Tell us a bit about yourself
Life insurance is specific to you, so we'll need a few details to customize your policy.
Speak with an insurance broker
We'll show you quotes from multiple providers, so a broker will be in touch to help you choose.
Finalize your policy selection
You may need a medical exam to finalize your policy, but you'll be guided through the process.
Before you become an expert on all things life insurance, let's take a look at some key statistics within the market in Canada. Here are some interesting numbers we found from the Canadian Life and Health Insurance Association.
- 22 million
Canadians with life insurance
Average life insurance protection
- $14.3 billion
Total benefits paid out
- 6.1% increase
Year-over-year premium revenues
better choices made
to Canada’s top financial institutions
Matt Hands, VP, Insurance and MoneySense
A life insurance policy is essentially a contract between you – the policyholder – and your insurance company. By paying regular premiums, either monthly or annually, your provider agrees to pay a lump sum of money to your dependents after you pass away. So if you have loved ones around you that rely on you financially, a life insurance policy can provide peace of mind as they'll still be covered after a worst-case scenario.
If you're looking to purchase life insurance – or to simply find out how much you could be paying – we make it extremely easy for you to do so. In just a few steps, we can show you life insurance quotes from over twenty top providers across Canada. That way, you can secure the coverage you need, knowing you're getting the best offer on the market.
The money your beneficiaries receive after your passing is also known as a death benefit. This reserve can generally be used for anything they wish – so life insurance can cover a variety of needs, such as:
Term life insurance
Whole life insurance
Universal life insurance
Critical illness insurance
Mortgage life insurance
Family plan insurance
According to a recent article from Wealth Professional, 2022 was a challenging year for the Canadian life insurance market, but the industry saw slight growth overall. Policy sales returned to a more predictable pattern as the pandemic-fueled demand for coverage has passed – here's a breakdown of the term, whole, and universal life insurance market within 2022 based on data from LIMRA.
Term life insurance
Whole life insurance
Universal life insurance
How much life insurance do I need?
The amount of life insurance you should purchase will vary on a case-to-case basis. Aside from the needs of your dependents, a few things to consider include your current income, your remaining debts, and your outstanding mortgage. By comparing quotes with us, we can connect you with a licensed broker who will guide you through the process of finding the right policy for your needs.compare quotes
The cost of life insurance will differ based on your needs as a policyholder, as well as the risk you bring. For reference, here are a few rates we pulled from the market in June 2023. To find out the exact cost you'll be paying, be sure to compare life insurance quotes with us today.
10-year term policy with $300,000 coverage
20-year term policy with $500,000 coverage
Whole life policy with $400,000 coverage
Universal life policy with $700,000 coverage
Factors that go into your life insurance quote
The older you are, the more expensive your life insurance policy will be. And some insurers won't offer you coverage after passing a certain age.
Males generally pay more for life insurance than females – statistically speaking, men are at higher risk of passing away earlier.
Health & lifestyle
A pre-existing condition, family history of illness, or participating in activities like heavy drinking and smoking, can come with higher premiums.
Term life insurance is generally much more affordable than permanent life insurance, simply because the death benefit could potentially expire.
A 5-year term policy will cost less than a 30-year policy because you're far less likely to pass away during a short period of time.
It's no surprise that the larger the benefit you choose, the more you'll be paying in premiums during your lifetime.
Looking for affordable life insurance in Canada?
Who needs a life insurance quote?
What is the difference between whole life and term life insurance?
What other types of life insurance are available?
What is a life insurance beneficiary?
Can you get life insurance with pre-existing conditions?
At what age should a person get life insurance?
How long does it take life insurance to pay out?
What doesn't life insurance cover?
Ratehub.ca works with partners to help you compare life insurance quotes from over 20 of Canada's top providers in one go. You won't need to visit multiple brokerages or insurers in order to find the cheapest option for your needs – we shorten the process for you.
Each life insurance quote is calculated using the insurance company's own underwriting process, so you can receive an accurate estimation based on your individualized profile.
Matt Hands, Business Director of Insurance
With 6+ years of experience at Ratehub.ca, Matt’s focus has been on growing its newest business unit, Insurance. He is a thought leader and a valuable resource to respected publications across Canada. read full bio
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