or business succession. Many families combine a large term policy with a smaller permanent one.

Can I get life insurance without a medical exam?

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Often, yes. Many Canadian insurers approve healthy applicants for substantial coverage using health questions and database checks instead of an exam. Simplified- and guaranteed-issue policies are also available for people with health conditions, usually at higher premiums and lower maximums.

Does my coverage at work replace personal life insurance?

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Group life through an employer is valuable but usually limited (often 1–2× salary) and typically ends when you leave the job. Personal coverage stays with you regardless of employment and can be sized to your real needs.

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Licensed Michael Le Chi, CFP Certified Financial Planner · Contributing author

Talk it through with a licensed life advisor

Every request is matched with an advisor licensed in your province who compares insurers for you, explains the fine print and handles the application. No cost to you and no obligation to buy.

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