Life insurance across Canada
Protect the people who count on you
Life insurance pays your family a tax-free benefit if you pass away. We explain the options in plain language, then match you with a licensed advisor who compares Canadian insurers.
- Free for you
- Compare many insurers
- No obligation
In short
- Death benefits are generally paid tax-free to your beneficiaries
- Term is the most affordable way to get a lot of coverage
- Whole and universal life last for life and can build cash value
- An advisor can compare insurers so you do not have to
Who needs it
Is life insurance right for you?
If anyone relies on your income, or you have debts you would not want to leave behind, it is worth a conversation.
Families with dependents
Replace your income so your family can keep the home and cover everyday costs.
Homeowners
Help your family pay off the mortgage if you are no longer there.
Business owners
Cover business debts, protect partners and support succession.
Anyone planning ahead
Cover final expenses and leave something behind for people you care about.
Types of coverage
Term, whole, universal and final expense
Each has a different purpose. An advisor can help you choose, or combine them.
| Term | Whole life | Universal life | Final expense | |
|---|---|---|---|---|
| How long | 10, 20 or 30 years | Your whole life | Your whole life | Your whole life |
| Cost | Lowest to start | Higher, fixed | Flexible | Modest, smaller cover |
| Cash value | No | Yes, guaranteed growth | Yes, tied to investments | Usually minimal |
| Best for | Income and mortgage cover while raising a family | Lifelong cover and estate planning | Flexible planning and tax-sheltered growth | Funeral and end-of-life costs |
Estimator
How much coverage might you need?
A rough starting point, not advice. Your advisor will refine it with you.
How much life insurance might you need?
Add up what your family would need if your income stopped.
Years of income your family would need replaced
Funeral and estate costs.
Group insurance, policies, investments.
Suggested coverage to look at
$1,115,000
- Income replacement
- $800,000
- Debts, future and final costs
- $415,000
- Minus what you already have
- $100,000
A starting point, not advice. A licensed advisor will look at your whole situation, including your partner's income and your health.
Get life insurance quotesPricing
What affects your premium
Age
Premiums are lowest when you are young. Waiting usually costs more.
Health
Your medical history and any conditions affect the price and the type available.
Smoking and lifestyle
Tobacco use raises premiums significantly. Some activities and travel do too.
Coverage and term
A larger amount or a longer term costs more. Your advisor helps you right-size both.
How it works
Getting covered, step by step
- 1
Tell us about you
A short form about your goals. No medical exam at this stage.
- 2
Meet your advisor
A licensed advisor in your province calls to talk it through.
- 3
Compare insurers
See quotes side by side and understand the trade-offs.
- 4
Apply when ready
Some policies need a health questionnaire or exam. Your advisor guides you.
Questions
Life insurance FAQ
What is the difference between term and permanent insurance?
Term covers you for a set period, such as 10, 20 or 30 years, and costs less. Permanent insurance, such as whole or universal life, covers you for life and builds cash value, and costs more.
How much life insurance do I need?
A common method is to add up what your family would need: replacement income for a number of years, debts including the mortgage, future costs such as education, and final expenses, then subtract what you already have. Our estimator above gives you a starting point.
Is a medical exam required?
Not always. Some policies are approved on health questions alone, others need a nurse visit or lab tests, especially for larger amounts. Your advisor will tell you what to expect.
Is the payout taxed?
In Canada, a life insurance death benefit is generally paid tax-free to the named beneficiary. Tax rules can be complex for estates and business policies, so ask your advisor or an accountant.
I already have insurance through work. Is that enough?
Group coverage is a good start, but it often ends when you leave the job, and the amount may not cover a mortgage and income replacement. A personal policy stays with you.
Can I still get covered with a health condition?
Often yes, but the price or product may differ. Advisors know which insurers treat certain conditions more favourably, and some plans do not need a medical exam.
Who should be my beneficiary?
It is the person or people who receive the payout, such as a spouse, children, or a trust. Naming a beneficiary usually lets the money go directly to them without waiting for the estate to settle.
Why do smokers pay more?
Tobacco and nicotine use changes the insurer risk, so premiums are higher. Some insurers lower your rate after you have quit for a period of time.
Get covered with confidence
Get a free life insurance quote from a licensed advisor. No obligation.