Life insurance in Canada

Compare and choose the best Life insurance provider

Save up to

40%


Policy terms

10, 20, 30 years

Coverage amount

$100K - $10M


Maximum lenght

until the age of 65

Insurance types

  • Term life insurance
  • Whole life insurance
  • Permanent life insurance

5

Representative example: For a 40 year old male, non-smoker, on a 20-Year term, $500K worth of coverage starts at under $48/month

Save up to

50%


Policy terms

10, 20, 30 years

Coverage amount

$100K - $10M


Maximum lenght

until the age of 65

Insurance types

  • Term life insurance
  • Whole life insurance

2

Representative example: For a 40 year old male, non-smoker, on a 20-Year term, $500K worth of coverage starts at under $49/month

Save up to

-


Policy terms

10, 15, 20, 30 years

Coverage amount

$5K - $15M


Maximum lenght

until the age of 74

Insurance types

  • Term life insurance
  • Permanent life insurance
  • Participating life insurance
  • Universal life insurance

1

Representative example: For a 40 year old male, non-smoker, on a 20-Year term, $500K worth of coverage starts at under $58/month

Life insurance

What is life insurance

Life insurance is not a mandatory thing, but it is a reliable and affordable product that can give you peace of mind. It may not be a pleasant thing to think about, but in the event of your death, your family will get support. It is an agreement between you and an insurance company. After your death, the insurer commits to pay the person of your choice (usually your loved one, your family) a tax-free sum of money. It is paid out in one full lump sum, which means your selected person will get it all at once. The money is meant to financially help your family if they lose income they depended on. Mostly it is used to make rent or mortgage payments, take care of children and their educational expenses, day to day costs. You may also choose to leave the money to your estate, trust, or make a gift to charity. In exchange for this service, you pay a premium periodically (monthly or annually). The sum is very individual because it depends on many factors such as type of coverage, the amount you want to leave, your age, health, medical history, and also lifestyle. For example, non-smokers have a lower probability to get sick, that's why also insurance rates are much lower for them compared to smokers. There are two types of life insurance policies, so you have to compare them and decide which one of them suits you best. Some insurers provide a customized option for couples too.

Term life insurance

This type of insurance is for a fixed period. It can be 10, 20, or 30 years or until you reach a certain age. Your beneficiaries will be paid only if you pass away within the duration of the policy. You are not going to get back any money if you cancel your policy. Some insurers offer to renew the policy, but the premiums may cost you more every time you do it. Term life insurance is simpler and usually more affordable than permanent life insurance when you purchase it for the first time.

Permanent life insurance

Also known as whole life insurance. It gives you coverage throughout your lifetime. They tend to be much more expensive than term life insurance, but they guarantee the payout in any case scenario. Also, your premiums won't change over the years. Unlike term life insurance, permanent life insurance builds up a cash value so you can get back some of the amounts if you decide to cancel your policy. In some cases, you are even able to take out a policy loan or use your policy as collateral for a loan.

What is beneficiary

A beneficiary is a person or organization you name to receive your insurance policy when you die. It can be your spouse, family member, friend, or charitable organization. You also have an option to name more than one beneficiary and assign different proportions of benefits to each of them. It is advisable to also name an alternate person in the case your first named beneficiary dies before you or at the same time as you. It would be wise to look at your beneficiary list from time to time and update it if it is necessary, and something has changed.

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MoneyGuru24 is not a bank, lender, broker, or product issuer. MoneyGuru24 is not owned by a financial institution but is an independent company owned by private shareholders. MoneyGuru24 purpose is to give an advertising-supported comparison service. All information provided on MoneyGuru24 has general and informative nature. MoneyGuru24 may receive compensation from companies whose services they have listed. This compensation may impact the appearance of product listing and order on this site. Although MoneyGuru24 covers a wide range of Life insurances, keep in mind that those are not the only options available in the market and may not be the best fit for you. We do not consider your circumstances and financial situation and we are not recommending any particular products. If you choose to buy a Life insurance through the MoneyGuru24 website you will be dealing directly with the Life insurance issuer, not with MoneyGuru24. It is recommended for you to read all relevant documentation given by the Life insurance issuer before accepting any product offer.

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