Does life insurance cover breast cancer?

A breast cancer diagnosis brings overwhelming emotions and practical concerns including whether you can still get life insurance after cancer. However, having breast cancer doesn’t automatically disqualify you from coverage, but the application process requires careful timing and strategy.

According to the Canadian Cancer Society, 25% of all new cancer cases in women are breast cancer. For those undergoing treatment or in remission, one of the most frequent concerns is about life insurance and breast cancer, specifically, whether they can still qualify for coverage and what options are available.

In this comprehensive guide, we’ve covered everything breast cancer patients and survivors need to know about securing life insurance in Canada, including coverage options, premium costs, and the best life insurance companies for cancer survivors.

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Can I get life insurance with breast cancer?

.If you’re wondering whether you can get life insurance with breast cancer in Canada, the answer is yes, but eligibility depends on several important factors.

Life insurance and breast cancer are closely linked through the way insurers assess risk, particularly when dealing with pre-existing conditions

In Canada, life insurance typically pays a tax-free lump sum to your beneficiaries, regardless of how you pass away. However, breast cancer, as a pre-existing condition, may impact whether you qualify, how much you pay in premiums, and what policy options are available.  

Read more about getting life insurance after a cancer diagnosis

Immediate eligibility during active treatment

If you are currently undergoing treatment for breast cancer, your options for life insurance are more limited. Most traditional life insurance companies will postpone or decline applications during active breast cancer treatment, especially if chemotherapy, radiation therapy, mastectomy, or lumpectomy procedures are ongoing

However, there are still pathways to coverage:

  • No medical life insurance or guaranteed issue policies may be available. These typically don’t require medical exams but may offer lower coverage limits and higher premiums
  • Group life insurance through an employer may also be accessible, often without health questions or exclusions
Types of no medical insurance
Read more about the types of life insurance available in Canada
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When should breast cancer survivors apply for life insurance in Canada?

Most insurers require a waiting period of 3 to 5 years in remission before approving standard life insurance after cancer diagnosis.

During the application process, insurers will assess:

  • Stage of cancer at diagnosis: Early-stage cancers like Stage 0 or 1 may be viewed more favourably
  • Type of treatment received: Localized treatments or successful surgical removal with no recurrence can improve your risk profile
  • Current health status: Stable health post-treatment increases your eligibility and lowers premium costs

If you’re still within the remission window, simplified issue or no-medical policies may be good interim options for getting life insurance with stable pre-existing conditions until you’re eligible for fully underwritten coverage. Consult an advisor to navigate underwriting for stage-specific breast cancer cases.

What are the life insurance policies available for breast cancer patients and survivors?

In Canada, there are several life insurance options for breast cancer patients and survivors, depending on your current health status, treatment history, and how much time has passed since your diagnosis or remission.

Whether you are undergoing active treatment, newly in remission, or a long-term survivor, insurers offer various policy types such as guaranteed issue life insurance, simplified issue life insurance, and traditional life insurance.

Best life insurance policies for breast cancer patients and survivors in Canada

Policy type Medical exam required Health questions Premiums Coverage amount Best for
Guaranteed Issue Life Insurance No No High Low (up to $25,000) Active cancer or recent diagnosis
Simplified Issue Life Insurance No Yes Moderate Moderate (up to $500,000) Early remission or minor health issues
Traditional Life Insurance Yes Yes Lower High (up to $1,000,000+) Long-term remission (3–5+ years post-treatment)
No Medical Evidence Life Insurance No Varies (None or Minimal) High Low to Moderate (up to $500,000) Applicants avoiding medical exams or with complex health histories

How much does Life Insurance cost?

$500K

How much does life insurance cost with or after a breast cancer diagnosis?

Life insurance premiums for breast cancer patients and survivors in Canada typically range from $40–$200 per month for $100,000 coverage, with guaranteed issue policies at the higher end ($100-$200) and standard policies for long-term survivors at the lower end ($40-$80). 

These rates vary significantly on various factors such as the type and stage of cancer, time since diagnosis and treatment completion, current health status, age, smoking history, lifestyle, type of policy and coverage amount.

For example, guaranteed issue policies tend to have higher premiums and lower coverage amounts due to the lack of medical underwriting, while standard policies with full underwriting may offer better rates for long-term survivors in remission.

Cost of life insurance for breast cancer patients/survivors

Scenario Coverage amount Average monthly premiums Points to consider
Guaranteed Issue (40-year-old female) $20,000 $43 No medical exam, 2-3 year waiting period
Guaranteed Issue (45-year-old male) $40,000 $131 Higher risk, limited coverage
Guaranteed Issue (60-year-old male) $50,000 $307 Age and gender impact cost significantly
Standard (Mild Case, 4 years post-treatment) $100,000 $42–$50 Requires cancer-free period, lower risk
Standard (Moderate Case, several years post) $100,000 $63–$167 May include ratings, higher premiums
Survivor (2-3 years post, with rating) $100,000 $150–$200 50%–100% rating on standard rates

Find out how much life insurance costs in Canada in 2025
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Which are the best life insurance companies for breast cancer patients and survivors in Canada?

Life insurance after a breast cancer diagnosis is possible in Canada, if you’ve fully recovered and a few years have passed, companies like Canada Life, Manulife, Industrial Alliance, and RBC may offer standard coverage. 

If you’re recently diagnosed or still in treatment, simplified or guaranteed issue plans from Canada Protection Plan, UV Insurance, Humania, and Assumption Life can offer coverage with fewer medical questions.

However, the best life insurance provider for breast cancer survivors largely depends on your specific circumstances, such as time since treatment, overall health, and budget. 

The following insurers are recognized for their accommodating policies and flexible underwriting for cancer survivors:

Best life insurance companies for breast cancer patients and survivors

Provider Medical Underwriting Remission Requirement Policy Types Offered Coverage Options Critical Illness Option Best For
Canada Life Detailed, traditional 2–5 years Term, Whole, Universal Flexible, riders available Yes Survivors in stable remission seeking full-featured policies
Manulife Flexible for long-term remission 5+ years Term, Whole, Critical Illness Broad, includes CI add-ons Yes Survivors in long-term remission wanting critical illness coverage
Industrial Alliance Comprehensive, tailored 2–5 years Term, Permanent Competitive rates, pathology considered Limited Survivors in stable remission wanting detailed, fair underwriting
RBC Insurance Formal, structured Case-by-case (2–5 yrs typical) Term, Whole, Universal Broad; banking integration optional Possibly as rider Survivors who are RBC clients or prefer full service & detailed assessment
Canada Protection Plan No medical or simplified Active treatment to early remission Simplified, Guaranteed Issue Up to $25,000 (GI), more with simplified No Survivors in treatment or very early remission needing fast, accessible coverage
UV Insurance Case-by-case, individualized Post-treatment with stability Term, Universal Flexible structures Not typically Survivors with complex medical histories needing custom evaluation
Humania Assurance No medical, simplified/guaranteed Recent or ongoing health concerns Simplified Issue, Guaranteed, CI Limited face amounts, fast issue Yes (simplified CI plans) Survivors recently treated or uninsurable under traditional options
Assumption Life Flexible, simplified 1–3 years Term, Whole, Simplified Up to $500,000 (simplified) No Early remission survivors seeking moderate coverage without a medical exam

Read our detailed guide on best life insurance companies in Canada
You can get life insurance with breast cancer.

PolicyAdvisor’s advisors have helped hundreds of survivors find the right life insurance. Let us put our experience to work for you. Contact us at 1-888-601-9980 or schedule a time with our experts.

Canada Life

Canada Life, one of Canada’s largest and oldest life insurance providers, offers comprehensive coverage for breast cancer survivors through detailed medical underwriting. Like most major insurers, Canada Life follows industry-standard practices, assessing cancer stage, treatment history, and remission duration when determining eligibility and premiums.

  • Specialty: Offers term, whole, and universal life insurance with in-depth underwriting that accounts for cancer stage, treatment completion, and remission status
  • Key features: Detailed risk evaluation, competitive rates for survivors in stable remission (typically 2–5 years post-treatment), broad product selection including riders and optional critical illness coverage
  • Best for: Breast cancer survivors in remission seeking robust coverage from a well-established Canadian insurer with flexible and customizable policy options

Manulife

Manulife offers traditional life insurance and comprehensive critical illness coverage, making it a strong option for long-term breast cancer survivors. It provides flexible underwriting and competitive pricing for applicants in stable health.

  • Specialty: Offers a wide range of policies, including standard life insurance and critical illness insurance, suitable for cancer survivors
  • Key features: Flexible underwriting for survivors in long-term remission, with comprehensive critical illness plans that cover breast cancer diagnoses
  • Best for: Survivors in remission for 5+ years looking for competitive premiums and additional critical illness coverage

Industrial Alliance (iA Financial Group)

Industrial Alliance is one of the largest life and health insurance companies in Canada, known for detailed medical underwriting. The company typically requires 2–5 years of remission before offering standard life insurance rates, depending on the stage of breast cancer and the applicant’s treatment history.

  • Specialty: Offers term and permanent life insurance with detailed underwriting based on cancer stage, treatment completion, and remission length
  • Key features: Competitive rates for those 2+ years post-treatment, thorough medical questionnaires, and consideration of favorable pathology reports
  • Best for: Breast cancer survivors in stable remission seeking competitive rates through tailored underwriting

RBC Insurance

RBC Insurance offers a full suite of life insurance products with formal underwriting, including possible phone interviews and medical exams. The level of scrutiny varies by applicant. Breast cancer survivors may be approved at standard or rated premiums depending on remission status and treatment outcomes.

  • Specialty: Offers term, whole, and universal life insurance with structured underwriting and optional integration with RBC banking
  • Key features: Thorough medical underwriting, preferential consideration for RBC clients, broad coverage range
  • Best for: Survivors who are RBC clients or comfortable with in-depth underwriting and want comprehensive coverage through a single provider

Canada Protection Plan

Canada Protection Plan is one of the most accessible life insurance providers for individuals affected by breast cancer. Known for its no-medical and simplified issue policies, it offers coverage options even for those currently undergoing treatment or recently diagnosed.

  • Specialty: Offers guaranteed issue and simplified issue policies with no medical exam, ideal for those with active cancer or recent diagnoses
  • Key features: Coverage up to $25,000 for guaranteed issue policies and higher for simplified issue. Fast application process with minimal health questions
  • Best for: Individuals in active treatment or early remission who need quick coverage

UV Insurance

UV Insurance applies individualized underwriting for breast cancer survivors, assessing each case based on treatment outcomes and stability of follow-up care. While the company doesn’t publicize cancer-specific guidelines, it generally adheres to industry standards, requiring completion of treatment and follow-up stability.

  • Specialty: Offers term and universal life insurance with personalized underwriting for complex medical histories
  • Key features: Case-by-case medical review, assessment of cancer stage and treatment response, flexible coverage structures
  • Best for: Survivors with nuanced medical histories needing flexible, personalized underwriting

Humania Assurance

Humania offers simplified issue and guaranteed acceptance products that don’t require medical exams, making them accessible for individuals with cancer histories. Some of their simplified issue plans include limited critical illness coverage, including cancer.

  • Specialty: Provides simplified issue life insurance and critical illness coverage with minimal or no medical underwriting
  • Key features: No-medical underwriting options, cancer-included critical illness plans, fast application and approval
  • Best for: Breast cancer survivors recently treated or with ongoing health concerns who may not qualify for traditional medically underwritten policies

Assumption Life

Assumption Life is a leading choice for breast cancer survivors who want coverage without going through a medical exam. With flexible underwriting and a streamlined application process, it’s especially suitable for those in early remission.

  • Specialty: Provides no medical and simplified issue policies with flexible coverage options for those with stable pre-existing conditions
  • Key features: Offers up to $500,000 in coverage for simplified issue policies, with quick approvals for applicants in early remission
  • Best for: Survivors in early remission (1–3 years) seeking moderate coverage without a medical exam

What factors affect life insurance eligibility for breast cancer survivors?

When reviewing life insurance applications from breast cancer survivors, insurers assess a range of medical and personal factors to determine eligibility, premium rates, and policy types. Understanding these key elements can help you better prepare for the application process:

Type and stage of cancer: Early-stage cancers like Stage 0 or Stage 1 (e.g., ductal carcinoma in situ or DCIS) are viewed as lower risk and may qualify for standard policies after about 3 years of remission. In contrast, individuals with Stage 3 or 4 cancer often face longer waiting periods or may only qualify for simplified or guaranteed issue policies. Insurers may request pathology reports to verify cancer type and staging

Treatment history: Localized treatments such as lumpectomy or mastectomy are generally viewed more favorably than systemic treatments like chemotherapy or immunotherapy, which may indicate a more aggressive form of the disease. Completing treatment without complications improves eligibility

Time since treatment: Most insurers require a minimum of 3–5 years of remission for standard life insurance. Some advanced cases may need up to 7 years. The longer you’ve been cancer-free, the lower your risk profile and the better your chances of qualifying for standard rates

Current health: Conditions like diabetes, hypertension, or obesity can affect your eligibility and rates. Clear follow-up medical records, such as recent mammograms or bloodwork showing no recurrence, can support your application

Age and lifestyle: Younger applicants, especially those under 50, often qualify for better rates if their overall health is stable. Lifestyle factors such as being a non-smoker, maintaining a healthy weight, and regular exercise can also reduce premiums. For example, a non-smoker in remission for five years may pay 10–20% less than a smoker with the same history

Family history: A family history of breast cancer, particularly with known genetic mutations like BRCA1 or BRCA2, may prompt more cautious underwriting and potentially higher premiums. However, under Canadian law, insurers cannot require or use genetic test results to deny coverage (as protected by the Genetic Non-Discrimination Act)

What riders should a breast cancer survivor choose with their life insurance plan?

Breast cancer survivors should consider adding the Accelerated Death Benefit Rider, Waiver of Premium Rider, and Critical Illness Rider to their life insurance policy. These riders can provide additional financial protection and flexibility in the event of illness recurrence or treatment-related challenges:

  • Accelerated Death Benefit Rider: Allows access to a portion of the policy’s death benefit if diagnosed with a terminal illness, such as advanced-stage cancer. This benefit can help cover medical costs or support living expenses during a critical time
  • Waiver of Premium Rider: Waives future premium payments if you become totally disabled due to cancer treatment or related health issues, ensuring your policy stays in force even if you can’t work
  • Critical Illness Rider: Pays a tax-free lump sum if you’re diagnosed with a recurrence of breast cancer or another covered serious condition. This money can be used for medical treatments, recovery costs, or other financial needs

Choosing the right life insurance policy: What to expect by breast cancer stage

Understanding how your breast cancer stage affects life insurance eligibility is crucial for making informed decisions about your coverage. Each stage presents different challenges and opportunities when applying for life insurance in Canada.

Stage 0 (DCIS – Ductal Carcinoma In Situ)

Stage 0 breast cancer, also known as DCIS, represents non-invasive cancer cells contained within the milk ducts. This is the most treatable form and receives the most favorable treatment from insurance underwriters.

  • Waiting period: 3-6 months after surgical treatment completion
  • Rate expectation: Standard or near-standard rates possible
  • Timeline to standard rates: As early as 6 months post-surgery
  • Coverage availability: Most insurers will consider applications favorably

Best strategy: Apply for traditional underwritten policies after 6-month waiting period

  • Primary options: Term life insurance with major insurers (Manulife, Sun Life, Canada Life)
  • Secondary options: Simplified issue if traditional underwriting is challenging
  • Avoid: Guaranteed acceptance policies (unnecessary given favorable prognosis)

Stage 1 (Early-Stage Invasive Cancer)

Stage 1 breast cancer involves small tumors (typically under 2cm) that haven’t spread to lymph nodes. While requiring more caution from insurers, prospects remain generally positive.

  • Waiting period: 2-5 years after treatment completion
  • Rate expectation: Standard to slightly rated premiums
  • Timeline to standard rates: Typically 3-5 years post-treatment
  • Coverage availability: Most insurers will consider after waiting period

Best strategy: Traditional underwriting after 2-3 year waiting period

  • Primary options: Major insurers with competitive underwriting (Industrial Alliance, Canada Life)
  • Secondary options: Specialized high-risk insurers if declined initially
  • Bridge coverage: Simplified issue or group coverage during waiting period

Stage 2 (Moderate Risk Profile)

Stage 2 breast cancer involves larger tumors (2-5cm) or spread to 1-3 nearby lymph nodes. This stage requires more extensive waiting periods and careful underwriting evaluation.

  • Waiting period: 5-10 years after treatment completion
  • Rate expectation: Rated premiums (25-100% above standard)
  • Timeline to standard rates: 5-10 years, depending on specific factors
  • Coverage availability: Limited during first 5 years, improving thereafter

Best strategy: Secure interim coverage immediately, apply for traditional coverage after 5+ years

  • Immediate options: Guaranteed acceptance or simplified issue policies
  • Long-term strategy: Reapply with traditional insurers after 5-7 years
  • Bridge solutions: Group coverage through employer, mortgage insurance

Stage 3 (Advanced Local Disease)

Stage 3 involves larger tumors or extensive lymph node involvement but hasn’t spread to distant organs. This stage faces the most restrictive traditional underwriting.

  • Waiting period: 10-15 years for traditional coverage
  • Rate expectation: Heavily rated or declined for traditional policies
  • Timeline to standard rates: Rarely achieved, rated premiums likely permanent
  • Coverage availability: Very limited traditional options

Best strategy: Focus on guaranteed acceptance and group coverage

  • Primary options: Guaranteed acceptance policies (Humania, Sun Life Financial)
  • Secondary options: Group coverage maximization, mortgage insurance
  • Long-term consideration: Reassess traditional options after 10+ years

Stage 4 (Metastatic Disease)

Stage 4 involves cancer spread to distant organs or body parts. Traditional life insurance is typically not available, making guaranteed products essential.

  • Waiting period: Traditional coverage generally not available
  • Rate expectation: Standard rates only through guaranteed acceptance
  • Coverage availability: Limited to guaranteed acceptance and some group policies
  • Traditional coverage: Extremely rare, typically 15+ years post-treatment if achieved

Best strategy: Immediate focus on guaranteed acceptance policies

  • Primary options: Guaranteed acceptance life insurance with graded benefits
  • Essential coverage: Maximize employer group coverage
  • Alternative solutions: Funeral insurance, mortgage insurance where available

Get affordable life insurance from top Canadian providers!

We understand that navigating life insurance after a breast cancer diagnosis can feel overwhelming. You’re already managing so much, and the last thing you need is additional stress about protecting your family’s future. 

That’s exactly why we’re here. Our experienced advisors have helped hundreds of Canadian families in similar situations find the right coverage, whether you’re currently in treatment, recently in remission, or years into your cancer-free journey. 

We know the questions to ask, the insurers who truly understand your situation, and most importantly, we know that behind every application is a person who deserves compassionate, expert guidance. You don’t have to figure this out alone. 

So, let us help you secure the peace of mind you and your loved ones deserve. Schedule a call with an experienced advisor today and discover how we can help protect what matters most to you.

Need help choosing the right life insurance policy?

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Frequently Asked Questions

Does life insurance cover breast cancer treatment costs?

No, life insurance does not cover treatment costs. Life insurance pays a lump sum to your beneficiaries after death, while critical illness insurance or health insurance covers treatment expenses. However, some life insurance policies include accelerated death benefits that allow you to access a portion of your death benefit if diagnosed with terminal cancer.

Can I increase my life insurance coverage after breast cancer remission?

Yes, you can typically increase coverage after 3-5 years of remission, but you’ll need to go through medical underwriting again. Some insurers offer guaranteed insurability riders that allow coverage increases without medical exams, but these must be purchased before diagnosis. Consider adding this rider to existing policies for future flexibility.

Will my life insurance premiums decrease as I stay cancer-free longer?

Unfortunately, life insurance premiums are typically locked in when you purchase the policy and don’t decrease based on improved health. However, you may qualify for better rates by applying for a new policy after 5+ years of remission. Consider reviewing your options every few years to potentially secure lower rates.

What happens if my breast cancer returns after getting life insurance?

If your policy is already in force and you’ve passed the contestability period (usually 2 years), your coverage remains valid regardless of cancer recurrence. The insurer cannot cancel your policy or increase premiums due to a recurrence. However, you may have difficulty obtaining additional coverage.

Are there special life insurance programs for cancer survivors in Canada?

Yes, some insurers offer specialized programs for cancer survivors, including group coverage through cancer support organizations. The Canadian Cancer Society partners with certain insurers to offer group life insurance to members. Additionally, some employers have enhanced group life insurance benefits specifically for employees with stable pre-existing conditions.

How do BRCA gene mutations affect life insurance eligibility for breast cancer survivors in Canada? 

Under Canada’s Genetic Non-Discrimination Act, life insurance companies cannot require genetic testing or use existing genetic test results to deny coverage or set premiums. However, family history of breast cancer may still be considered during underwriting. If you have a BRCA1 or BRCA2 mutation, focus on insurers with simplified issue policies that ask fewer health questions.

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How does life insurance work in a divorce or separation settlement? (Updated 2025)

Not every marriage ends in “happily ever after.” For many Canadians, separation brings not just emotional stress but complex financial consequences. Yet many individuals overlook the role of life insurance during divorce.

As divorce becomes more common in Canada, with a crude divorce rate of 2.1 per 1,000 people and ranking 26th globally, understanding how your life insurance policy fits into a divorce settlement is essential. This article explains how divorce may impact your current life insurance coverage, why you might need a new policy post-divorce, and how to update your beneficiary.

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Why does life insurance matter during a divorce?

Life insurance holds significant importance during a divorce because it ensures that financial responsibilities toward a former spouse or children remain protected, even after the policyholder’s death. Here’s why life insurance matters in a Canadian divorce settlement:

  • Secures child support and spousal support obligations: Courts may require a life insurance policy to guarantee continued payments if the paying spouse passes away
  • Protects the financial future of dependents: Life insurance ensures that children and ex-spouses can maintain financial stability and meet essential needs like housing, education, and healthcare
  • Fulfills court-ordered divorce requirements: Judges in Canada often mandate life insurance as part of separation agreements or divorce settlements, particularly when minor children are involved
  • Prevents legal and financial disputes: Including life insurance in a divorce agreement helps reduce future conflicts by clearly defining who receives the payout and under what conditions
  • Covers shared debts or mortgage obligations: Life insurance can also help pay off joint loans or mortgages, preventing the surviving ex-spouse or children from inheriting debt
  • Provides peace of mind: Both parties gain reassurance that the financial needs of dependents will be met, regardless of unforeseen events

What happens to your life insurance policy after a divorce in Canada?

When a couple separates or divorces in Canada, their life insurance policies do not change automatically. Many couples initially purchase life insurance together to protect shared financial responsibilities, such as mortgages, childcare, and family income. 

Typically, one spouse names the other as the primary beneficiary. However, separation does not revoke this designation unless the primary policyholder makes manual changes to the policy. Here’s what you need to know about life insurance after divorce:

  • You must update your beneficiary designation manually: If you no longer want your ex-spouse to receive the death benefit, you must contact your insurer to change the beneficiary. However, if the ex-spouse is an irrevocable beneficiary, you will require their consent to make changes
  • Court orders may require you to keep your ex-spouse as a beneficiary: In some divorce settlements or separation agreements, a judge may order that one spouse maintain a policy with the other spouse or children listed as beneficiaries, especially when child support or spousal support is involved
  • Joint life insurance policies can be complex: If you purchased joint first-to-die or joint last-to-die life insurance, these policies can’t always be divided. You may need to cancel and replace the policy with individual coverage or reach a mutual agreement about the payout
  • Group life insurance coverage through work may also require changes: If you listed your spouse as a beneficiary under an employer-provided life insurance plan, you need to update this separately with the help of your HR department
  • Failing to update your policy may result in unintended payouts: If you pass away without updating your life insurance, your ex-spouse may still legally receive the benefit, even if your separation occurred years ago

How is a life insurance policy equalized between spouses in a divorce?

During a divorce or legal separation in Canada, one of the most important financial considerations is how to divide marital assets fairly. While homes, joint bank accounts, investments, and emergency funds are typically subject to equalization, life insurance policies require special treatment based on their type and structure.

Term life insurance 

Term life insurance policies do not hold any financial value unless a claim is made. Therefore, they are generally not considered divisible marital assets during property equalization. Each spouse can continue their own policy without changes, provided they are individual policyholders.

Permanent life insurance

Whole life or universal life insurance policies, which build cash surrender value, can be treated as financial assets. The cash value accumulated in these policies may be included in the equalization of family property under Canadian divorce law.

Joint life insurance policies 

Joint life insurance policies require equalization between the spouses after a divorce. If you and your spouse share a joint first-to-die or joint last-to-die life insurance policy, you must decide whether to:

  • Assign the entire policy to one spouse
  • Convert the joint policy into two individual policies (subject to insurer approval)
  • Cancel the policy and purchase separate coverage individually

What is the process of splitting a joint life insurance policy?

Insurance providers typically allow the division of joint life insurance in the case of divorce or separation. However, this process often involves:

  • Meeting minimum coverage requirements for new individual policies
  • Adjusted premiums based on each individual’s current age and health status
  • Legal documentation (such as a policy assignment form) to transfer ownership or divide the coverage
  • In some cases, support from a family lawyer or divorce lawyer may be necessary to complete these documents correctly

How much does Life Insurance cost?

$500K

Is life insurance a marital asset?

Yes, life insurance can be considered a marital asset in Canada, depending on the policy type and ownership. Term life insurance typically has no cash value, so it is not treated as a divisible asset in divorce proceedings. 

However, permanent life insurance, such as whole life or universal life, accumulates cash value over time and may be treated as a financial asset subject to equalization under provincial family law.

If both spouses contributed to premiums or if the policy was acquired during the marriage, its value may be split. Splitting a whole life policy with its associated cash surrender value is generally considered a taxable event, except when a policy is being split due to a marriage/common-law relationship breakdown.

It’s important to disclose life insurance during separation and consult a family lawyer or financial advisor (such as our experts at PolicyAdvisor) to determine how it factors into your overall divorce settlement.

What is a court-mandated life insurance order?

A court-mandated life insurance order is a legal directive issued during divorce or separation proceedings in Canada. It requiresat least one spouse to maintain a life insurance policy naming the other spouse or children as beneficiaries. The purpose of this order is to ensure that financial obligations continue to be met in the event of the payor’s death.

Courts typically mandate this coverage when one spouse relies on ongoing support for housing, childcare, or education expenses. The order may specify the minimum coverage amount, policy duration, and beneficiary designation. Non-compliance with a life insurance order can result in legal consequences, so it’s essential to follow it closely and provide proof of coverage.

How is a court-mandated life insurance monitored after the divorce?

A court-mandated life insurance order is monitored through legal documentation and regular proof of compliance. The spouse required to maintain the policy must typically provide proof of coverage, such as a copy of the life insurance policy or a confirmation letter from the insurer, to the other party or their legal representative.

  • In many cases, the court order will outline specific monitoring requirements, such as:
  • Naming the support recipient or child as the irrevocable beneficiary
  • Submitting annual policy statements or renewal confirmations
  • Notifying the other party before making any changes to the policy

If the obligated party fails to comply, the other party may take the matter back to court for enforcement or a motion for contempt, especially if the lack of coverage puts dependents at financial risk.

How to handle existing life insurance in a divorce?

If you’ve set your ex-partner to receive the death benefit from your insurance policy, a divorce won’t automatically change this. To change your beneficiary after separation, you have to go through your insurance company or speak with your advisor of record. However, there may be a few things for you to consider as you go about making the change.

Revocable versus irrevocable beneficiaries

Before you can change your beneficiary, you should consider whether your existing life insurance policy is “revocable” or “irrevocable”.
  • A revocable policy means you can change the beneficiary without first consulting them. That is if, after the divorce, you want to reassign the death benefit away from your former spouse and to another person, a revocable policy allows the reassignment without informing your ex-partner.
  • In contrast, an irrevocable policy requires your ex-partner’s (the irrevocable beneficiary) consent to approve the change.

With that said, if you and your former spouse have one or multiple children together and they remain as the children’s primary caregiver, it may be best to keep your former partner as the beneficiary to ensure your children’s financial protection and stability, in case of your death.

How much life insurance do you need after a divorce?

As a newly single person (or even as a newly single parent), you should reassess how your life insurance needs have changed after a divorce. Your new life insurance needs will depend on your portion of the liabilities and how much support you have access to or would be receiving.

Also take into account whether or not you have the responsibility to take care of the children you may have had with your former partner, provide for their education, and help maintain their lifestyle post-divorce.

It’s important to secure any new post-divorce life insurance coverage as soon as possible. Not only may the coverage be a pressing financial obligation of your divorce agreement, if something happens to you and the expected coverage is not in place, but your death could also produce a complicated financial situation that may take months or years for your loved ones to settle and erode any inheritance or wealth you had intended to leave behind.

A life insurance calculator can easily help you reassess your insurance needs and update your post-separation financial plan. If you find you don’t have adequate coverage, you may need to speak with a life insurance broker to help you get new life insurance coverage as soon as possible.

What type of insurance should you purchase after a divorce or separation?

The type of insurance to purchase will depend on your financial circumstances after a separation. Term life insurance is often ideal after a divorce or separation if you want to maximize your coverage while working within a budget. A term life policy is less expensive than many other life insurance options. Term life insurance only provides a death benefit if you die within a specific time-frame, such as within 10, 20, or 30 years and therefore the premiums are more affordable.

You may keep your new term life policy active for as many years as you’re responsible for spousal and/or child support payments. Once your children are a certain age, they may achieve financial independence and a policy may no longer be required.

In contrast, a permanent life insurance policy would last for the entirety of your life. This type of policy is more expensive than a term life policy, but it may provide your ex-spouse or children with a death benefit, regardless of when you pass away.

Should you write life insurance into your separation agreement?

Life insurance is critical to consider for your separation agreement during the divorce process. In most cases, if child support or alimony is obligated during divorce negotiations, the court may also require the spouse paying support to have a life insurance policy in place. As the spouse that may receive alimony payments, your ex-partner’s life insurance policy ensures that you continue to receive alimony payments, or an equivalent sum of money, even after their death.

You and your partner must work together or with a divorce lawyer to decide on many aspects of your post-separation life insurance coverage, such as:

  • the amount of coverage to hold
  • the length of coverage to put in place
  • appointing the owner of the policy
  • designating who will make premium payments
  • the names of beneficiaries
  • the type of beneficiary designations

If your former partner purchases life insurance with you as the beneficiary after the divorce, you may even want to specify that it’s an irrevocable policy (as mentioned above). With an irrevocable policy, they can’t unilaterally change the beneficiary without your knowledge and consent.

Without a policy, you may alternatively write into the divorce agreement that you would have priority to your ex-partner’s estate to compensate for any spousal or child support payments. However, if there’s little to nothing left at their death, you may be out of luck. In contrast, life insurance could guarantee a payout to cover or help with remaining childcare or lifestyle expenses.

Even if you’re the one making payments, asking your former spouse to have a policy ready can act as a financial safety net, if you end up as the sole parent to your children.

Lastly, it is important to reconcile any name changes that have occurred as a result of your divorce. If an individual took on their partner’s name or made other changes to their name when they were married but choose to go by another name post-divorce, ensure that all beneficiary documentation is updated with the life insurance company to reflect proper first and last names.

Should you designate your children as the life insurance beneficiary?

Instead of designating your ex-partner, you may want to consider setting your children as the life insurance beneficiary. However, this could complicate things. Many provinces don’t allow children under 18 to control the money from a death benefit. As a result, you may need to appoint a trustee, or beneficiary in trust, for your life insurance or to set up a trust under your children’s name.

Setting up a trust involves finding a reliable person to act as a trustee and drafting legal documents with a lawyer for the beneficiary designation. Without a trust prepared, a court may distribute the funds to a public trustee to manage on behalf of the minor child or children.

Because of these complications, it may be easier to designate your former spouse as the beneficiary. The exception is if you believe that your ex-partner won’t act in the best interest of your children once they receive the death benefit.

In this situation, a trust would ensure that your death benefit is used in your children’s best interest. This is because the trustee managing the funds is legally required to make sound fiduciary decisions for your children.

Tips for navigating life insurance in a divorce

Whether you’re the policyholder, the insured, or a named beneficiary, it’s important to manage life insurance with care to protect your future obligations and dependents. Here are key tips to help you navigate life insurance during a divorce in Canada:

  • Review all existing life insurance policies: Start by identifying any active term or permanent life insurance policies, whether held individually or jointly. Understand who owns each policy, who the beneficiaries are, and whether there is any accumulated cash value
  • Update your beneficiary designations: Many married individuals name their spouse as the primary beneficiary. After separation, review and update your designations, unless a court order requires you to keep your former spouse as the beneficiary for child or spousal support
  • Follow your separation or divorce agreement: Divorce settlements often include clauses that require one or both parties to maintain life insurance coverage as a financial safety net, especially if children or support obligations are involved
  • Secure independent coverage post-divorce: If you relied on joint coverage, consider purchasing a new individual policy to ensure continued protection for your children or dependents
  • Consult legal and financial professionals: A family lawyer or an expert insurance advisor can help you comply with legal requirements, understand your rights, and make informed policy decisions tailored to your new financial reality

How to buy life insurance after a divorce?

Buying life insurance after a divorce involves more than just selecting a policy. It often includes meeting legal obligations and planning for new financial priorities.

You may be required by a separation agreement or court order to purchase life insurance to secure spousal or child support. It’s also important to carefully choose your beneficiary, especially if you’re considering naming children instead of your former spouse.

To make the process easier, speak with a licensed insurance advisor who understands the complexities of post-divorce planning. At PolicyAdvisor, our experts help you compare options from 30+ top-rated Canadian life insurance companies, ensuring your policy meets both legal requirements and personal goals. We also provide dedicated after-sales support so your coverage continues to reflect your changing life.

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Frequently asked questions

Can my ex-spouse cancel my life insurance policy without my consent?

No, your ex-spouse cannot cancel a life insurance policy if they are not the policy owner. Only the policyholder has the legal authority to cancel, update, or modify the policy. However, if the policy is part of a divorce order and names your ex-spouse as an irrevocable beneficiary, you cannot make changes without their written consent. To protect your interests, always review ownership details and beneficiary status after separation.

Can I name my minor children as life insurance beneficiaries after divorce?

Yes, you can name your minor children as beneficiaries, but insurers typically will not pay a death benefit directly to a minor. Instead, you should appoint a trustee or legal guardian to manage the funds until your child reaches the age of majority. You can also set up a testamentary trust in your will. This step ensures the insurance proceeds are used according to your wishes for your child’s benefit.

Will my life insurance premiums increase after divorce?

Your premiums won’t automatically increase due to divorce, but they may go up if you apply for a new policy at an older age or with different health conditions. If you switch from joint to individual coverage or increase your coverage amount post-divorce, your rates may change accordingly. 

What happens to the cash value of a whole life policy in a divorce?

The cash surrender value of a whole life insurance policy is typically considered a marital asset and may be subject to division during property equalization. Courts may require disclosure of the policy’s value and decide how to split it, either by assigning it to one spouse or equalizing it through other assets. It’s important to include these policies in your financial disclosure during the divorce process.

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The cheapest life insurance quotes in Canada – Updated 2025

Life insurance doesn’t have to be expensive, especially if you know how to compare your options. Many Canadians are beginning to recognize the value of buying life insurance and taking a crucial step to protect the financial future of their families. 

In fact, a 2024 report by LIMRA shows that 57% of Canadians now have life insurance, reflecting a steady rise in coverage since 2019. As demand grows, insurers continue to offer competitive rates, making it easier than ever to find affordable protection.

In this 2025 guide, we’ll walk you through how to get the cheapest life insurance quotes in Canada, explore the most budget-friendly policy types, and highlight top providers offering low-cost plans.

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What are the different types of life insurance options in Canada?

Canada offers several types of life insurance options to meet different financial needs and goals. The main types include term life insurance, whole life insurance, and universal life insurance.

    • Term life insurance: This insurance type provides coverage for a specific period, such as 10, 20, or 30 years, and is often the cheapest life insurance option available. It’s ideal for temporary needs like mortgage protection or income replacement
    • Whole life insurance: It offers permanent coverage for the policyholder’s lifetime, along with a guaranteed death benefit and a savings component that grows over time. The premiums are higher than term insurance but remain fixed, providing stability and long-term value
    • Universal life insurance: This insurance also offers lifelong coverage but adds flexibility in premium payments and a customizable investment component. Policyholders can adjust their coverage and savings contributions as their needs change, making it a more versatile but complex product
Read more about the different types of life insurance options in Canada

What is the cheapest life insurance policy in Canada?

The cheapest life insurance policy in Canada is typically term life insurance. This type of policy offers coverage for a fixed period, such as 10, 20, or 30 years, making it an affordable option for those who need temporary protection. 

Unlike permanent life insurance plans that provide lifetime coverage and often include investment components, term life focuses solely on providing a death benefit, which keeps premiums low. Several factors can lower your term life insurance premiums:

  • Choosing a shorter coverage period
  • Opting for a lower coverage amount
  • Applying when you’re younger
  • Being in good health and a non-smoker

For example, a healthy 20-year-old non-smoker who buys a basic term life policy will likely receive some of the cheapest life insurance quotes in Canada.

The average monthly cost of term life insurance for a young, healthy Canadian under 40 years of age ranges from $22 to $25 per month. As you age, the premiums increase. The cost of term life insurance depends on age, so prices may increase as you get older.

Cost of term life insurance for a 10-year period

Age Male Female
20 years $22/month $14/month
30 years $22/month $15/month
40 years $27/month $19/month
50 years $61/month $45/month
60 years $200/month $145/month

*Illustrating the cost of term life insurance for a 10-year period for individuals of various age ranges opting for $500,000 in coverage

How much does Life Insurance cost?

$500K

What is the cost of the cheapest whole life insurance policy in Canada?

Whole life insurance in Canada typically costs more than term life because it offers lifetime coverage and, in many cases, includes a cash value component. However, if you’re looking for the cheapest whole life insurance, you need to choose between participating and non-participating policies.

For $100,000 in coverage, the cheapest whole life insurance premiums start at approximately $45 to $47 per month for a 20-year-old buying a non-participating policy. For participating policies, the monthly cost is slightly higher, ranging from $52 to $54 per month for the same age and coverage.

Cost of whole life insurance in Canada

Age Male Female
20 years $22/month $14/month
30 years $22/month $15/month
40 years $27/month $19/month
50 years $61/month $45/month
60 years $200/month $145/month

*Illustrative cost for a male individual of various age ranges seeking a whole life insurance policy with $100,000 in coverage

There are several factors you should think about when considering how much life insurance you may need.

Which are the cheapest life insurance providers in Canada?

In 2025, several top Canadian insurers like Manulife, Equitable Life, iA, Sun Life, Canada Life, etc., continue to offer competitive rates, especially for term life insurance. 

Manulife

Manulife offers some of the most competitively priced term life insurance policies in Canada. Their CoverMe Term Life Insurance is popular among young families and individuals looking for basic protection at a low cost. Manulife also provides online tools to help you get instant quotes and apply with ease.

Equitable Life 

Equitable Life consistently ranks among the cheapest life insurance providers in the country. Known for personalized service and flexible term lengths, Equitable Life offers low premiums, especially for non-smokers and younger applicants. Their underwriting process is also straightforward, which helps keep costs down.

Sun Life

Sun Life provides a wide range of life insurance products, including affordable term life plans that cater to various budgets. Their term policies are known for offering strong value and flexibility, with options to convert to permanent insurance later. Sun Life’s easy-to-use online quote system makes comparing prices simple.

Canada Life

Canada Life is a trusted name in the insurance industry and offers low-cost life insurance solutions tailored to Canadian residents. Their term life insurance rates are competitive, and they frequently offer discounts for bundling policies or choosing electronic delivery and payment options.

iA Financial Group 

iA Financial Group is known for offering some of the most affordable life insurance quotes in Canada, particularly for healthy individuals under 40. Their term policies come with flexible coverage options and the ability to apply online. iA also has simplified issue products that require no medical exams, making them ideal for those who want quick and easy approval.

Comparing term vs. whole life insurance: Which policy offers affordable coverage?

When comparing life insurance policies in Canada, term life insurance is typically the most affordable option. However,  whole life offers a significant death benefit, accumulated cash value and a portion of the company’s profit in the form of dividends, making it a favourable life insurance choice for individuals looking to build an estate or accumulate wealth. 

Here’s a quick comparison between term life and whole life insurance in Canada to help you choose ideal choice for each policy:

Comparing term life and whole life insurance policy

Feature Term life insurance Whole life insurance
Cost Lower premiums; most affordable option Higher premiums; more expensive over time
Coverage length Fixed term (10, 20, 30 years) Lifetime coverage
Cash value No cash value or investment component Builds guaranteed cash value over time
Flexibility Can’t be changed once the term starts Can include paid-up options and dividends (in some cases)
Pros Affordable, simple, good for temporary needs Lifetime protection, cash value, fixed premiums
Cons Expires after term, and no payout is made if you outlive the term High cost, more complex, slower cash value growth early on
Best for Young families, mortgage protection, short-term needs Estate planning, lifelong dependents, wealth transfer

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How to get the most affordable life insurance premiums in Canada?

Lowering your life insurance premium doesn’t just depend on the insurer; it also depends on the steps you take during the application process. By working with an experienced insurance broker, maintaining a healthy lifestyle and comparing the best options from top life insurance providers in Canada, you may get the cheapest deal based on your budget.

  • Review your options before renewals: Instead of automatically renewing your current life insurance plan, shop around to see if newer plans offer better rates or updated coverage suited to your current needs
  • Opt for individual life insurance: Buying personal life insurance is often more cost-effective and offers greater flexibility than mortgage insurance tied to a loan or lender
  • Choose term life insurance instead of permanent coverage: Term insurance is typically the most affordable option, providing fixed coverage for a set number of years without the higher premiums associated with lifelong plans
  • Go through medical underwriting if you’re healthy: Applicants in good health often receive much lower premiums when they complete a medical exam or health questionnaire during the underwriting process
  • Maintain a healthy lifestyle: Quitting smoking, maintaining a healthy weight, and managing chronic conditions can significantly lower your life insurance rates by improving your risk profile
  • Consult a licensed life insurance advisor: Speaking with a life insurance advisor (such as our experts at PolicyAdvisor) allows you to compare quotes from multiple insurers and identify the most affordable policy based on your age, health, and financial goals
list of factors that affect the cost of life insurance

What are the cheapest life insurance options for seniors?

The cheapest life insurance quotes for seniors in Canada typically come from traditional life insurance or no-medical policies. While the life insurance premiums for seniors are higher due to age and health risks, they can still find affordable coverage by comparing plans and choosing basic coverage amounts.

On average, life insurance premiums for seniors start at around $100/month based on coverage amount, policy type and underwriting criteria. Healthy seniors in their early 60s may find term life insurance policies with $100,000 in coverage starting from $52/month, while older individuals (80 years) may pay $200/month for the same coverage. The cost of whole life insurance for seniors ranges between $110-$130/month for $100,000 coverage.

To get the cheapest life insurance rates for seniors, it’s important to compare quotes from multiple providers and consider simplified or no-medical exam options that offer fast approval and reduced underwriting.

Depicting the cost of life insurance for seniors

Age 10-year term policy Whole life policy
50 years $35/month $111/month
60 years $55/month $149/month
70 years $94/month $99/month
80 years $205/month $131/month

*Quote for $100,000 in life insurance coverage for a non-smoking female resident of Ontario in good health

What are the cheapest life insurance options for individuals with pre-existing conditions?

For individuals with unstable pre-existing conditions, the cheapest life insurance option is usually no-medical or guaranteed issue life insurance. These policies do not require medical exams and offer fast approval, making them accessible to those who may not qualify for traditional coverage.

Some of the best life insurance providers like Manulife, Canada Life, Sun Life, Empire Life, Canada Protection Plan, iA Financial Group, and Assumption Life offer affordable no-medical life insurance options in Canada. The monthly premiums for basic coverage (e.g., $25,000 to $50,000) typically range from $75 – $240/month, depending on the age, gender, medical history and smoking status of the individual.

These plans often cover individuals with stable pre-existing conditions such as:

  • Diabetes with complications
  • Heart disease or recent heart surgery
  • Cancer history (recent or in remission)
  • COPD or other chronic respiratory conditions
  • Mental health disorders like severe depression or bipolar disorder
  • Liver or kidney disease

These life insurance policies come with a two-year waiting period, meaning full benefits are only paid after two years. However, they still provide immediate accidental death coverage and guaranteed approval regardless of health status.

What is the most affordable life insurance option for smokers?

For smokers in Canada, the most affordable life insurance option is typically a term life insurance policy. While smokers do pay significantly higher premiums than non-smokers, term life still offers the lowest premium rates compared to other types of life insurance.

Premiums for smokers reflect the increased health risks and shorter life expectancy associated with tobacco use. For example, a 30-year-old smoker in average health may pay over $60 per month for a 20-year term life policy with $500,000 in coverage. Alternatively, a non-smoker of the same age would pay around $30 per month for the same policy.

Some of the best life insurance companies like Canada Life, Manulife, Sun Life, and iA Financial Group offer competitive term life policies for smokers. While premiums are higher, term life insurance remains the most budget-friendly life insurance option for smokers seeking substantial coverage at manageable rates.

Learn more about the best life insurance options for smokers in Canada

What are the common mistakes to avoid while getting the cheapest life insurance plan?

Buying the cheapest life insurance plan in Canada can be a smart financial move. While keeping costs low is important, it’s equally essential to make sure the policy actually meets your long-term needs. If you want to avoid compromising on protection, you need to strike the right balance between affordability and value. 

Here are the most common mistakes to avoid when choosing a low-cost life insurance plan in Canada:

  • Choosing the lowest premium without reviewing coverage details: A cheap plan might come with limited coverage or shorter terms that don’t align with your financial responsibilities
  • Ignoring policy exclusions and fine print: Failing to read the terms can lead to claim denials or uncovered situations when your family needs support the most
  • Delaying your purchase to get a better rate later: Life insurance only gets more expensive as you age or develop health issues, and waiting can cost you more in the long run
  • Underinsuring to save money: Choosing a lower coverage amount to reduce premiums may not be enough to support your family’s needs after you’re gone
  • Not disclosing your full medical history: Hiding or misrepresenting health conditions can result in policy cancellation or denied claims
  • Overlooking convertibility options: Some term plans allow you to convert to permanent coverage later and missing out on this can limit your flexibility as your needs change
  • Skipping a quote comparison across insurers: Life insurance prices and features vary widely. Not shopping around may lead you to overpay or miss better, cheaper options

How to apply for the most affordable life insurance plan in Canada?

Applying for the most affordable life insurance plan in Canada is simple if you know where to look and what to compare. At PolicyAdvisor, you can get life insurance instant quotes in under 60 seconds using our AI-powered life insurance calculator. We partner with 30+ top Canadian insurers like Manulife, Canada Life, and Sun Life etc, to help you compare the cheapest life insurance rates side by side.

Once you find the right policy, you can apply online instantly or speak with our licensed advisors for personalized support. PolicyAdvisor also offers reliable after-sales assistance, helping you manage your policy even after purchase. Schedule a call to get the most affordable life insurance quotes based on your unique needs.

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Give us a call at 1-888-601-9980 or book some time with our licensed experts.

Frequently Asked Questions

What is the cheapest type of life insurance policy?

The cheapest form of life insurance is a term policy. The shorter the term, the cheaper the policy. But the cost is also dependent on other factors as well, such as your personal health history, family history of medical conditions, your coverage amount, and more.

What is the lowest death benefit I can get?

Canada’s biggest insurance companies will give life insurance coverage amounts as low as $50,000. Whole life insurance policies can go as low as $10,000 because most people use them for end-of-life expenses or estate planning instead of short-term needs.

But, you should compare online insurance quotes before buying just the minimum. In a lot of cases, policies that give you more coverage can cost less.

What is a 1-year life insurance policy?

A 1-year life insurance policy is a term life insurance product where your term is for one year. If you die within that year, the insurance company will pay your beneficiaries a tax-free death benefit.

You may also see them called an annual renewable term policy. These kinds of policies usually seem great at first glance because their premiums are extremely cheap.

But, read the fine print before you buy. Every year you renew this policy, your premiums will increase. Over time, you’ll end up paying a lot more than if you just got a policy with a longer term.

Take it from our experts — it’s usually better for you, your family, and your wallet if you get a policy that lasts 5+ years instead. At least then, your rate is locked in for a longer time.

What is the most expensive life insurance policy in Canada?

Permanent insurance and no-medical insurance are the most expensive types of insurance policies.

A permanent policy gives you lifelong coverage and has something called a cash value component. You can use this cash value to access growth and build wealth during your lifetime. These are the main reasons why it costs more.

No medical insurance is usually an option for people with severe medical issues. It guarantees you’ll be approved for a policy. But the insurance company also takes a bigger risk to do that, so the cost is higher.

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The complete guide to Canada’s biggest life insurance companies in 2025

Choosing the right life insurance provider is one of the most important financial decisions you’ll make, and understanding Canada’s insurance landscape is crucial for making an informed choice.

The insurance industry in Canada is dominated by several major players, each offering unique strengths in coverage options, financial stability, and customer service. 

In this article, we’ll take you through 40 of the biggest life insurance companies Canada has to offer, along with their key offerings. Whether you’re looking for term life insurance or permanent coverage, understanding which companies lead the market can help you make the best decision for your family’s financial security.

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Top 5 biggest life insurance companies in Canada

Canada’s life insurance industry is dominated by several major players that have established themselves as the biggest insurance companies in Canada. Here are the top 5 insurance companies in Canada based on total assets and market presence:

  1. Manulife
  2. Sun Life
  3. Canada Life
  4. Industrial Alliance (iA)
  5. Desjardins
Biggest life insurance companies in Canada
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Complete list: Top 40 life insurance companies in Canada

The top 40 biggest life insurance companies in Canada represent the most comprehensive coverage options available to Canadian consumers.

40 largest life insurance companies in Canada

Company Founded / HQ Insurance Revenue Total Assets LICAT Ratio AM Best Rating
Manulife 1887, Toronto, ON $26.6B $978.8B 137% A+
Sun Life 1865, Toronto, ON $22.6B $370.7B 152% A+
Canada Life 1846, Toronto, ON $21.0B $461.2B 130% A+
Industrial Alliance 1892, Quebec City, QC $6.8B $109.9B 139% A+
Beneva 1941, Quebec, QC $4.8B $27.5B 150% A
Desjardins 1948, Levis, QC $4.3B $470.9B 146% — 
RBC Insurance 1864, Toronto, ON $2.3B $28.6B 135% A
Empire Life 1923, Kingston, ON $1.4B $19.7B 151% A
BMO Life 1817, Toronto, ON $1.3B $20.1B 130% A
The Co-operators 1945, Guelph, ON $1.0B $10.5B 168% A
Securian Canada 1955, Toronto, ON $990M $1.2B 153% A
Equitable Life 1920, Waterloo, ON $920M $10.2B 169% A
ivari 1927, Toronto, ON $822M $14.6B 131% A+
Blue Cross Canada 1939, Independent (Various) $686M $2.3B 135% A- 
Brookfield/Blumont Annuity Co. Toronto, ON $383M $7.5B 147%
Primerica 1977, Duluth, GA $359M $4.1B 191% A+
Chubb Life 1882, Toronto, ON $342M $345M 163% A+
Metropolitan Tower New York, NY, USA $331M $2.3B 171% A+
Wawanesa 1896, Wawanesa, MB $300M $11.5B 165% A
Foresters 1874, Toronto, ON $0.2B $1.8B 200% A
Combined of America 1922, Chicago, IL $230M $1.1B 176% A+
UV Insurance 1889, Drummondville, QC $225M $2.4B 172%
Humania 1874, Saint-Hyacinthe, QC $200M $678M 185% A+
TD Life 1855, Toronto, ON $155M $344M 200% — 
Assumption 1903, Moncton, NB $147M $2.3B 165% A-
TruStage Life 1902, Toronto, ON $120M $2.4B 165% A-
CIGNA Life 1982, Bloomfield, CT, USA $111M $136M 245% A
British Insurance Co. (Cayman) Cayman Islands $77M $471M 176%
Knights of Columbus 1882, New Haven, CT $76M $30.3B 274% A+
American Income 1951, Waco, TX $71M $64M 169% A+
New York Life 1845, New York, NY, USA $42M $696M 353% A++
CIBC Life 1961, Toronto, ON $29M $164M 494% — 
Aetna Life 1939, Toronto, ON $28M $98M 496% A
Teachers Life 1972, Waterloo, ON $25M 234%
Serenia Life 1972, Waterloo, ON $20M $371M 177%
American Health & Life 1954, Fort Worth, TX, USA $17M $64M 576% A-
AWP Health & Life SA Paris, France $15M $38M 271%
Connecticut General 1957, Bloomfield, CT, USA $4M $195M 223% A
Reliable Life 1887, Hamilton, ON $3M $14M 310%
Jackson National Life 1961, Lansing, MI, USA $254K $11M 458% A

Source: Company annual reports, OSFI financial data, A.M. Best Company

** Financial metrics displayed for life insurance businesses of the respective companies. Founding dates of respective parent companies.

Read our detailed review of the best life insurance companies in Canada

What’s new in our 2025 insurance company rankings?

For 2025, we’ve updated how we compare the biggest and best insurance companies in Canada to give a more complete and accurate picture.

Our updated approach looks beyond size and reputation. We now focus on financial strength, product quality, and customer satisfaction.

  • We measure financial strength by looking at each insurer’s total assets, LICAT ratio (a key solvency indicator), and credit ratings from AM Best, S&P, and Moody’s. This helps us understand how stable and reliable each company is when it comes to paying claims.
  • We also evaluate the range and flexibility of insurance products available, including life, health, and supplemental coverage. Insurers offering more customization, modern features, and digital tools score higher in this area.
  • Lastly, we consider the customer experience—from how quickly claims are paid to how easy it is to manage your policy online. We review third-party ratings, client feedback, and the overall quality of digital services.

This new ranking system makes it easier for you to compare insurance companies in Canada and find the one that fits your needs best.

Choosing the best insurance company for you

When comparing the top life insurance companies in Canada, it’s important to go beyond size and brand recognition. Choosing the right provider means assessing financial strength, coverage options, premium affordability, and regional relevance.

Whether you’re a young family, business owner, retiree, or high-net-worth individual, matching your needs with the right insurer can lead to better protection and long-term value.

Key selection criteria for top Canadian life insurance companies

Category What to look for
Financial strength – AM Best rating of A- or higher – LICAT ratio above 120% – Over 100 years in business – Strong capital reserves
Coverage needs – Term life (10, 20, or 30 years) – Whole or universal life – Critical illness and disability options
Premium affordability – Competitive quotes from multiple providers – Annual vs. monthly premium choice – Stable premiums over time – Dividend potential for permanent life
Digital & human support – Online comparison tools – Access to licensed advisors – Transparent educational resources

Our licensed advisors give you expert tips on how to choose the best insurer in this video.

Impact of IFRS 17 on Canada’s largest life insurance companies

Starting January 1, 2023, IFRS 17 changed how major Canadian insurers like Manulife, Sun Life, and Canada Life report their financial results. This new global standard replaced IFRS 4 and shifts the focus from cash inflows to the actual value of insurance services provided.

Key changes under IFRS 17:

  • Revenue now reflects services, not premiums collected: Insurers report “insurance service revenue” based on the coverage they deliver.

    • Manulife reported $26.6 billion in 2025, down from ~$44 billion

    • Sun Life reported $22.6 billion, down from ~$29 billion

    • Canada Life reported $21 billion, down from ~$58 billion

  • Profits are recognized gradually: The Contractual Service Margin (CSM) captures unearned profit and spreads it over the coverage period. This approach reduces sharp swings in reported earnings.

  • Reported premiums exclude investment or savings components: Insurers no longer count deposits or investment-linked amounts in their revenue figures. This explains the lower reported totals.

  • New valuation models now apply: Companies must use risk-adjusted, discounted cash flow models. Short-term policies may follow a simplified method called the Premium Allocation Approach (PAA).

  • Disclosure requirements have increased: IFRS 17 introduces more detailed reporting, making it easier to compare Canadian insurers with global competitors.

What it means for policyholders:

IFRS 17 does not change your premiums or coverage. You still receive the same benefits. However, it gives you a clearer view of how insurers manage risk and earn profits.

For investors, this standard improves transparency, reduces earnings volatility, and provides better insight into long-term financial performance.

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Compare the largest insurance companies in Canada: company profiles

Our list shows much more than the most prominent large insurance companies in Canada. Some of these brands are amongst the largest insurers in the entire world.

You may recognize many of the companies that top the list, but others may not be so familiar. For example, an insurance company like Beneva, which was formed when SSQ Insurance and La Capitale merged together. Or a company like Wawanesa.

Not a lot of people in Ontario may know them, but they are some of the top Canadian life insurance companies. Both of these providers and others collect billions of dollars in premiums every year.

Read on for an overview of each company that made the list.

Manulife

Founded in 1887, Manulife stands as Canada’s largest life insurer by total assets, managing over $979 billion globally.

This Toronto-based insurer operates as part of Manulife Financial Corporation, with significant operations across Asia and the United States through John Hancock.

For Canadian consumers, this global scale translates into financial stability and innovative product development.

Manulife’s insurance offerings:

Individual life insurance:

  • Term life (10, 20, 30-year options with conversion privileges)
  • Whole life and universal life policies
  • Mortgage protection coverage
  • Critical illness and disability insurance
  • Travel insurance

Group benefits:

  • Employer-sponsored life, health, and dental plans
  • Long-term disability coverage
  • Flexible benefits administration

Manulife also operates Manulife Bank, offering integrated banking services including mortgages, credit cards, and high-interest savings accounts.

What makes Manulife a market leader

AI-Powered underwriting pioneer: Manulife was the first Canadian insurer to implement artificial intelligence in underwriting, allowing coverage up to $2 million without medical exams. This innovation has reduced application processing from weeks to days.

Inclusive coverage history: The company pioneered coverage for individuals with diabetes and was the first to offer non-smoker discounts. Recently expanded to include HIV-positive applicants, demonstrating an ongoing commitment to accessible insurance.

Manulife Vitality: This wellness-based program rewards healthy behaviours with premium discounts, gift cards, and device rewards like Apple Watches. It’s one of the most comprehensive wellness programs in Canadian insurance.

Financial strength: With A+ ratings from A.M. Best and over $979 billion in global assets under management, Manulife offers exceptional financial security for policyholders.

Why choose Manulife

Manulife is ideal for technology-focused consumers seeking streamlined applications, health-conscious individuals who want wellness rewards, and those needing higher coverage amounts without extensive medical underwriting.

Read our full Manulife Term Life Insurance Review

Sun Life Assurance Company of Canada

Sun Life Financial, Inc. is one of the largest life insurers in the world, and also one of the oldest, with a history spanning back to 1865.

Apart from Canada, they have a presence in the US and in seven Asian markets, including China and India.

Sun Life Insurance product offerings:

The Sun Life Assurance Company of Canada offers a wide variety of products, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Travel insurance
  • Long-term care insurance
  • Investments and savings: retirement income plans, asset management, etc.
  • Financial advice

What sets Sun Life apart

  • Sun Life has introduced a large number of digital projects. One such project is Prospr by Sun Life which assists Canadians with their financial goals. With Prospr, clients can connect with a licensed advisor, assess their financial needs, and track their financial goals
  • Sun Life’s Lumino Health Virtual Care platform gives users round-the-clock access to medical and mental health professionals
  • Sun Life actively engages in community initiatives and partnerships, focusing on building healthier communities
Read our full Sun Life Insurance Review

The Canada Life Assurance Company

Canada Life is one of the oldest and most stable life insurers in the country. Up until recently, it came second to Manulife in number of annual premiums — which was no surprise given that Manulife is one of the largest companies in the world.

But, in 2020, Great West Life merged with its sister companies London Life and Canada Life into the single Canada Life Assurance Company brand. That merger pushed Canada Life to the top of the charts.

Canada Life Insurance product offerings:

Canada Life offers a wide range of insurance products and other financial solutions, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Creditor insurance
  • Business insurance & workplace benefits
  • Investments and savings: segregated funds, annuities, retirement planning, etc.
  • Mortgages

What sets Canada Life apart

  • Canada Life possesses $568 million in assets, making it one of the largest life insurance companies in Canada
  • The company aims to provide accessible healthcare and affordable medication through its mobile application called DrugHub
  • Canada Life is known for its CSR initiatives, such as the Health and Homelessness Fund, where it raised $500,000 in a donation drive for the homeless in London, Ontario
Read our full Canada Life Term Life Insurance Review

Industrial Alliance Life Insurance

iA Financial Group is one of the largest insurance and wealth management groups in Canada. They also have operations in the United States. It was founded in 1892 and offers both individual and group benefits products.

iA is more than an insurance company — they also work in property management and real estate. They rent out many office spaces in major cities across Canada.

iA Financial Group product offerings:

Industrial Alliance offers a wide variety of products, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Disability insurance
  • Travel insurance
  • Car & RV insurance
  • Home insurance
  • Investments and savings: registered savings plans, annuities, loans, etc.

What sets Industrial Alliance apart

  • Industrial Alliance has a strong financial foundation, serving over 4 million clients with the help of over 25,000 representatives
  • Dialogue, a wellness application by iA, provides direct access to a team of healthcare professionals 24/7, along with telemedicine and stress and wellness management programs
Read our full iA Term Life Insurance Review

Desjardins Financial Security

Desjardins is well known across Canada, offering a wide variety of financial services and insurance products.

The company mainly focuses on life, health, and home insurance, and wealth management services. But they also offer business services like point-of-sale payments and cash management.

Desjardins product offerings:

Desjardins offers a full suite of insurance and finance products and services, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Travel insurance
  • Auto & RV insurance
  • Home insurance
  • Pet insurance
  • Group insurance
  • Creditor insurance
  • Business insurance
  • Investments and savings: guaranteed investment accounts, wealth management, loans, etc.
  • Mortgages

What sets Desjardins apart

  • Desjardins is a cooperative financial institution, meaning it is owned and governed by its members rather than a corporate setup. Its Melodia portfolio helps users invest in diversified assets such as stocks and bonds
  • Desjardins has invented the “caissassurance” model, enabling customers to obtain insurance products through their neighborhood caisse populaire ( member-owned financial institution that provides insurance services) directly
Read our full Desjardins Insurance Review
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Beneva Inc.

Beneva became the 6th largest insurance company in Canada in 2023 after a major merger between Quebec-based companies SSQ Insurance and La Capitale.

SSQ Insurance was founded in 1944 while La Capitale was founded just a few years earlier, in 1940. Both companies were founded and operated on mutualist values, which have carried on with their merger into Beneva. This makes it one of the biggest mutual insurance companies in the country.

Beneva Insurance product offerings:

Beneva offers the same high-quality products and services as its parent companies, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Auto & RV insurance
  • Home insurance
  • Group insurance
  • Creditor insurance
  • Business insurance
  • Investments and savings: segregated funds, annuities, registered savings, etc.

What sets Beneva Inc. apart

  • Benevas’s online platform, called Client Centre, lets customers monitor and manage their investment portfolio without any hassle. This platform allows for 24/7 access to policies, claims submissions, and tracking to ensure complete transparency and enhanced user experience
  • Beneva’s Assistance Benefit service can help individuals during an emergency as it connects users to the top three doctors in the area whose expertise matches the ailment
  • Beneva actively supports student-athletes and has funded over 200 young sports enthusiasts
Read our full Beneva Life Insurance Review

RBC

The Royal Bank of Canada (RBC) is one of the most well-known financial companies in North America. RBC Insurance is the part of RBC that sells insurance to people and businesses.

They offer an enormous range of products and financial services, and even reinsurance. They also have an added option of RBC Private Insurance, which is a thorough and customizable package designed to give you the most protection against risks.

RBC Insurance product offerings:

RBC Insurance’s extensive list of offerings includes:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health insurance
  • Travel insurance
  • Auto insurance
  • Home insurance
  • Group insurance
  • Creditor insurance
  • Business insurance & reinsurance
  • Investments and savings: wealth management services, annuities, loans, etc.
  • RBC Private Insurance — a comprehensive risk protection package

What sets RBC apart

  • RBC insures the risks of other insurance and reinsurance companies through its innovative Reinsurance Business solutions, which cover life, longevity, disability, and accident. 
  • The company provides business clients with specific insurance options, such as business loan insurance and group benefits programs
  • RBC Insurance enjoys robust financial stability as a part of the Royal Bank of Canada, one of the biggest banks globally
Read our full RBC Term Life Insurance Review

Wawanesa

Wawanesa Mutual is the parent company of Wawanesa Insurance, which sells life insurance and other products. It was founded in 1896 and is based in Winnipeg, Manitoba.

They also operate as Wawanesa General in the US. They mostly sell P&C insurance in California and Oregon.

Wawanesa product offerings:

Wawanesa Insurance offers a good selection of products, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Auto insurance
  • Home & renters insurance
  • Pet insurance
  • Group insurance
  • Commercial/business insurance
  • Farm insurance
  • Investments and savings: registered savings plans, guaranteed investment accounts, annuities, etc.

What sets Wawanesa apart

  • Wawanesa is a mutual insurance company, meaning that policyholders own the company instead of stockholders. This structure enables Wawanesa to match its objectives with its customers’ demands, giving priority to their interests and offering more individualized service
  • Customers looking for value without sacrificing coverage quality will find the company appealing because of its reputation for offering competitive rates on insurance products
Read our full Wawanesa Term Life Insurance Review

BMO Insurance

BMO Financial Group is one of the largest financial institutions in Canada, if not the world. It was founded in 1817 as Bank of Montreal.

BMO Insurance is the part of BMO that sells insurance policies and similar services.

BMO Insurance product offerings:

BMO offers a few different types of insurance policies and financial services, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Travel insurance
  • Investments and savings: income annuities, guaranteed investment funds, etc.

What sets BMO Insurance apart

  • As of late 2023, BMO Life Insurance was one of Canada’s top ETF insurers, managing more than $95.53 in ETFs nationwide
  • BMO Life Insurance has made investments in digital tools, such as online policy management and claims submission, to improve the customer experience
Read our full BMO Term Life Insurance Review

Equitable Life

Equitable Life Insurance Canada is the largest life insurance company in Canada that is federally regulated, meaning it follows rules set by the federal government.

Like Beneva and Wawanesa, Equitable is also a mutual company that is partly owned by some of its clients.

Equitable Life product offerings:

Equitable Life Insurance Company offers insurance products such as:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Group insurance
  • Investments and savings: retirement income protection, segregated funds, etc.

What sets Equitable Life apart

  • Customers of Equitable Life Insurance can handle their policies online, completing tasks like requesting policy loans, transferring investments, and altering beneficiaries. Policyholders benefit from the ease and flexibility of this digital access
  • With the recently introduced First Home Savings Solution (FSHA) from Equitable Life, first-time homeowners will be able to get maximum coverage amounts and attractive home insurance benefits at a reduced premium cost
  • The organization places a strong emphasis on providing individualized service, and committed insurance advisors are on hand to offer direction and assistance throughout the insurance process
Read our full Equitable Life Insurance Review
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The Empire Life

Empire Life was founded in Kingston, Ontario, in 1936. They have services, sales, and marketing centres throughout Canada.

They sell a wide range of financial products and services. But they are most well known for their permanent participating life insurance policies.

Empire Life Insurance Company product offerings:

Empire Life offers a wide variety of products and services for personal finance needs, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Group insurance
  • Investments and savings: RRSPs, annuities, etc.

What sets Empire Life apart

  • Empire Life has a strong financial position, evidenced by its Life Insurance Capital Adequacy Test (LICAT) ratio, which is significantly above the minimum requirements
  • Their Retirement and Savings Tool helps users check if they are on track to meet their savings goals and plan for retirement
Read our full Empire Life Insurance Review

Foresters Financial

Foresters Financial is a company that offers financial services in Canada, the US, and the UK. It was founded over 140 years ago, in 1870.

Many of Foresters’ life insurance products help charities. When you buy these products, the company donates to a charity you choose.

Foresters underwrites the insurance policies offered by Canada Protection Plan.

Foresters Life Insurance product offerings:

Foresters offers a limited range but strong quality of products and services, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Investments and savings: retirement income plans, annuities, etc.

What sets Foresters Financial apart

  • As a fraternal benefit society, Foresters Financial offers unique member benefits to policyholders, such as competitive academic scholarships, grants for volunteer activities, and discounts on everyday expenses
  • Foresters also offers many complimentary fun events for their insured members and families, such as baseball games and amusement park outings
Read our full Foresters Term Life Insurance Review

Co-operators Insurance

The Co-operators Group Limited is a leading Canadian co-operative company that sells multiple lines of insurance. They have more than $41.7 billion in assets and many subsidiary companies.

They mostly offer life insurance, home insurance, asset management, and brokerage services. Most of their products are sold through a network of financial advisors and insurance brokers.

Co-Operators product offerings:

The Co-operators Insurance Group offers a wide range of financial services and insurance products, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Travel insurance
  • Auto & RV insurance
  • Home insurance
  • Property & casualty insurance (P&C)
  • Group insurance
  • Business insurance
  • Farm insurance
  • Investments and savings: asset management services, segregated funds, etc.
  • Brokerage services

What sets Co-operators Insurance apart

  • Co-operators Insurance collaborates with all tiers of government as well as with research organizations, municipalities, non-profits, and investors to create climate-resilient communities
  • Co-operators Insurance has set net-zero targets for their operations and investments in order to contribute to a healthier future
Read our full Co-Operators Life Insurance Review

ivari

Ivari used to be called Transamerica Life Canada. It is now owned and operated by the Canada Pension Plan Investment Board (CCPIB).

They have been operating for more than 80 years, offering a variety of insurance policies and investment products.

ivari Insurance Company product offerings:

ivari offers insurance and investment solutions such as:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Investments and savings: annuities, segregated funds, guaranteed interest accounts, etc.

What sets Ivari apart

  • ivari actively engages in community support through charitable giving and partnerships, such as its collaboration with United Way Centraide Canada
  • ivari’s My Insurance View is an easy-to-use interactive tool that provides clients with a personalized insurance solution based on their budget and premium-paying capacity
  • ivari provides its users with excellent virtual healthcare through its mobile application called Maple, which has access to the best online practitioners in each province
Read our full ivari Term Life Insurance Review

Blue Cross

There are many different Blue Cross member plans in Canada. The Canadian Association of Blue Cross Plans is the group that represents all of them independently.

Blue Cross is best known for group insurance and travel insurance. Canadians who are Blue Cross members can save money on insurance for things like vision, medical, and more through their Blue Advantage program.

Blue Cross product offerings:

The Blue Cross insurance company offers insurance products such as:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Disability insurance
  • Health & dental insurance
  • Travel insurance
  • Group insurance

What sets Blue Cross apart

  • Blue Cross has a unique “Young Adults Benefits Package” that helps young working individuals get health and dental coverage at a minimal coverage
  • Blue Cross actively engages in programs that promote wellness and preventive care, reflecting their dedication to creating healthier communities and addressing public health challenges
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Securian Canada

Most people know Securian Canada by its old name, Canadian Premier Life. It is a company that offers financial management services and several insurance products.

Securian Canada product offerings:

Securian offers several insurance products for individuals and businesses, including:

  • Term life insurance
  • Permanent life insurance
  • Mortgage protection insurance
  • Critical illness insurance
  • Group insurance
  • Creditor insurance
  • Business insurance
  • Asset management services
  • Customized products for financial institutions

What sets Securian Canada apart

  • Securian Canada focuses on providing insurance solutions specifically tailored for financial institutions and affinity groups, allowing them to create products that meet the unique needs of these markets
  • CPA makes an effort to add value to memberships in order to increase their value. This includes offering “group” pricing through the CPA insurance program, which assists people in taking care of their families and finances

Primerica

The Primerica Canada Insurance Company was started in 1986. It’s a subsidiary of Primerica Life Insurance Company, offering insurance and other financial services.

Primerica Canada Insurance Company product offerings:

Primerica offers products and services such as:

  • Term life insurance
  • Disability insurance
  • Auto insurance
  • Investment management services
  • Pre-paid legal services
  • Financial Needs Analysis (FNA) services

What sets Primerica apart

  • Primerica helps families make financial security by offering easily accessible financial products that are tailored to their needs and specifically target those making between $30,000 and $100,000 annually
  • Primerica also offers Primerica Representative, a unique application that allows individuals to gain a better understanding of where they stand with their personal finances and design an improved financial goal within 30 minutes

Chubb Life

Chubb Life Insurance Company was founded in 1882. Now, they’re a trusted and reliable provider of insurance in Canada. They have offices in Ontario, Quebec, Alberta, and British Columbia.

Chubb Insurance Co. of Canada product offerings:

Chubb Life offers many standard insurance products, including:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Travel insurance
  • Auto insurance
  • Home insurance
  • Property & casualty insurance
  • Group insurance
  • Business insurance

What sets Chubb Life apart

  • Through Chubb Life’s unique platform, Chubb Studio, insurance products can be seamlessly integrated into a variety of ecosystems, making it simple and effective for customers to obtain coverage via digital channels
  • Chubb Life offers a special client benefits program that gives policyholders access to extra help, such as career, legal, financial, and mental health counseling

TruStage Life (Assurant Life)

The insurance company known as Assurant Life rebranded into TruStage in 2022 after it was bought by CUNA Mutual Group.

Assurant first began in 1902 as a family-owned funeral business. As an insurance company, they specialized in selling insurance for end-of-life planning, like funeral insurance and executor protection insurance. They also offer services like assessing and handling final documents — wills, trusts, etc.

Now, TruStage sells its products through a network of more than 300 insurance brokers across Canada.

TruStage product offerings:

TruStage Life sells insurance policies and offers financial services including:

  • Term life insurance
  • Permanent life insurance
  • Cancer, heart attack, and stroke insurance coverage
  • Auto insurance
  • Home insurance
  • Business insurance
  • Investments and savings: annuities, wealth management services, etc.
  • Funeral pre-planning services

What sets TruStage Life apart

  • With TruStage, coverage limits for term life insurance range from $5,000 to $300,000, and for whole life insurance, they range from $5,000 to $100,000
  • Credit unions and TruStage collaborate to provide life insurance options to their members. By taking advantage of these alliances, the business can offer clients who already do business with their credit union

Combined Insurance Company of America

Combined Insurance Company of America is owned by Chubb Insurance Company in the US. It was founded in 1922 and sells insurance to people and businesses.

Combined of America Company product offerings:

Combined Insurance, a Chubb company, offers mostly supplemental insurance products, including:

  • Supplemental life insurance
  • Critical illness insurance
  • Disability insurance
  • Supplemental health insurance
  • Combined Insurance Worksite Solutions, comprehensive insurance coverage to complement group insurance

What sets Combined Insurance apart

  • Combined Insurance Company places a high priority on providing accessible and easily understood supplemental insurance. They offer a wealth of information and assistance to clients in weighing their options
  • For numerous years, Combined Insurance Company has been acknowledged as one of the best military-friendly employers, demonstrating its dedication to hiring veterans and assisting military families

UV Insurance

UV Insurance, formerly known as UL Mutual, was founded in 1889 in Quebec. They are the 5th oldest insurance company in Canada.

UV Insurance product offerings:

UV’s product offerings include:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Group insurance
  • Investments and savings: retirement products, guaranteed investments, etc.

What sets UV Insurance apart

  • In 2020, UV Insurance contributed more than $620,000 to the community through sponsorships and donations
  • UV Insurance has added a century-worth of great accomplishments, which resulted in them earning the distinction of being the second most sustainable SME in Quebec
  • The company aims to collaborate with other ventures that closely share their value on the sustainability and innovation front
Read our full UV Life Insurance Review

Assumption Mutual Life

Assumption Life is best known for its no-medical term life plans. They were founded in 1903 in New Brunswick, Canada. But they were originally a fraternal society in Massachusetts, USA, before they decided to start selling insurance.

Assumption Mutual Life Insurance product offerings:

Assumption Life offers the following products:

  • Term life insurance
  • Permanent life insurance
  • Critical illness insurance
  • Group insurance
  • Commercial mortgage insurance
  • Investments and savings: retirement products

What sets Assumption Mutual Life apart

  • Assumption Life provides a Registered Investment Account (RIA) that features low management fees and high-performing funds. This product is designed for fee-conscious clients, offering competitive returns while minimizing costs
  • Assumption Mutual Life provides high-performing, pre-packaged funds that are professionally managed and tailored to each client’s risk tolerance and time horizon
Read our full Assumption Life Insurance Review

Knights of Columbus

Knights of Columbus is a Catholic fraternal organization. It started in 1882 as a mutual benefit society for Catholic people who moved to the US. The company sells insurance and financial services, but also does a lot of charity work.

Knights of Columbus Insurance product offerings:

Knights of Columbus offers several insurance and personal finance products, including:

  • Term life insurance
  • Permanent life insurance
  • Disability insurance
  • Long-term care insurance
  • Investments and savings: investment management, annuities, etc.

What sets Knights of Columbus apart

  • The Knights of Columbus is deeply rooted in charitable work, having donated over $185 million and contributed 49 million volunteer hours in 2022 alone

Humania Assurance Inc.

Humania Assurance was founded in Quebec in 1874 as a mutual society. They offer a lot of no-medical life insurance options and are best known for how quickly they issue policies.

Humania Assurance product offerings:

Humania Life Insurance offers insurance products including:

  • Term life insurance
  • Mortgage insurance
  • Critical illness insurance
  • Disability insurance
  • Health insurance
  • Travel insurance

What sets Humania Assurance Inc. apart

  • Prioritizing a human-centric strategy, Humania Assurance Inc. makes sure that customer interactions are marked by empathy and understanding, which improves the customer experience as a whole
  • Humania Assurance recently completed 150 years of serving clients and building a network of policyholders, advisors, and trusted clients in Canada, which is a huge achievement
Read our full Humania Term Life Insurance Review

American Income

American Income Life was founded in 1951. The company now sells insurance in Canada, the US, and New Zealand. They focus on helping working families and members of credit unions, labour unions, and other associations get insured.

American Income Life Insurance product offerings:

American Income offers the following insurance products:

  • Term life insurance
  • Permanent life insurance
  • Supplemental health insurance

What sets American Income apart

  • American Income Life’s no-cost Legacy Will Kit helps users decide who will take care of their family, leaving all they’ve  worked for to those they love, and secure their future wishes
  • The company believes in upfront and honest pricing, with no hidden fees or commission
  • America Income is dedicated to empowering clients through financial education, offering seminars, workshops, and resources to help them make informed decisions

Serenia Life

Serenia Life is a US fraternal benefit society that sells insurance in Canada. It was founded in 1972 and used to be called Faithlife Financial up until 2008. Their company is inspired by Christian values.

Serenia Life Insurance Company product offerings:

Serenia Life offers the following insurance products and financial services:

  • Term life insurance
  • Permanent life insurance
  • Investments and savings: investment management, annuities, etc.

What sets Serenia apart

  • Serenia Life emphasizes one-on-one financial guidance, ensuring that each member receives tailored advice suited to their needs
  • The company operates on the belief that prosperity and generosity go hand in hand, encouraging members to engage in charitable activities and community support

CIBC

CIBC Insurance is a part of CIBC (the Canadian Imperial Bank of Commerce), one of Canada’s biggest banks. The bank itself was formed in 1961 after two older Canadian banks merged into one. They later started selling insurance products too.

CIBC Life Insurance product offerings:

CIBC offers insurance products such as:

  • Term life insurance
  • Critical illness insurance
  • Travel insurance
  • Auto insurance
  • Home insurance
  • Creditor insurance

What sets CIBC apart

  • CIBC prioritizes environmental, social, and governance (ESG) principles, actively supporting sustainable financing initiatives and investments in renewable energy
  • CIBC is committed to enhancing customer experience through advanced technology, such as mobile banking apps and digital tools, making insurance less complicated for users

Reliable Life

Reliable Life has been helping Canadians with insurance since 1887. They’re also part of a company called the Old Republic International Corporation, which is listed on the New York Stock Exchange. Reliable Life mostly sells travel insurance and accident insurance for students.

Reliable Life Insurance Company product offerings:

Reliable Life offers insurance products such as:

  • Travel insurance
  • Accident insurance

What sets Reliable Life apart

  • Reliable Life offers annuity products that provide a steady stream of income for life

Is it better to choose a bigger insurance company? 

Buying a policy from one of the biggest insurance companies in Canada may not always be the best choice. Just because a company is the biggest, it doesn’t mean that it’s the right company for your needs. Sometimes, going with a smaller company may be to your advantage.

This is why it’s best to speak with our licensed advisors. They have intimate knowledge of the Canadian insurance market and can recommend the best provider for your specific needs.

largest life insurers in Canada
We make choosing the right insurer easy.

Give us a call at 1-888-601-9980 or book some time with our licensed experts.

Choosing a bigger versus a smaller insurance company

Whether you would be best served by choosing a large or a small insurance company as your provider comes down to what matters most to you and your family. There are advantages and disadvantages for each one, so the right choice will depend on you.

Below, we’ve provided some tips to help you choose. But you can also book a call with us if you need one-on-one help with deciding.

Why choose a bigger insurance company?

There are many reasons to choose a large company for your financial security needs, such as knowing you’ll be working with experienced professionals who have been in the field for a long time. Here are some of the major benefits.

Scalability

Most of Canada’s largest insurance companies have been in business for decades — some from as long ago as the mid-1840s ′s. When a company has been around for that long, you can trust that they know how to do business in the industry very well.

Big providers like this know the ins and outs of Canadian insurance, and their history of meeting long-term financial obligations means it’s not risky to do business with them. There’s a good chance they know how to manage your policy well and that they’ll be around for years to come.

Flexibility

The largest life insurance providers can offer you the most choice for the type of product you buy and how much you’ll be covered for.

For example, you can get more than just term insurance and will probably have options to convert your policy into a permanent plan. It can be convenient to get all of your different insurance policies in one place.

And, you can get higher coverage amounts for life insurance. While a smaller insurer may only be able to cover you for up to $500,000, a bigger provider can probably offer you millions — if you need that much.

Operating hours

Bigger insurance providers are usually open later and longer and are available on the weekends too. Because they’re so large, they usually have offices all over Canada, employ a lot more people, and have brokers selling their products on their behalf. 

This means you, the customer, can speak to an agent faster, whether over the phone, online, or in person.

Technology

Another huge advantage of choosing a bigger insurance company is that they have more money to spend on upgrading their technology. 

They can improve the way their customers do business and make it easier to do things like get quotes, buy a policy, change your plan, submit a claim, get help, or anything else you need.

Why choose a smaller insurance company?

Working with a smaller insurance company can be a good thing, too. A lot of them are just as stable as the bigger providers, and they can give you more specific products and personalized service. Here are some of the major benefits.

Price

Smaller insurance companies may not charge you as much for some insurance products as the bigger ones in Canada do.

This can be for a lot of different reasons. For example, bigger companies may have to meet certain government requirements or they may need more funds to upgrade their technology like we talked about earlier in this article.

But just be aware that although you can save some money if you choose to work with a smaller insurance company, the cost of term life insurance policies is about the same for all the top insurance providers in Canada. So, you may not want to choose on price alone.

Features

Canada’s largest life insurance companies can be slow to decide what products or services to introduce. However a smaller insurance company can be quicker and more easily offer tailored solutions.

Many Canadian insurers of all sizes offer extra options called life insurance riders that can help you make a custom plan. However smaller companies may have unique features that fit your needs better.

Customer service

Life insurance is a long-term agreement, so you’ll want to choose a company that knows how to value its customers. A small or medium-sized company can often give you personalized service that a bigger company may not be able to.

They may not have as many clients or hundreds of spread-out employees and representatives, so their service may have more of a personal touch.

And, they can quickly make changes to their products or services based on what customers want. For example, if you want an e-policy or if you don’t want to answer too many health questions, a smaller company may be able to give you those options.

Personal preference or ethics

Some Canadians choose to work with smaller companies just because of their own principles. Some want to support a smaller, local company as much as they can. 

Others may choose a mutual insurance company. Some may also want to work with a company that shares their ethical beliefs, like Christian-based companies.

Still looking for the top insurance companies in Canada?

If you’re still not sure whether one of the largest Canadian insurance companies is right for you, our advisors are happy to help you out! Schedule a call and let our experts answer your questions about what is offered by Canadian insurance companies — big and small.

Online insurance brokers like PolicyAdvisor.com let you compare insurance quotes from 30 of the country’s best insurance companies. Schedule a call or try out our instant insurance quoting tools to see how much you can save by comparing quotes online.

Looking for the best life insurance quotes?

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Frequently asked questions

How often do rankings of life insurance companies change?

Rankings can change annually or even more frequently, depending on factors like financial performance, customer service ratings, innovation, and regulatory changes. A company’s solvency, claims handling, and market share can all influence its position in industry reports or consumer rankings.

What factors affect the financial stability of life insurance companies?

Financial stability is typically measured by solvency ratios, capital reserves, investment performance, and underwriting profits. Companies with diverse investment portfolios, strong risk management practices, and consistent profitability are generally more stable and reliable over the long term.

Can I buy life insurance from a company not based in Canada?

You can only purchase life insurance from international companies that are licensed to operate in Canada. These insurers must comply with Canadian regulations and are monitored by federal or provincial insurance regulators. Buying from an unlicensed foreign insurer could leave you unprotected or unable to enforce your policy.

What are the benefits of choosing a large life insurance company over a smaller one?

Large insurers often offer a wider range of products, stronger digital platforms, and greater financial stability. They may also have more streamlined claims processes and better access to additional services, such as financial planning tools or wellness programs. However, smaller insurers may provide more personalized service or competitive pricing.

How do consumer ratings affect life insurance companies?

Consumer ratings influence a company’s reputation and can guide potential customers during their decision-making process. Positive reviews can enhance trust, while repeated complaints may raise concerns. While not the sole factor, consumer feedback is a helpful indicator of service quality and client satisfaction.

What should I do if I am not satisfied with my life insurance provider?

You should begin by reviewing your policy and identifying specific concerns and contacting your insurer’s customer service to discuss your issue. If the problem persists, you can file a complaint with your provincial insurance regulator. If you’re considering switching providers, ensure your new policy is active before cancelling the old one to avoid any coverage gaps.

Which are the best insurance companies in Canada for 2025?

The best insurance companies in Canada for 2025 are determined by their financial strength, customer satisfaction, product innovation, and digital capabilities. Leading providers include:

  • Sun Life, for strong client satisfaction and wellness-focused products
  • Manulife, for innovation and global reach
  • Canada Life, for scale and comprehensive coverage options
  • Industrial Alliance, for regional expertise and competitive pricing
  • Desjardins, for cooperative structure and personalized service

How do I choose between the largest insurance companies in Canada?

Choosing the right insurer involves assessing several factors such as financial strength (AM Best ratings and LICAT ratios), product suitability based on your needs, pricing competitiveness, quality of service and claims experience, and access to digital tools for convenience and support.

Are bigger insurance companies always better?

Larger insurance companies offer advantages such as financial stability, broad product availability, and extensive support networks. However, they may not always be the best fit. Smaller or regional insurers can provide more competitive pricing, personalized service, and flexible options tailored to specific needs.

What is the difference between the top 10 and top 20 insurance companies in Canada?

The top 10 insurers are typically national leaders with large-scale operations and diversified offerings. The top 20 includes regional and specialized insurers that may excel in niche markets or offer unique advantages in pricing, service, or policy design.

How often do rankings of the biggest insurance companies change?

Rankings among Canada’s top five life insurers tend to remain consistent year over year. However, changes can occur due to mergers, premium growth, or shifts in market strategy. Notably, Canada Life’s position strengthened following its merger with Great-West Life and London Life.

Can I trust the financial ratings of Canada’s largest insurance companies?

Yes. Canada’s major insurers are rated by independent global agencies such as AM Best, Moody’s, S&P Global, and DBRS Morningstar. These ratings reflect a company’s financial strength, claims-paying ability, and long-term stability, and are reviewed regularly.

Do the top Canadian life insurance companies operate nationwide?

Yes, all top life insurance companies in Canada are licensed to operate nationwide. While some have stronger regional footprints such as Desjardins and Industrial Alliance in Quebec or Wawanesa in the West. They serve clients across the country either directly or through licensed advisors.

What makes the best insurance companies in Canada in 2025 different from previous years?

Top insurers in 2025 are distinguished by their investment in digital transformation, faster underwriting through AI, integrated wellness and health features, ESG investment practices, and personalized insurance solutions using data and analytics. These enhancements improve both accessibility and client experience.

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How much does life insurance cost in Canada in 2025?

The cost of life insurance in Canada depends on several factors, including your age, health, lifestyle, and the type of coverage you choose. Typically, life insurance rates range from $10 to $70 per month, though they can be significantly higher for individuals with pre-existing health conditions, high-risk jobs, or lifestyle habits like smoking.

Yet, many Canadians remain underinsured. According to the 2023 Canadian Insurance Barometer Study by LIMRA, 31% of Canadians, about 8.4 million adults, say they need or need more life insurance coverage.

In this blog, we’ll break down life insurance rates in Canada in 2025, the key factors that influence premiums, and tips to help you secure the right coverage at the best price.

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Average cost of life insurance in Canada

The cost of life insurance in Canada varies based on factors such as age, health, coverage amount, and the type of policy you choose. For instance, a 20-year-old Canadian looking for $100,000 in coverage can expect to pay between $44 to $54 per month for a participating whole life insurance policy.

Generally, younger and healthier applicants pay lower premiums, while older individuals or those with pre-existing conditions may face higher costs.

Learn more about the different types of life insurance in Canada

Cost of life insurance by policy type

 The cost of your life insurance premiums in Canada can also vary based on the kind of policy that you’ve purchased. There are a few policy types for you to choose from:

  • Term life insurance
  • Whole life insurance
  • No-medical life insurance
  • Children’s insurance

For instance, if you’re going for term life insurance, the cost of your premiums tends to be lower. Whole life insurance policies usually have a higher premium range, as it ensures that you are covered for your entire life!

Average cost of term life insurance

Term life insurance in Canada offers a budget-friendly way to secure financial protection. For a $500,000 coverage amount, monthly costs can range from $14 to $380, depending on the age of the applicant. 

As individuals age or develop health conditions, premiums increase to reflect the higher risk of payout. Since term life insurance provides coverage for a fixed period, such as 10, 20, or 30 years, it is an affordable choice to safeguard a family’s financial future.

Cost of term life insurance for a 10-year period

Age Male Female
20 years $22/month $14/month
30 years $22/month $15/month
40 years $27/month $19/month
50 years $61/month $45/month
60 years $200/month $145/month

*Illustrating the cost of term life insurance for a 10-year period for individuals of various age ranges opting for $500,000 in coverage

Average cost of whole life insurance

Whole life insurance, which is a type of permanent insurance, usually costs more because it covers you for your entire life. Typically, for $100,000 in coverage, participating whole life insurance may cost between $54 to $263 per month, whereas a non-participating policy may cost between $47 to $245 per month

Participating policies are more expensive because they have a cash value component that you can use in your lifetime.

Cost of whole life insurance in Canada

Age Participating ($100k coverage) Non-participating ($100k coverage)
20 years $52/month $45/month
30 years $73/month $60/month
40 years $107/month $85/month
50 years $163/month $134/month
60 years $259/month $224/month

*Illustrative cost for a male individual of various age ranges seeking a whole life insurance policy with $100,000 in coverage

Learn more about best whole life insurance companies in Canada

How much does Life Insurance cost?

$500K

Cost of no-medical life insurance

The cost of life insurance policies that do not need a medical exam, also called no-medical insurance, tends to be higher than both term and whole insurance. This type of policy is popular for people who have poor health or who want to get coverage quickly. 

Here is an illustration of the cost of a 20-year no-medical life insurance, with $500,000 in coverage under Canada Protection Plan’s Simplified Elite policy.

Cost of a no-medical life insurance policy by Canada Protection Plan

Age Male Female
20 years $76.95/month $48.15/month
30 years $80.10/month $51.30/month
40 years $89.55/month $74.70/month
50 years $233.10/month $164.70/month
60 years $634.50/month $418.50/month

*Illustrative cost of a 20-year no-medical plan with $500,000 in coverage under Canada Protection Plan’s Simplified Elite policy

Cost of children’s life insurance

It’s generally a good decision if parents or grandparents opt to purchase life insurance for their children or grandchildren. The cost of children’s whole life insurance is quite low, and the child can reap the benefits of accumulated cash value throughout their life. 

Here’s what a $100/month 20-pay whole life insurance policy for a 5-year-old girl can look like:

Cost of life insurance for children

Age Monthly premiums Accumulated cash value Death benefit
5 years $100/month $0 $180,000
20 years $100/month $15,000 $180,000
35 years No payment of premiums after the first 20 years $50,000 $250,000
50 years $120,000 $400,000
70 years $400,000 $700,000

*Illustrative accumulated cash value and death benefit for a $100/month, 20-pay whole life insurance policy for a 5-year-old girl

What factors impact the cost of life insurance in Canada?

Apart from the type of life insurance that you choose, several other factors, such as age, smoking status, job profile, and more, can impact the cost of your life insurance policy. The cost can usually vary for:

  • Individuals opting for higher coverage amounts
  • Seniors
  • Couples
  • Smokers
  • Individuals participating in high-risk activities
  • Individuals with a risky job
Find out about the best life insurance policies in Canada

Cost of life insurance by coverage amount

The cost of life insurance premiums can vary quite significantly based on the chosen coverage amount. Typically, if you’re opting for $50,000 in coverage, you have to pay between $10 to $58 per month, depending on your age and gender.

For a $500,000 coverage, the cost may go higher, ranging between $22 to $400 per month. For $ 1 million in coverage, you may have to pay between $35 to $787 per month, with older individuals paying higher premiums.

Cost of life insurance for a 20-year period with varying coverage amounts

Age $50,000 coverage $500,000 coverage $1M coverage
30  years $10/month $29/month $51/month
40 years $12/month $44/month $82/month
50 years $23/month $121/month $228/month
60 years $56/month $399/month $776/month

*Illustrative costs for a 20-year term for a male individual of various age ranges, in good health, and maintaining a non-smoking status

Cost of life insurance for seniors

Life insurance premiums are usually expensive for seniors. Typically, the average life insurance rate for seniors in Canada is around $100/month. Although the cost will increase with age, whole life insurance policies can be a more affordable option as compared to term policies for seniors.

Depicting the cost of life insurance for seniors

Age 10-year term policy Whole life policy
50 years $35/month $111/month
60 years $55/month $149/month
70 years $94/month $99/month
80 years $205/month $131/month

*Quote for $100,000 in life insurance coverage for a non-smoking female resident of Ontario in good health

How much does life insurance cost?

Cost of life insurance for smokers

Premiums for smokers can cost almost twice as much as non-smoker rates. This is because smoking can lower your life expectancy.

  • A 30-year-old smoker in normal health can expect to pay upwards of $60/month for $500,000 in coverage for a 20-year term
  • Compare that to the $30/month in premiums a non-smoker would have to pay for the same amount of coverage
Learn more about life insurance for smokers in Canada

Cost of life insurance for couples in Canada

The average cost of life insurance for couples is around $30/month if they purchase a joint policy that covers both of them together, and they’re both fairly young and healthy. The price doesn’t differ that much from individual term life insurance quotes, and it covers both partners at once.

Below are some sample monthly premium costs based on a $500,000 term life insurance policy.

Depicting the cost of life insurance in Canada for smoking and non-smoking couples

Age group Monthly premium (Non-smoking couples) Monthly premium (Smoking couples)
25-35 years $35 – $60/month $70 – $110/month
36-45 years $60 – $90/month $120 – $170/month
46-55 years $90 – $140/month $180 – $250/month
56-65 years $140 – $220/month $280 – $400/month

*Quotes based on $500k in coverage for smoker and non-smoker couples in regular health. 

Learn more about the best life insurance policies for couples in Canada

Cost of life insurance for high-risk activities

Engaging in high-risk activities can significantly impact life insurance premiums, as insurers assess these activities as potential threats to longevity. Life insurance for individuals involved in high-risk activities can range from $80 to $350 per month, depending on the activity, coverage amount, and personal risk profile.

Moreover, individuals who participate in hazardous hobbies or professions often pay higher premiums or may be required to obtain specialized coverage. Below are some high-risk activities that can increase life insurance costs:

  • Extreme sports: Skydiving, scuba diving, bungee jumping, and rock climbing
  • Motorsports: Motorcycle racing, car racing, and dirt biking
  • Aviation: Private piloting, flying experimental aircraft, or aerial acrobatics
  • Hazardous professions: Construction work, firefighting, offshore oil rig work, and logging
  • High-risk travel: Visiting politically unstable regions or countries with high crime rates
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Do individuals with pre-existing health issues pay higher life insurance premiums?

Yes, individuals with a history of pre-existing health conditions typically pay higher life insurance premiums. However, insurers assess applicants based on their overall health and medical history to determine the level of risk they pose. 

If an individual has pre-existing conditions or a history of serious illnesses, they are considered a higher-risk applicant, leading to increased premium rates. Here are some of the health conditions that may lead to higher premiums:

  • Heart disease & hypertension: Individuals with a history of heart attacks, high blood pressure, or other cardiovascular issues 
  • Diabetes (Type 1 & Type 2): Those with diabetes, especially if poorly managed, are at risk of complications like kidney failure or neuropathy.
  • Cancer history: A past diagnosis of cancer, even if in remission, can impact premiums
  • Obesity: Higher BMI levels, which can lead to various health risks, including diabetes, heart disease, and sleep apnea
  • Mental health disorders: Conditions such as severe depression, bipolar disorder, or anxiety, especially if there is a history of hospitalization or medication use
  • Respiratory conditions: Chronic illnesses like asthma or COPD (Chronic Obstructive Pulmonary Disease)

How much life insurance do I need to buy?

The right life insurance coverage depends on your financial responsibilities, income, debts, and family’s needs. Here’s how to estimate the amount:

  • Income replacement: Aim for 7-10 times your annual income. For instance, if you have an annual salary of $70,000, your life insurance coverage should at least range between $500,000 to $700,000
  • Debt & expenses: Payout should be able to cover mortgage, loans, funeral costs, and daily living expenses for dependents
  • Future needs: Consider childcare, education, and long-term financial security for your family
  • DIME formula (Debt, Income, Mortgage, Education): Use the DIME formula and add up these expenses for a tailored estimate
  • Affordability: Balance coverage with budget to make sure you purchase a plan that you can afford to pay for
what affects life insurance cost

How do insurance companies calculate the cost of your life insurance premiums?

Insurance companies base your premiums on your risk profile — this is their assessment of how risky it would be for them to cover you.

  • Insurance companies want to avoid risk as much as possible
  • The shorter your life expectancy, the higher the chance that they will have to pay out a lot of money soon — and that’s a risk for them
  • Insurers look at personal information about you and your lifestyle to gauge your life expectancy
  • They then compare your life expectancy against how much you’re asking them to cover you for, and use that to decide how much it will cost you — and whether to cover you at all

How can I lower the cost of my life insurance premiums?

Life insurance can be affordable if you can focus on improving your lifestyle, keeping your health issues under control, and also comparing all the available options to choose a plan that suits your budget. Here are some ways you can lower your insurance premiums:

  • Change your payment method: Insurance premiums are usually paid monthly. But, many providers give you a discount if you pay yearly instead
  • Don’t skip the medical exam: Some policies and options let you skip doing a medical exam. But, policies that are fully underwritten, meaning they require a health test, often cost less than other types
  • Compare quotes: You’re allowed to shop and find a better policy. Reach out to trustworthy, reliable life insurance professionals (such as our experts at PolicyAdvisor)  to get the most affordable rates from top life insurance providers in Canada
  • Improve your health: Committing to a healthy lifestyle can help you save on insurance costs, such as quitting smoking, losing weight, lowering your cholesterol, bringing your blood pressure down, and more
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Frequently Asked Questions

What are life insurance premiums?

Life insurance premiums are the payments policyholders make to maintain their coverage. However, these can be paid monthly, quarterly, or annually, depending on the policy. The cost of your premium will be based on factors like age, health, coverage amount, and policy type.

Is life insurance paid monthly?

Life insurance payments can be made either monthly or annually. Most people choose monthly payments. However, you can get lower prices by switching to a yearly plan.

For permanent insurance, you also have the option to condense your payments so you only pay for a certain number of years. This is called a limited-pay plan.

What is the cheapest life insurance?

The cheapest form of coverage is term life insurance. This type of insurance policy provides coverage for a set period of time or term. So, term life insurance rates tend to be less than permanent coverage that lasts your entire life.

Learn more about the cheapest life insurance in Canada.

How can I get preferred rates for life insurance?

Preferred rates are only offered to people who have a low-risk profile. This usually means they:

  • Maintain excellent health
  • Don’t smoke or have quit smoking
  • Don’t participate in risky activities like extreme sports
  • Have regular checkups

Is life insurance worth the cost in Canada?

Yes, life insurance is well worth the cost. Especially since premiums are often very affordable. You get the benefit of:

  • Financial security for your family
  • Peace of mind in knowing that they’ll be provided for
  • Reliable estate planning
  • A way to clear outstanding debts
  • Future college funding for young children
  • A business continuity strategy
  • Tax-free savings

Does inflation affect the price of life insurance premiums in Canada?

Yes, inflation can affect life insurance rates by:

  • Increasing the cost of new premiums
  • Making the death benefit have less buying power
  • Making your whole life cash value increase
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Does life insurance cover multiple sclerosis?

Canada has one of the highest rates of multiple sclerosis diagnosis globally, with approximately 90,000 Canadians being diagnosed as MS patients in 2023. Multiple sclerosis (MS) is a disease that damages the protective covering around nerves in the brain and spinal cord. 

If you have been diagnosed with MS, you may wonder if you can still get life insurance. However, the good news is that you can obtain life insurance with MS. There are numerous insurance options available for people affected by multiple sclerosis, and you can seek the assistance of a life insurance advisor to guide you through the application process. 

This blog explores different life insurance options for MS, eligibility criteria, cost factors, and tips to get the best life insurance for multiple sclerosis in Canada.

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What is multiple sclerosis?

Multiple sclerosis (MS) is a chronic neurological disease that affects the brain and spinal cord, damaging the protective myelin sheath around nerve fibers.

When the immune system attacks this sheath, it interrupts the communication between your brain and body, leading to a wide range of symptoms. These symptoms often vary from person to person, making MS an unpredictable health condition.

Doctors typically classify MS into four types:

  • Relapsing-remitting MS (RRMS): This type causes temporary flare-ups followed by periods of recovery
  • Secondary progressive MS (SPMS): This form begins as RRMS but eventually leads to a steady worsening of symptoms
  • Primary progressive MS (PPMS): Symptoms worsen gradually from the start without clear relapses or remissions
  • Clinically isolated syndrome (CIS): This is a first neurological episode that may or may not develop into MS

Can you get life insurance with multiple sclerosis?

Yes, you can get life insurance even if you have been diagnosed with multiple sclerosis. Although insurers view MS as a high-risk condition, they still offer coverage options based on how well you manage the disease. Insurance companies evaluate your application based on the type of MS, your age at diagnosis, the frequency and severity of flare-ups, your current treatment plan, and the stability of your condition over time.

If your MS is mild and stable with minimal progression, some insurers may approve you for a traditional life insurance policy with full underwriting. However, if your condition shows rapid progression or causes significant disability, you may either qualify for no-medical plans or face rejection. The non-medical policies do not require a medical exam, but they typically come with higher premiums and limited coverage.

What do MS patients look for in a life insurance policy?

Life insurance for MS patients should typically offer long-term financial security, flexibility, and guaranteed protection. Since MS is a chronic and progressive disease, people want to ensure their loved ones remain financially protected even if their health deteriorates over time.

  • Guaranteed coverage despite medical history: Applicants prefer policies like simplified issue or guaranteed issue life insurance that do not require medical exams and offer easier approval
  • Stable and predictable premiums: Many choose whole life or term life insurance with fixed premiums to ensure affordability, especially if their condition progresses
  • Cash value accumulation: Policies like participating whole life insurance attract MS applicants who want to build savings they can access during emergencies or to supplement retirement
  • Flexible underwriting: Individuals look for insurers that assess MS on a case-by-case basis, considering factors like type of MS, symptom stability, and treatment history
  • Conversion options: Individuals suffering from MS often value term policies with conversion privileges to switch to permanent coverage later without new underwriting
  • Support for legacy planning: Applicants want policies that allow them to leave behind a tax-free death benefit to support family members or settle outstanding debts
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What are the life insurance options for MS patients?

People with multiple sclerosis (MS) can choose from several life insurance options in Canada, including traditional or no-medical life insurance policies. Some individuals may also seek life insurance coverage as a part of a group plan.

Here are the most common life insurance options for individuals diagnosed with MS:

Traditional life insurance

If you have multiple sclerosis (MS) and your condition has remained stable for several years, you can qualify for term life insurance through full medical underwriting. Term life offers affordable coverage for a fixed period, such as 10, 20, or 30 years. Some applicants with mild but stable symptoms may also qualify for whole life insurance, which offers lifelong coverage and builds cash value over time.

Insurers actively assess your medical history, possibly requesting an Attending Physician Statement (APS) from your doctor. They may also review specialist reports, MRI results, and neurological assessments. These details help insurers evaluate the severity, stability, and progression of your condition. 

If you have relapsing MS with few or no recent flare-ups, you have a stronger chance of securing traditional insurance coverage with competitive premiums and favorable terms.

Simplified issue life insurance

If traditional policies prove difficult to qualify for, you can apply for simplified issue life insurance. This type doesn’t require a medical exam but includes a health questionnaire. Applicants with moderate MS who can still function independently often apply for this life insurance plan

Guaranteed issue life insurance

If you have severe or rapidly progressing multiple sclerosis (MS), are currently undergoing treatment, and require frequent hospitalizations, guaranteed issue life insurance can offer reliable coverage. These policies require no medical exams or health questions, making them ideal for individuals with advanced or unstable MS who may not qualify for traditional plans. 

However, guaranteed issue policies include a two-year waiting period for full benefits in case of death due to natural causes. If the insured passes away during this period, the policy typically refunds the premiums paid with interest. 

While these plans come with higher premiums and lower coverage limits, they ensure that even high-risk applicants with MS can secure some form of life insurance protection for their loved ones.

Group life insurance

If you’re still employed and your workplace offers group life insurance, you can take advantage of this coverage. Group plans don’t require medical underwriting, so MS patients can obtain life insurance as part of their employee benefits package.

Learn more about the various types of life insurance available in Canada

How do insurers evaluate life insurance applications for MS patients?

Life insurance providers in Canada take a highly personalized and cautious approach when reviewing applications from people diagnosed with the condition. To determine your eligibility and premium rates, life insurance companies evaluate several medical and lifestyle factors, such as:

  • Age at diagnosis and current age: Applicants diagnosed later in life with minimal symptoms often face fewer underwriting challenges than those diagnosed earlier with a long history of disease progression
  • EDSS (Expanded Disability Status Scale) score: A lower score on this neurological disability scale indicates better physical function and improves your chances of qualifying for standard or slightly rated premiums
  • Time since the last relapse: Long periods of remission, typically two or more years, signal disease stability, which life insurance providers consider a lower risk
  • Frequency of relapses: Frequent relapses or flare-ups raise red flags for insurers, as they indicate active MS and may lead to higher premiums or declined applications
  • Duration and stability of remission: Applicants with long-term, stable remission periods without disease progression stand a better chance of securing life insurance coverage
  • Type and intensity of treatment: Use of low-risk or stable medication shows effective symptom control. On the other hand, aggressive treatments or frequent changes may signal severe or unstable MS

Medical documentation requirements for life insurance approval

To verify your health status and disease stability, insurers usually request:

  • An Attending Physician’s Statement (APS) from your primary care doctor
  • Neurologist evaluations and imaging reports (MRIs) to assess lesions, disease activity, and the impact on the central nervous system
  • Blood work related to autoimmune function, vitamin levels (e.g., B12 or D), and inflammatory markers
  • Proof of occupational therapy or rehabilitation assessments to evaluate day-to-day activities
  • A detailed list of current and past medications, especially disease-modifying therapies (DMTs)

Factors that insurers look for in life insurance for MS patients

Factor Why it matters
Current age Earlier onset may mean higher risk
Type of MS (RRMS, SPMS, PPMS) Some types are more severe
Frequency and severity of relapses Indicates disease progression
Mobility and daily functioning Shows impact on quality of life
Current medications and treatments Reflects disease management
Hospitalizations or ER visits Higher risk for insurers

What are the best life insurance companies for multiple sclerosis in Canada?

Many insurance companies in Canada offer life insurance coverage to individuals suffering from MS. These companies include Assumption Life, Canada Protection Plan, Industrial Alliance, Sun Life, and Manulife.

Best life insurance companies for people diagnosed with MS

Company Relevant plans for MS Applicants Coverage Plan Type
Assumption Life No Medical Life Plus

Golden Protection

Up to $250,000
Up to $750,000
Simplified/No Medical
Industrial Alliance Access Life- Deferred

Deferred Plus

Immediate Plus

Up to $100,000Up to $350,000

Up to $500,000

Simplified/No Medical
Humania Life Insurance without medical exam, Guaranteed Issue Life Up to $300,000 No Medical, Guaranteed
Canada Protection Plan Deferred Elite

Guaranteed Acceptance Life

Deferred Life

Simplified Elite

Up to $50,000

Up to $75,000

Up to $350,000

Up to $500,000

No Medical, Guaranteed Issue
UV Assurance Express life insurance

Immediate life insurance

Up to $150,000
Up to $500,000
No Medical, Guaranteed Issue

*Illustrative life insurance plans for a 35-year-old non-smoking male diagnosed with multiple sclerosis

Read our detailed guide on best life insurance companies in Canada

How much does Life Insurance cost?

$500K
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Does multiple sclerosis increase the cost of life insurance premiums?

Yes, multiple sclerosis (MS) usually increases the cost of life insurance premiums because insurers view it as a higher-risk condition. Underwriters assess how MS affects your long-term health and mortality rate, and most insurers apply premium loadings. 

For individuals with mild, well-managed MS, premiums may increase by 25–75%. Moderate or progressive MS may result in premium hikes of 50–100%, and in some severe cases, insurers may decline coverage.

For example, a 40-year-old non-smoking woman with mild MS might pay around $56 per month for a $500,000, 20-year term policy, whereas a man with the same profile may pay about $72-$85 per month. 

Applicants with moderate MS can expect life insurance rates in the range of $200–$300 per month due to their higher risk classification. Providing a complete medical history and comparing life insurance quotes can help you secure the most affordable policy.

Find out how much life insurance costs in Canada in 2025

Tips for getting the best life insurance with multiple sclerosis

If you are looking to get the best life insurance with multiple sclerosis, consider working with an insurance broker, gathering medical records, opting for a no-medical plan, and being honest about your condition. 

  • Work with a life insurance broker: A life insurance broker can help you choose the right plan as per your medical condition by comparing life insurance quotes from multiple insurers. Moreover, our licensed advisors at PolicyAdvisor will understand your needs and compare life insurance plans from 30+ insurers to help you choose the best plan at affordable rates
  • Gather medical records: Make sure to gather all the medical records of your MS diagnosis. Additionally, from treatment history, medications, and proof of disease stability, having detailed documentation can help the insurer better understand your condition
  • Apply when stable: Applying for life insurance when your condition is stable can increase your chances of approval. Additionally, insurance providers favour applicants whose MS has been stable for at least a year or two, with no significant progression
  • Consider no-medical policies: Consider applying for non-medical policies like simplified issue or guaranteed issue life insurance. Moreover, these life insurance options require fewer to no medical questions and are quicker to qualify for, though they may have limited coverage and higher premiums
  • Be honest:  Always provide accurate information about your medical condition, diagnosis, treatments, and medication to the insurer. Additionally, not disclosing accurate information at the time of application can lead to claim denial later

How to get affordable life insurance quotes for multiple sclerosis?

Finding the best life insurance quote when you have multiple sclerosis can feel overwhelming, but it’s essential to secure your financial future and provide peace of mind to you and your family. At PolicyAdvisor, our licensed advisors can help you get tailored quotes by comparing plans from 30+ insurers and finding the one that fits your unique needs and budget.

You can also get access to our AI-powered life insurance calculator that can give you monthly plans based on your needs in under a minute! Additionally, connect with our experts today to get life insurance quotes and find the best plan designed just for you.

Need life insurance?

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Frequently Asked Questions

Can you get life insurance after an MS diagnosis?

Yes, you can get life insurance if you have been diagnosed with MS. Many insurers in Canada offer no-medical life insurance policies for patients with MS. However, your coverage and premiums will depend on your health and the progression of your MS.

What if I am declined life insurance for MS?

If you are denied the traditional life insurance option, you can still opt for simplified issue (with few medical questions) or guaranteed issue life insurance (with no medical questions). However, both these options have higher approval chances and are offered quickly. 

Is MS a critical illness?

Yes, multiple sclerosis (MS) is considered a critical illness by most insurers in Canada and is included in the list of covered conditions under many critical illness insurance policies. Moreover, since multiple sclerosis is a complex, long-term condition that can significantly impact health and daily living, it meets the criteria for critical illness insurance in Canada, allowing policyholders to receive a lump sum benefit if diagnosed.

What types of life insurance are available for people diagnosed with MS?

People diagnosed with multiple sclerosis can apply for traditional life insurance policies ( with an extensive medical exam), simplified issue (with a short health questionnaire), or guaranteed issue (no medical questions, guaranteed acceptance) policies.

How can I improve my chances of getting life insurance with MS?

To improve your chances of approval, keep your medical condition well-managed, maintain regular check-ups with your doctor, apply when your condition is stable, disclose all the information related to your condition, and consult an experienced broker like PolicyAdvisor for the right plan as per your case.

Does life insurance pay out if I die from MS?

Yes, life insurance pays out the death benefit even if you die from multiple sclerosis. Once your policy is active, you will receive the full death benefit, even if your death is related to MS. However, life insurance does not deny claims due to medical conditions disclosed during the application process; it only denies claims due to misrepresentation.

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Cheapest whole life insurance options in Canada (2025)

Whole life insurance is gaining immense popularity among Canadians, not just for its lifelong coverage, but also for its ability to build cash value over time. In 2023, LIMRA reported that participating whole life premiums rose by 12%, leading to overall growth in the life insurance market. However, whole life insurance is fairly expensive. That’s why it’s important to find the cheapest whole life insurance companies that offer strong long-term value at the lowest possible cost. 

In this guide, we’ll talk about the cheapest whole life insurance companies in Canada, categorized by what they’re best at, helping you make the best choice for your financial future.

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What affects whole life insurance costs in Canada?

Whole life insurance offers guaranteed lifetime coverage and builds cash value, but it also comes at a higher cost than term insurance. Insurance companies use several factors to calculate your premium. Understanding these can help you make a more informed decision when choosing a policy.

  • Age and health: Your age plays a major role in how much you pay. The older you are when you apply, the higher your premium will be. Health conditions such as high blood pressure, diabetes, or a history of serious illness can also lead to increased rates, as they raise the risk for the insurer
  • Smoking status: If you smoke or use tobacco products, insurers will classify you as a higher-risk applicant. As a result, your premiums can be higher compared to non-smokers. Quitting and remaining tobacco-free for at least 12 months can help you qualify for non-smoker rates
  • Type of policy: Participating whole life policies pay dividends and allow your cash value to grow faster, but they usually cost more. Non-participating policies do not pay dividends, so they offer lower premiums but less growth potential
  • Cash value growth and Dividend Scale Interest Rate (DSIR): Policies with strong cash value growth often rely on higher dividend scale interest rates. These policies offer better long-term returns but usually come with higher upfront costs
  • Riders and customization: Adding optional riders like critical illness coverage, child term riders, or accidental death and dismemberment (AD&D) benefits increases your premium
Learn more about how whole life insurance works in 2025

Which companies provide the cheapest whole life insurance policies in Canada?

Several life insurance providers in Canada offer competitively priced whole life policies tailored to different needs. Whether you’re a senior, a smoker, or simply looking for the best value, there’s an option that fits. Here are the top companies known for offering the cheapest whole life insurance in 2025, each excelling in a specific category:

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Cheapest whole life insurance for smokers – Foresters Financial

Smokers typically pay higher premiums for life insurance, but Foresters Financial offers one of the most affordable options through its Essential Whole Life policy. This non-participating plan provides lifetime coverage with guaranteed premiums and benefits, making it a budget-friendly choice for smokers.

Foresters is also known for its Quit Smoking Incentive Plan, which can allow eligible smokers to qualify for non-smoker rates after one or two years of being tobacco-free, potentially reducing costs further over time.

Cost of Forrester Financial whole life insurance

Age Monthly Premium (Male Smoker) Monthly Premium (Female Smoker)
30 years $97/month $88/month
40 years $141/month $126/month
50 years $217/month $189/month
60 years $376/month $336/month

*Illustrated monthly costs for smokers of various age ranges seeking $100,000 in coverage for a whole life insurance plan

Cheapest whole life insurance for seniors and retirees – iA

iA Financial Group stands out as one of the most senior-friendly insurers in Canada due to its Superior Risk Tolerance Program. This underwriting approach gives older applicants a better chance of approval and access to lower premiums, even with moderate health risks.

iA offers both participating and non-participating whole life options, with simplified issue choices for faster approval and less medical scrutiny. This makes iA an ideal fit for retirees seeking final expense planning and wealth building.

Showcasing iA’s Non-PAR L100 cash value and paid-up insurance benefits

Age Coverage amount Cash value (Guaranteed) Paid-up insurance (Guaranteed)
30 years $100,000 $680 $1,667
40 years $100,000 $3,540 $18,333
50 years $100,000 $6,710 $35,000
60 years $100,000 $15,590 $51,667
65 years $100,000 $21,770 $60,000
70 years $100,000 $29,460 $65,714
80 years $100,000 $48,620 $77,143
90 years $100,000 $71,480 $88,571
100 years $100,000 $100,000 $100,000

*Illustrated the cash value and paid-up insurance for an individual seeking l100, Non-PAR whole life insurance plan with $100,000 in coverage

Cheapest whole life insurance for riders and customizations – Canada Life

When it comes to flexibility and personalized protection, Canada Life offers some of the most customizable whole life insurance plans in Canada. While their base premiums are competitive, it’s their wide selection of optional riders and policy features that make them the top choice for people who want tailored coverage without overpaying.

Some of the key customization options from Canada Life include: 

  • Accidental Death Benefit rider: Boosts the payout if death results from an accident
  • Waiver of Premium: Keeps your policy active by waiving payments if you become disabled
  • Children’s term rider: Adds coverage for your children with the option to convert later without a medical exam
  • Guaranteed Insurability Option (GIO): Lets you increase your coverage later in life without new underwriting
  • Additional Deposit Option (ADO): Allows lump-sum contributions that grow your cash value and death benefit faster

Additionally, Canada Life’s participating whole life plans let you choose how to use dividends: reinvest them into the policy, reduce premiums, or take them in cash.

Cheapest whole life insurance for overall premiums – Manulife

When comparing whole life insurance providers in Canada, Manulife consistently ranks among the most affordable across multiple ages and coverage levels. Whether you’re a young adult starting a financial plan or a 50-something preparing for retirement, Manulife offers some of the lowest base premiums for guaranteed lifetime coverage. The cost-effectiveness extends across both participating and non-participating policy types.

Manulife’s affordability stands out particularly in policies offering:

  • Level, guaranteed premiums for life
  • Multiple payment options (life-pay, 10-pay, 20-pay, pay to 90)
  • Competitive pricing for both single and joint coverage
  • Access to Vitality programs that reward healthy habits and may reduce long-term costs

Manulife Par and Manulife Par with Vitality Plus products do include premium savings potential and strong cash value growth. Manulife’s overall pricing strategy, combined with stability and brand reputation, makes it one of the best whole life options in Canada today.

Cost of whole life insurance for Manulife

Age Male Female
20 years $31.95/month $22.50/month
25 years $32.40/month $22.95/month
30 years $32.40/month $23.40/month
35 years $34.65/month $26.10/month
40 years $49.05/month $36.90/month
45 years $77.40/month $55.80/month
50 years $131.40/month $91.80/month
55 years $242.10/month $166.95/month
60 years $433.35/month $308.70/month
65 years $718.20/month $598.60/month

*Illustrated cost of a non-participating whole life insurance policy for an individual of various age ranges seeking $100,000 in coverage

Cheapest whole life insurance for participating whole life policies – Equitable Life

When it comes to participating whole life insurance, where policies build cash value and pay annual dividends, Equitable Life of Canada stands out as the most cost-effective choice in 2025.

Equitable Life offers two flagship participating products under the Equimax line: Equimax Estate Builder, which focuses on maximizing long-term death benefit and estate value, and Equimax Wealth Accumulator focuses on early cash value growth and flexibility

Equitable Life is particularly attractive due to the combination of affordable premiums and strong performance:

  • Dividend Scale Interest Rate (DSIR) of 6.40% as of 2024—one of the highest in Canada
  • Historically consistent dividend payouts, even in low-interest environments
  • Ideal for both estate planning and long-term cash accumulation
  • Available in 10-pay, 20-pay, and life-pay structures

Equitable’s participating policies consistently outperform others in cash value growth per premium dollar, offering clients a mix of affordability and long-term cash value growth.

Cash value growth of an Equimax Estate Builder plan

Age Annual dividend Cash value Death benefit
40 years $1,846 $7,562 $394,916
50 years $7,069 $184,187 $531,571
60 years $14,099 $389,805 $782,338
70 years $24,762 $715,682 $1,120,579
80 years $44,515 $1,243,427 $1,609,758
90 years $69,389 $2,020,478 $2,317,661
100 years $76,830 $3,170,490 $3,170,490

*Projected cash value for a 35-year-old, non-smoker, male opting for a 20-Pay with a $10,000 annual premium

Cheapest whole life insurance for high-net-worth individuals – Sun Life

Sun Life stands out as the top choice for high-net-worth individuals looking for substantial and flexible whole life coverage. With minimum coverage starting at $250,000, their policies are well-suited for clients seeking to preserve wealth, plan their estates, or leave a financial legacy.

Sun Life offers both participating and non-participating whole life insurance options. The participating plans provide long-term value through annual dividends and strong cash value growth, while the non-participating options offer guaranteed premiums and predictable benefits. 

High-net-worth clients can choose from premium payment options like 10-pay, 20-pay, or life-pay, and further tailor the policy with riders and additional deposit options

Cheapest whole life insurance for individuals with pre-existing conditions – Canada Protection Plan

Canada Protection Plan (CPP) is one of the top choices in Canada for individuals seeking whole life insurance without undergoing a medical exam. Their simplified application process makes coverage more accessible, especially for those with pre-existing conditions or health concerns. 

Applicants can choose from coverage amounts ranging from $10,000 to $1,000,000, depending on eligibility and plan type. Some policies come with immediate full death benefits, while others include a two-year waiting period before full coverage kicks in. 

To further customize the policy, CPP also offers optional riders such as the Accidental Death Benefit, Child Term Benefit, and Hospital Cash Benefit, allowing policyholders to tailor their protection to suit their family’s specific needs.

Cost of whole life insurance for the Canada Protection Plan

Age Male (Non-Smoker) Female (Non-Smoker)
20 years $100/month $90/month 
30 years $140/month  $130/month 
35 years $150/month $145/month
40 years $250/month  $220/month 
45 years $275/month $263/month
50 years $310/month $287/month
55 years $385/month $365/month
60 years $600/month  $550/month

*Illustrated cost for individuals of varied age ranges seeking $200,000 in coverage with a Life Pay option

Learn more about the best dividend-paying whole life insurance companies in Canada
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Can I use whole life insurance as a tax-free investment in Canada?

Yes, you can use whole life insurance as a tax-efficient investment in Canada, especially with participating policies. These policies build cash value over time, which grows tax-deferred. You can access this cash through policy loans or withdrawals, often without triggering immediate taxes. 

Additionally, the death benefit is paid out tax-free to your beneficiaries. Participating whole life insurance also offers dividends, which can be reinvested to increase your policy’s value or reduce premiums. This makes it a popular strategy for high-net-worth individuals looking to grow and transfer wealth efficiently. 

Can I get whole life insurance in Canada without a medical exam?

Yes, you can get whole life insurance in Canada without a medical exam. Several Canadian insurers offer these types of policies, including Canada Protection Plan, Assumption Life, Foresters Financial, and iA Financial Group. 

These policies are commonly known as “no-medical” or “simplified issue” whole life insurance, and they are designed for people who:

  • Prefer a quick and easy application process
  • Have pre-existing medical conditions
  • Want to avoid medical tests like bloodwork or physicals
Read about the best whole life insurance companies in Canada

Can I convert my term life policy into whole life in Canada?

Yes, you can convert many term life insurance policies into whole life insurance in Canada, often without needing a medical exam. The term conversion option allows you to switch to permanent coverage based on your original health status, even if your health has changed since you first bought the policy. 

Most insurers offer the term conversion feature up to a certain age, usually between 65 and 70. The new whole life premiums are calculated based on your age at the time of conversion, not your age when you purchased the term policy. 

Some insurers also allow partial conversions, meaning you can convert only a portion of your existing term life insurance coverage into a whole life insurance policy.

Can I use whole life insurance for retirement income in Canada?

Yes, you can use whole life insurance to supplement retirement income in Canada, especially through participating policies with strong cash value growth. Over time, the policy builds tax-deferred cash value, which you can access through policy loans or withdrawals. 

These funds can provide a flexible, tax-efficient source of income during retirement. Since policy loans don’t trigger immediate taxation and don’t require repayment on a fixed schedule, they offer financial flexibility. 

However, any unpaid loan balances reduce your death benefit. It’s important to structure the policy properly with the help of a licensed advisor to ensure it fits your long-term retirement and estate planning goals.

How to choose the right whole life insurance company in Canada?

When choosing a whole life insurance company in Canada, it’s important to look beyond just the monthly premium. Whole life insurance is a long-term financial product, and your provider should offer strong performance, stability, and value over decades.

  • Look for value: Focus on long-term value, including cash value growth, flexibility, and total returns, not just the cheapest premium
  • Check dividend history (for participating policies): A reliable whole life insurance dividend track record shows how consistently the company rewards policyholders and signals financial health
  • Understand cash value growth and access: Find out how quickly your policy accumulates cash value, and whether you can access it easily through loans or withdrawals
  • Review financial strength and claims record: Choose a company with strong credit ratings (e.g., A.M. Best, DBRS) and a solid reputation for paying claims promptly
  • Evaluate product customization: Consider whether the insurer allows riders, premium payment options (e.g., 10-pay, 20-pay), or partial conversions if your needs change
  • Consider customer support: Good customer service, online access to policy information, and responsive claims support are essential for long-term satisfaction

Is whole life insurance worth it in Canada in 2025?

Whether whole life insurance is worth it in Canada in 2025 depends on your financial goals and personal situation. With rising dividend scale interest rates and stronger insurance options from top insurers like Equitable Life and Canada Life, whole life insurance continues to be a solid choice for high-net-worth individuals and families seeking permanent coverage. 

However, for those with limited budgets or short-term needs, term life insurance might offer more flexibility at a lower cost. You can seek the help of our expert advisors at PolicyAdvisor to get customized whole life insurance quotes from 30+ top providers in Canada. 

Our experts can help you get customized quotes based on your unique needs through our whole life insurance calculator, along with additional riders to help you find maximum coverage at the most affordable prices. Schedule a call with us today!

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Frequently Asked Questions

Can I pause or skip premium payments on my whole life insurance policy?

Yes, some whole life policies allow for flexible premium arrangements after enough cash value has built up. Once you’ve accumulated sufficient cash value, you may use it to cover future premiums through automatic premium loans or paid-up additions. 

However, this depends on your policy type and provider. Skipping payments without planning can reduce your cash value or cause the policy to lapse, so it’s important to review the policy terms or consult your advisor before doing so.

Will my whole life insurance premiums ever increase?

No, whole life insurance comes with guaranteed level premiums, meaning they stay the same throughout the life of the policy. This is one of the key benefits of whole life insurance compared to term policies. 

However, if you’ve added certain riders or opted into non-guaranteed elements, like paid-up additions through dividends, your premiums may change based on those selections.

Can I use my whole life policy to fund a child’s education?

Yes, many Canadians use whole life insurance as an alternative or complement to RESPs. Participating whole life policies build cash value over time, which can be accessed via loans or withdrawals to help fund major expenses like a child’s post-secondary education. While not designed solely for education savings, the tax-deferred growth and loan access make it a flexible financial tool. 

What happens if I surrender my whole life insurance policy?

If you surrender your whole life policy, your coverage ends permanently, and the insurer pays you the cash surrender value, the accumulated cash value minus any surrender charges or outstanding loans. 

This can be a useful option if you no longer need the coverage or want to access funds. However, surrendering early can result in low payouts or tax consequences, especially if the policy is still young. 

Can I have more than one whole life insurance policy in Canada?

Yes, you can own multiple whole life insurance policies, even from different companies. People often layer policies to meet specific goals, like one for estate planning and another for cash value accumulation. Insurers will assess your total insurance needs and financial situation to determine if multiple policies are justified. 

However, managing several policies can be more complex and costly. If your needs grow, a better option may be to increase coverage or add riders to an existing plan.

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Life insurance for prostate cancer survivors in Canada

Receiving a prostate cancer diagnosis can be life-altering, not just physically and emotionally, but financially as well. The Canadian Cancer Society estimates that prostate cancer will affect 27,900 Canadian men in 2024, making up 22% of all new cancer cases among men. With early detection and better treatment options, many survivors live long, healthy lives, prompting insurers to reassess how they evaluate cancer histories. 

This blog explores the life insurance landscape for prostate cancer survivors, including eligibility criteria, policy types, pricing factors, and how to find the best coverage available in Canada today.

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Is it possible to get life insurance after prostate cancer in Canada?

Yes, it is possible to get life insurance after prostate cancer in Canada, though the type of policy and terms you qualify for will depend on several key factors. Canadian insurers generally assess applications from cancer survivors based on the stage and grade of the cancer, how long the applicant has been in remission, the type of treatment received, and their overall health profile. 

Many survivors can qualify for traditional term or whole life insurance, especially when doctors detect the cancer early and treat it successfully. In other cases, simplified or guaranteed issue policies, requiring minimal or no medical underwriting, may be viable options.

Learn more about the types of life insurance available in Canada in 2025

How do insurers determine the eligibility of life insurance for prostate cancer survivors?

Life insurers in Canada determine the eligibility of life insurance for prostate cancer survivors through a comprehensive underwriting process. Insurers carefully review both medical and lifestyle factors to assess long-term health risks and determine the level of coverage and premium rates an applicant may qualify for. 

Here are the primary factors insurers consider when reviewing applications from prostate cancer survivors:

  • Stage and grade of the cancer at diagnosis: Insurers typically place fewer underwriting obstacles for applicants diagnosed with low-stage, localized prostate cancer than for those with more advanced or aggressive forms of the disease.
  • Gleason score: This score measures how aggressive the prostate cancer was. A lower Gleason score (such as 6 or less) indicates a less aggressive cancer, and life insurers view this more favourably 
  • Time since completion of treatment: The longer you have been cancer-free, the better your chances of being approved. Many insurers prefer a waiting period of one to five years post-treatment before offering standard life insurance policies
  • Type of treatment received and response to treatment: Treatments such as radical prostatectomy (complete surgical removal) with no signs of recurrence are generally seen as lower risk. More complex treatments or mixed outcomes may lead to higher premiums or restricted coverage
  • Current PSA (Prostate-Specific Antigen) levels: Insurers will review recent PSA test results to assess whether the cancer is in remission or if there are any signs of recurrence. Stable or declining PSA levels are a positive sign
  • Age at the time of diagnosis and application: Younger applicants diagnosed early and treated successfully can have more favourable outcomes than older individuals or those diagnosed later in life
  • Overall health and lifestyle choices: Insurers assess co-existing health conditions such as hypertension, diabetes, or obesity, along with lifestyle habits like smoking, alcohol use, diet, and physical activity levels. A healthier lifestyle can mitigate some of the risks associated with your cancer history
  • Family medical history: A family history of prostate cancer or other hereditary cancers may increase perceived risk, although this is usually considered in the broader context of your personal health history
Find out how long to wait after cancer treatment before you buy life insurance in Canada

What are the types of life insurance options for prostate cancer survivors in Canada?

Prostate cancer survivors in Canada can access several life insurance options, though eligibility depends on factors like the stage of cancer, treatment type, remission period, and overall health. Insurers assess risk carefully, but many survivors can still secure meaningful coverage with the right policy.

  • Fully underwritten life insurance: Best suited for survivors in long-term remission with low-risk cancer and stable PSA levels. Offers the most affordable premiums and high coverage amounts but requires full medical underwriting, including exams and records
  • Simplified issue life insurance: Ideal for those with recent or moderate health issues. Requires no medical exam, only a brief questionnaire. Approval is faster, though premiums are higher and coverage amounts are lower
  • Guaranteed issue life insurance: Designed for individuals with serious health risks or recent treatment history. No medical questions or exams, but comes with high premiums, low benefit amounts, and a waiting period before full benefits apply
  • Permanent life insurance (Whole or universal life): Offers lifetime coverage and may build cash value. Suitable for stable survivors looking for long-term protection or estate planning, though premiums are higher than term options
Life insurance can be affordable!

Enjoy the cheapest life insurance quotes as a prostate cancer survivor in Canada today!

How long should a prostate cancer survivor wait before applying for life insurance?

Most Canadian insurers prefer a waiting period of 6 months to 5 years post-treatment to properly assess risk and consider your application for standard or near-standard rates. However, the waiting period may be different for you based on your stage and grade of the cancer, type of treatment received, and how well you’ve recovered.

For example, if the cancer was low-grade and detected early, and you’ve been in remission with stable PSA levels, you may be eligible for coverage as early as 6 to 12 months after treatment. However, if the cancer was aggressive or if you underwent radiation or hormone therapy, insurers may require a 2 to 5-year cancer-free period before offering traditional coverage. 

During this waiting period, you may still qualify for simplified or guaranteed issue life insurance. This requires fewer medical disclosures but comes with higher premiums and limited coverage.

Find out whether you should opt for life insurance or critical insurance as a cancer patient

Does prostate cancer increase life insurance premiums?

A history of prostate cancer may increase life insurance premiums, and it significantly influences how an insurer assesses your risk profile. Insurers determine premiums based on the likelihood of future health complications and generally consider cancer survivors as higher-risk applicants.

However, the extent of the premium increase depends on multiple factors, including the stage of cancer at diagnosis, Gleason score, treatment outcomes, and time since remission. Applicants with early-stage, low-grade prostate cancer who have been in remission for several years with stable PSA levels can receive approvals at standard or mildly rated premiums. 

On the other hand, those with aggressive or recurrent cancer may face higher premiums, coverage limitations, or even temporary declines. Insurers also consider your age, lifestyle habits, and overall health during the underwriting process.

Read more about the cost of life insurance in Canada

What are the best life insurance companies for prostate cancer survivors?

While underwriting policies vary, some Canadian life insurance providers apply more flexible criteria when evaluating the cancer history of prostate cancer survivors. These insurers may offer competitive rates, quicker assessments, or tailored policies depending on your health status and time since treatment.

Here are some insurers commonly recognized for being favourable to prostate cancer survivors:

  • Canada Life: Known for its detailed underwriting and willingness to consider applicants with a history of low-grade or early-stage prostate cancer, especially after a few years in remission
  • Manulife: Offers both traditional and no-medical exam options. Manulife is often open to insuring survivors who are several years post-treatment with stable health indicators
  • Equitable Life: A smaller but flexible insurer with strong simplified issue life insurance offerings, ideal for those who may not yet qualify for fully underwritten policies
  • Assumption Life: Offers a range of no-medical and simplified issue products, making it a good fit for applicants who are within a shorter recovery timeline
  • Empire Life: Provides both term and permanent insurance with relatively adaptable underwriting policies for cancer survivors in stable remission
  • Humania Assurance: Specializes in simplified and guaranteed issue life insurance, suitable for prostate cancer survivors who may face challenges with traditional underwriting
Read more about the best term life insurance companies in Canada in 2025

Are there no-medical exam life insurance options for cancer survivors in Canada?

Yes, cancer survivors in Canada can access life insurance options that do not require a medical exam. These include simplified issue and guaranteed issue life insurance policies, which are specifically designed for individuals with pre-existing health conditions, including a history of cancer. 

Simplified issue policies involve a short health questionnaire but no medical tests. This makes them a suitable choice for survivors who have been in remission for some time and want quicker approval with moderate coverage. Guaranteed issue policies do not require any health questions or exams and offer guaranteed acceptance. 

Some insurers also offer no-medical term life insurance with limited underwriting, which can be ideal for those who want to avoid medical testing but still obtain meaningful protection.

Find the best life insurance options as a prostate cancer survivor!

We will help you find the cheapest life insurance quotes in Canada today!

What’s the difference between “rated,” “standard,” and “declined” in cancer-related life insurance underwriting?

In Canadian life insurance underwriting, “standard” means you’re approved at regular rates, “rated” indicates you’re approved but with higher premiums due to medical risk (common for cancer survivors), and “declined” means you’re not eligible for coverage at that time. 

Prostate cancer survivors often fall into the “rated” category, especially if diagnosed in the past 5–10 years. Ratings can improve over time with good health and cancer-free years, so reapplying later may lead to better results.

Can prostate cancer survivors be denied life insurance in Canada?

Yes, insurers may deny life insurance to prostate cancer survivors in Canada. However, this typically depends on the specifics of their medical history. Applicants with aggressive or recently treated prostate cancer may be deemed higher risk and could face a decline. This may happen particularly if it was an advanced form of cancer, with recurrent or poorly controlled symptoms.

However, a denial from one insurer does not mean that you are out of options. You may apply with other insurance companies with a lenient underwriting process. You may even go for no-medical life insurance plans. Working with a broker who specializes in cancer-related policies can significantly improve the chances of approval.

Find out about the biggest life insurance companies in Canada (2025)

Will I need a medical exam to get life insurance after prostate cancer?

In Canada, traditional fully underwritten life insurance will require a medical exam for prostate cancer patients, especially if you are applying for higher coverage amounts. This exam may include blood work, a urine test, and a review of your PSA levels, treatment history, and overall health status.

However, if you prefer to avoid a medical exam, there are no-medical exam options available in Canada, such as simplified issue and guaranteed issue life insurance. These options are particularly useful for prostate cancer survivors looking for life insurance coverage. 

Your eligibility for no-exam coverage will depend on how long it has been since your treatment, your current health, and the insurer’s underwriting criteria.

Can beneficiaries of prostate cancer patients receive a life insurance payout?

Yes, beneficiaries of prostate cancer patients can receive a life insurance payout, provided the policy is in force and all conditions are met. If a person with prostate cancer holds a valid life insurance policy that was issued before the diagnosis, and they pass away while the policy is active, the insurer will typically pay the full death benefit.

However, complications may arise if the policy was purchased after the diagnosis. In such cases, the waiting period and disclosure requirements become critical. For example, guaranteed issue policies usually have a two-year waiting period during which only a partial benefit or return of premiums is paid if death occurs due to natural causes, including cancer. 

Also, if an applicant withholds or misrepresents medical information during the application process, the insurer may deny the claim. Prostate cancer patients need to fully disclose their medical history to ensure that their coverage remains valid.

How to get the best life insurance quotes for prostate cancer patients in Canada?

Finding the best life insurance quotes after a prostate cancer diagnosis can feel overwhelming, but it’s absolutely possible, especially with the right approach and tools. You’ll also want to consider what type of policy best suits your needs and determine how much coverage you truly require.

To streamline this process, consider using PolicyAdvisor, one of Canada’s leading online life insurance platforms. PolicyAdvisor works with 30+ top-rated Canadian insurance providers, giving you access to a broad range of products and underwriting criteria tailored to cancer survivors. 

With their AI-powered life insurance calculator, you can get personalized quotes in under 60 seconds, no paperwork or phone calls required. Plus, PolicyAdvisor offers lifetime after-sales support, helping you manage your policy, update coverage, or file claims when needed. Schedule a call with us today to get the best life insurance quotes!

Need life insurance?

Give us a call at 1-888-601-9980 or book some time with our licensed experts.

Frequently Asked Questions

Will my PSA levels at the time of application affect my life insurance approval in Canada?

Yes, your Prostate-Specific Antigen (PSA) levels play a critical role in underwriting. Elevated PSA may indicate unresolved or recurrent cancer, which can lead to delays, higher premiums, or even denial. 

Most insurers prefer to see stable or declining PSA levels over a period (usually 6–12 months) before offering coverage. If your PSA is currently high, consider waiting to apply until it stabilizes, or opt for simplified issue coverage that doesn’t factor in PSA scores.

Can I convert a temporary policy into permanent life insurance after prostate cancer recovery?

Yes, many term life insurance policies in Canada offer a conversion option that allows you to switch to a permanent policy without undergoing a new medical exam, regardless of your prostate cancer history. This is especially useful if you develop health issues after purchasing term coverage. 

However, the conversion must happen within a set period (e.g., before age 65 or within the first 10–20 years of the policy), so be sure to check your plan’s terms.

How does the Gleason score affect life insurance approval?

The Gleason score measures the aggressiveness of prostate cancer and significantly impacts life insurance underwriting. Lower scores (6 or below) suggest slow-growing cancer and may lead to better rates or standard approval after a waiting period. 

Higher scores (7–10) indicate a more aggressive form, prompting insurers to either delay approval or offer coverage at higher premiums. A lower Gleason score, combined with remission and stable health, generally improves your eligibility and lowers your cost.

Can I claim both critical illness insurance and life insurance if I had prostate cancer?

Yes, if you purchased both policies before your diagnosis, you may be eligible to claim from each. Critical illness insurance pays a lump sum if you’re diagnosed with a covered condition, like prostate cancer, while life insurance provides a death benefit to your beneficiaries. 

However, critical illness coverage typically excludes pre-existing conditions, so if you try to buy it post-diagnosis, your application may face rejection or exclusions in cancer-related claims.

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Cheapest term life insurance companies in Canada (2025)

Did you know that high costs prevent almost 53% of Canadian adults from getting life insurance? This cost barrier makes finding affordable life insurance a top priority for families..  Factors like your age, health, occupation, and how much coverage you want all change the price of term life insurance in Canada. With so many choices and factors that affect the cost, it’s hard for many Canadians to find the cheapest term life insurance.

In this article, we will explore the most affordable term life insurance companies based on different categories like smokers, seniors, children, etc, and share tips to help you get the best coverage for your budget.

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What is term life insurance?

Term life insurance is a type of life insurance policy that offers coverage for a specific term or period. This term can be for 10, 20, or 30 years. Your beneficiaries receive the full death benefit if you die during the coverage term. However, if you outlive the term, there is no payout. However, you can also renew your term life insurance policy if your term is about to expire. 

The death benefit from term life insurance can pay your mortgage payments, outstanding loans, children’s education costs, credit card debt, cost of living expenses for dependents, and funeral expenses.

What factors influence the cost of term life insurance in Canada?

Various factors that affect the rates of term insurance include age, gender, health status, smoking habit, coverage amount, length of policy, and occupation.

  • Age: As you age, the likelihood of death increases, and so does the cost of term life insurance. To get affordable term insurance, you can opt for a policy at a younger age 
  • Gender: According to Statistics Canada’s 2018 data, women live approximately 4-5 years longer than men (about 84 years versus 79.9 years). Thus, due to a higher life expectancy, the term insurance premium is lower for women than for men
  • Health status: Your health history, overall health condition, or any pre-existing condition also impacts the term premium. Individuals with a healthy history get better rates, while those with a chronic illness or health condition pay higher premiums
  • Smoking status: If you are a smoker, you may have to pay a higher premium due to increased health risks
  • Coverage amount: The higher the coverage amount you choose, the higher your premium will be. For example, a coverage of $500,000 may cost more than $100,000
  • Length of Policy: Longer-term policies, such as 20 or 30 years, cost more than shorter term as 10 years
  • Occupation: Your occupation also affects your term insurance costs. If you are in a dangerous or high-risk job, your premium can increase
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Which companies offer the cheapest term life insurance in Canada?

Several insurance companies like Manulife, Canada Life, Assumption Life, Industrial Alliance, and Wawanesa offer low-cost term life insurance in Canada. 

Here is a list of the most affordable life insurance companies that offer plans for different health conditions, ages and smokers, and people with high-risk jobs.

  • Wawanesa: Cheapest term life insurance for seniors
  • Manulife: Cheapest term life insurance for children
  • Assumption Life: Cheapest term life insurance for people with health conditions
  • Industrial Alliance: Cheapest term life insurance for smokers
  • Canada Life: Cheapest term life insurance for people in high-risk jobs

Cheapest term life insurance for seniors: Wawanesa

Wawanes offers the lowest premiums for term life insurance for seniors. They offer term policies from 10-30 years or up to age 80, with renewal options up to age 100. So, if you are a senior citizen below 80, you can get an affordable term insurance policy from them.

For a typical $500,000 coverage for a 20-year term from Wawanesa ranges from $30.15 to $430, depending on the applicant’s age. Term life insurance from Wawanesa is one of the most affordable in Canada. 

Monthly term life insurance quotes in Canada by Wawanesa

Age Male Female
20 $30.15 $20.70
25 $30.60 $22.05
30 $30.60 $22.95
35 $36.00 $28.80
40 $50.85 $38.25
45 $79.20 $58.50
50 $133.20 $94.50
55 $238.05 $166.05
60 $429.75 $299.25

*Representative values, based on term life insurance for non-smokers in good health. $500,000 coverage, 20-year term

Cheapest term life insurance for family: Manulife

One of the top insurers, Manulife, offers affordable term life insurance plans for families. The insurer gives the lowest rates for most age groups. You can also get additional discounts when you add dependents or bundle your coverage. 

Moreover, for young parents, Manulife also offers additional child riders at affordable costs that you can include as per your family’s needs. 

For a typical $500,000 coverage, a 20-year term from Manulife ranges from $32 to $433 depending on the age.

Monthly term life insurance quotes in Canada by Manulife

Age Male Female
20 $32.74 $23.49
25 $33.35 $24.59
30 $33.83 $24.85
35 $35.45 $26.75
40 $50.07 $37.77
45 $79.82 $57.86
50 $134.20 $93.01
55 $244.97 $106.80
60 $433.61 $312.06

*Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term

Cheapest term life insurance for people with health conditions: Assumption Life

Assumption Life term life insurance policy is a great option for people who have health issues. Their policies don’t require you to take a medical exam. Instead, they ask a few medical questions at the time of application. 

Moreover, you can get coverage for higher amounts if you undergo medical and financial underwriting. 

For a typical $500,000 coverage, a 20-year term from Assumption Life ranges from $32 to $718, depending on the age of the applicant.

Monthly term life insurance quotes in Canada by Assumption Life

Age Male Female
20 $31.95 $22.50
25 $32.40 $22.95
30 $32.40 $23.40
35 $34.65 $26.10
40 $49.05 $36.90
45 $77.40 $55.80
50 $131.40 $91.80
55 $242.10 $166.95
60 $433.35 $308.70
65 $718.20 $498.60

*Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term

Cheapest term life insurance for smokers: Industrial Alliance

If you are a smoker, you can get a cheap term life insurance plan from Industrial Alliance. The insurers offer low rates for smokers in Canada across all age groups. They offer a unique Pick-A-Term product that lets you customize the length of your term life insurance. 

For a typical $500,000 coverage, a 20-year term for a male smoker of 30 years old from Industrial Alliance may cost up to $60 per month.

Monthly term life insurance quotes in Canada by Industrial Alliance

Age Male Female
20 $33.30 $22.95
25 $33.30 $23.40
30 $33.75 $23.85
35 $35.55 $26.55
40 $52.20 $37.80
45 $81.90 $57.60
50 $136.35 $92.70
55 $242.55 $171.45
60 $437.40 $314.55
65 $718.65 $489.60

*Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term

Cheapest term life insurance for people in high-risk jobs: Canada Life

Canada Life term insurance policy is ideal for those who work in risky jobs. The insurer offers flexible term lengths and customization for specific risk periods. 

You can also choose from a variety of additional benefits and riders, such as accidental death benefit, child’s term life insurance rider, guaranteed insurability rider, etc.

For a typical $500,000 coverage, a 20-year term from Canada Life ranges from $30 to $403, depending on your age.

Monthly term life insurance quotes in Canada by Canada Life

Age Male Female
20 $29 $20
30 $30 $22
40 $45 $34
50 $124 $83
60 $403 $281

*Representative values, based on non-smokers in good health. $500,000 coverage, 20-year term

Read our detailed guide on best life insurance companies in Canada
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How can I lower my term life insurance premium?

You can lower the cost of your term life insurance plan by applying early, maintaining a healthy lifestyle, picking an appropriate term length, and comparing term plans.

  • Apply early: The younger you apply, the lower your term insurance premium will be. Age plays a major role in deciding your premium. So early purchase saves you money over the long term
  • Maintain a healthy lifestyle: Term life insurance premiums increase for those who have a certain health condition. So, make sure to stay fit and maintain a healthy lifestyle for lower premiums
  • Choose an appropriate term length: Choosing the term length of your policy is also important. Longer-term policies cost more, so choose a policy term that aligns with your financial needs
  • Research and compare: Term life insurance premiums can vary from insurer to insurer. Comparing term life insurance quotes from brokers like PolicyAdvisor can offer you a great deal. Our licensed advisors compare premiums from over 30 insurers to help you get the best term life insurance in Canada
Find out how much life insurance costs in Canada in 2025

Will I get any money back if I cancel my term life insurance?

Yes, you can get a full refund of your premium if you cancel your term policy within the free-look period. Most insurance providers typically offer a 10-30 day free-look period after you purchase a policy. 

If you cancel the policy after the free-look period, you may get a small, pro-rated refund if you have paid premiums in advance.

Can I convert my term life policy into whole life in Canada?

Yes, you can convert many term life insurance policies into whole life insurance in Canada, often without needing a medical exam. The term conversion option allows you to switch to permanent coverage based on your original health status, even if your health has changed since you first bought the policy. 

Most insurers offer the term conversion feature up to a certain age, usually between 65 and 70. The new whole life premiums are calculated based on your age at the time of conversion, not your age when you purchased the term policy. 

Some insurers also allow partial conversions, meaning you can convert only a portion of your existing term life insurance coverage into a whole life insurance policy.

Is term life insurance worth it in 2025?

Yes, term life insurance is still worth it in 2025, especially for Canadians seeking affordable, high-coverage protection for a specific period. 

Term policies offer low premiums and predictable coverage, making them ideal for families, new homeowners, or anyone with temporary financial obligations like mortgages or child-rearing expenses. In 2025, many insurers offer customizable term lengths (10, 20, or 30 years), convertible options, and digital tools to compare quotes and apply online. 

Term life is especially useful if you only need insurance during your peak earning years. Although it doesn’t build cash value like permanent insurance, it provides significant financial protection at a fraction of the cost. With rising living expenses, term life insurance remains a practical, budget-friendly choice.

How to get the best term life insurance quotes in Canada?

To get the best term life insurance quotes in Canada, you need to compare policies from multiple insurers while factoring in your age, health, coverage amount, and policy length. At PolicyAdvisor, we make this process simple and transparent. Our licensed advisors work with over 30 of Canada’s top life insurance companies to help you find the most competitive quotes that match your unique needs. 

You can use our free term life insurance calculator to instantly explore coverage options and premiums, or speak with our experts for personalized guidance. We review your goals, suggest the right term length, explain optional riders, and ensure you don’t overpay for coverage. Schedule a call with us today to get term life insurance quotes for your financial protection.

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Frequently Asked Questions

How much does term life insurance cost in Canada?

The cost of term insurance in Canada varies based on individual factors like age, gender, coverage amount, policy term, occupation, and health. Typically, for a $500,000 coverage amount, the cost of term life insurance can vary between $14 to $380 per month, depending on the age of the applicant.

What happens if I outlive the policy term?

If you outlive your policy term, your coverage ends, and no benefit is paid out by the insurer. However, you can renew your term policy or may also convert it to a permanent life insurance policy, depending on your policy terms and conditions. 

Is medical underwriting required for term life insurance?

Whether to have medical underwriting or not depends on your insurance provider. Most insurers these days may just ask a few medical questions at the time of application. 

So, if you are in good health and getting under $500K in coverage, you will probably not be asked to undergo medical underwriting.

Can I get term insurance even if I have health issues?

Yes, you can get term life insurance even if you have a pre-existing condition. However, depending on the severity of your health condition, you may have to pay a higher premium or get fewer coverage options.

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Can you get life insurance with epilepsy in Canada?

Epilepsy is a neurological disorder that leads to recurring seizures and affects about 300,000 Canadians, roughly 1 in 100 people. Having epilepsy doesn’t mean you cannot get life insurance in Canada.

This is one of the most common misconceptions people face when buying life insurance with pre-existing conditions. Insurers don’t automatically reject applications of epilepsy patients, but assess each case based on their specific situation.  

In this article, we’ll take you through different life insurance options for epilepsy, eligibility criteria, cost factors, and tips for getting the best life insurance for epilepsy in Canada.

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Life insurance options for epilepsy patients in Canada

There are several life insurance options available for epilepsy patients. These include term life insurance, traditional (medically underwritten) life insurance, permanent life insurance, and no-medical life insurance.

Traditional life insurance

A traditional life insurance policy requires you to answer health-related questions and also requires a medical exam. This type of life insurance offers good coverage at a standard premium, however, with a detailed medical exam. 

For epilepsy patients looking to buy traditional life insurance, the insurer will review your medical history, frequency, control, severity, type of epilepsy, etc. If your condition is stable and you are otherwise healthy, you can qualify for traditional life insurance at standard rates.

Term life insurance:

Term life insurance with epilepsy comes in durations like 10, 20, or 30 years. Shorter terms (e.g., 10 years) have lower premiums but expire sooner, while longer terms (e.g., 20 years) offer extended coverage at higher costs.

Permanent life insurance

This type of life insurance policy offers lifelong coverage, ensuring a death benefit is paid to your beneficiary whenever you pass away. It also includes a cash value component that grows over time. Types of permanent life insurance include whole life insurance, universal life, and variable life insurance. These policies carry a higher premium but offer lifelong coverage.

No-medical life insurance

If your traditional life coverage isn’t approved, you can opt for a no-medical life insurance policy. This life insurance option does not require a detailed medical exam and is quickly approved. A simplified issue life insurance policy asks a few health questions, offering moderate coverage. 

A guaranteed issue life insurance is the easiest, as it requires no medical questions or exams. So the approval is certain, and easiest in these policies, making them the best option for those with a severe case of epilepsy. However, premiums under no-medical policies are higher, and coverage is limited compared to traditional ones.

What do insurers look for when you have epilepsy?

Insurance providers evaluate several factors when assessing applications of epilepsy patients. Understanding these criteria helps you prepare for the application process well in advance. These criteria include your age, date of onset, severity of symptoms, frequency of seizures, medical history, and treatment and hospitalization.

Factors Why it matters
Date of onset and diagnosis
  • Early or late onset can indicate different risk levels.
  • Longer history with stable control is viewed more positively
Severity of symptoms
  • Severity (e.g., loss of consciousness, muscle movement) impacts risk
  • Well-controlled, mild seizures are viewed more favourably
Frequency and control
  • More frequent or uncontrolled seizures increase risk and premiums
  • Longer periods of seizure-free improve approval chances and rates
Type of epilepsy
  • Determines risk profile and potential for severe episodes
  • Focal (partial) seizures, absence seizures, or nocturnal epilepsy often carry a lower risk and may qualify for standard rates
  • Generalised seizures, especially those with loss of consciousness, are considered higher risk and may result in higher premiums or stricter terms
Medical history & treatment
  • Past hospitalizations, co-existing health issues, and medication all affect risk
  • Insurers may request medical records or exams for a full picture

Under what circumstances can life insurance for epilepsy be denied?

While most epilepsy patients can get some form of life insurance, certain situations may lead to the denial or postponement of coverage. These include uncontrolled epilepsy, incomplete information, recent diagnosis, or unstable condition.

Circumstances

Reason for denial

Frequent or severe seizures High risk due to frequent or intense seizures
Uncontrolled epilepsy Increased mortality and morbidity risk
Recent hospitalizations Indicates severity and poor control
Incomplete or inaccurate medical Disclosure Concealment or missing information can invalidate the application
Coexisting health issues Additional health problems increase the overall risk

What is the cost of life insurance for epilepsy in Canada?

The average premium for life insurance with epilepsy in Canada is typically 25% to 100% higher than standard rates. For example, a 40-year-old male seeking $250,000 of 20-year term coverage might pay around $160 per month if rated for epilepsy, compared to about $80–$100 per month for someone without pre-existing conditions. 

For permanent life insurance, the average premium can be $175 per month for $100,000 of coverage at age 60. The actual cost of premiums varies based on your age, coverage amount, control and severity of epilepsy, and the type of policy chosen.

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Best insurance companies offering life insurance for epilepsy in Canada

Most insurers offer life insurance with epilepsy through their traditional or no-medical life insurance policies. These include Assumption Life, Canada Protection Plan, Humania Assurance, UV Assurance, and IA Access Life.

Best life insurance companies for epilepsy patients

Company Plan Name(s) Medical Requirements Coverage Range Highlights
Assumption Life Golden Protection, Platinum Protection No medical exam, short questions Up to $250,000
Up to $750,000
Immediate coverage, flexible options, available for ages 18–85
Canada Protection Plan Deferred Elite Simplified Elite Deferred Life

Guaranteed Acceptance Life

No medical exam, some plans, no questions Up to $350,000
Up to $500,000
Up to $75,000Up to $50,000
Fast approval, ideal for high-risk or declined applicants, multiple no-medical options
Humania Assurance Whole Life Insurance Without Medical Exam No medical exam Up to $300,000 Guaranteed issue, quick approval, good for hard-to-insure applicants
UV Assurance Express Life

Immediate Life

No medical exam, simplified issue Up to $150,000
Up to $500,000
Flexible permanent coverage, accessible for those with health conditions
IA Access Life Deferred, Deferred Plus, Immediate Plus No medical exam, short questions Up to $100,000
Up to $350,000
Up to $500,000
Simplified issue, easy application, available for various health profiles

*The plans mentioned above are for a 30-year-old non-smoker male diagnosed with epilepsy

Read our detailed blog on the best life insurance companies in Canada

How to improve your chances of getting approved?

Several strategies, like comparing options, providing a complete medical record, applying at the right time, and working with an insurance broker, can increase your chances of getting approved for life insurance with epilepsy in Canada.

  • Disclose complete information: Make sure to disclose all the relevant information related to your medical condition, such as doctor’s report, medical history, seizure frequency, and hospitalization, if any, at the time of approval. Any hidden or misleading information can lead to claim denial at the time of need
  • Apply at the right time: Apply for life insurance for epilepsy when your condition is stable and you haven’t had seizures in the last 6 months or 1 year.  Applying at the right time can improve your approval chances
  • Compare plans: Compare epilepsy life insurance quotes from multiple insurance providers, as each insurer has different guidelines and exclusions around pre-existing conditions. However, doing so can be exhausting. Our licensed advisors at PolicyAdvisor can not only compare plans of 30+ insurers for you but also advise you on the best life plan for your medical condition without any cost

Get the most affordable life insurance for epilepsy in Canada

Depending on your medical condition and its severity, getting life insurance for epilepsy in Canada can be difficult, but it’s not impossible. Insurers may charge higher premiums or require more documentation, but many Canadians with epilepsy still secure coverage, especially if their condition is well managed. 

Our licensed advisors at PolicyAdvisor can compare plans from over 30 top insurance companies at no cost, helping you find the best life insurance quote for your situation and guiding you through the application process to improve your chances of approval.

Need life insurance?

Give us a call at 1-888-601-9980 or book some time with our licensed experts.

Frequently Asked Questions

Is epilepsy considered a pre-existing medical condition?

Yes, epilepsy is considered a pre-existing condition by health insurance providers in Canada. If you have been diagnosed with this condition before applying for life insurance, make sure to declare it on your application. If you fail to disclose your condition, you may face rejection if your claim is related to the condition.

Will life insurance cover death caused by epilepsy?

Yes, your life insurance policy will cover death caused by epilepsy, provided the policy was active and you have paid your premiums. Death generally doesn’t affect the payout as long as the life insurance policy terms are met.

Will epilepsy increase my life insurance premium?

Absolutely, your premium may increase if you have epilepsy. However, it depends on how stable your condition is. If your seizures are well-controlled with few episodes, your premium will be slightly higher than standard. However, if your epilepsy is severe, it will typically lead to higher premiums.

Do I need to give a medical exam for life insurance with epilepsy?

Giving a medical exam depends on your insurer and policy type.  If you are planning to go with traditional life insurance with epilepsy, you will have to go through a detailed medical exam. However, if you are looking for no-medical options like simplified issues and guaranteed issue life insurance, you will have to answer a few medical questions or no questions at all.

What happens if I am diagnosed with epilepsy after getting life insurance?

If you are diagnosed with epilepsy after getting a life insurance policy, it will not impact your existing coverage. Your insurer will not cancel your policy or update your premium rates if you are diagnosed later. You are only required to disclose medical conditions that you have at the time of application.

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