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2 Column | Blog Inline-table
How much does term life insurance cost in Canada?
Premiums for a 40 year old, non-smoking male, $500k in coverage for a 15-year term life policy
Category | Insurance Company |
|---|---|
Best Life Insurance Company | PolicyMe |
Best Term Life Insurance | PolicyMe |
Best Whole Life Insurance | Manulife |
Best Whole Life Insurance with Cash Value | Sun Life |
Best Universal Life Insurance | BMO |
Best Participating Life Insurance | Canada Life |
Best No Medical Life Insurance | Canada Protection Plan |
Best Life Insurance for Seniors | Co-operators |
Best Life Insurance for Smokers | Co-operators |
2 Column - Link | Blog Inline-table
How much does term life insurance cost in Canada?
Premiums for a 40 year old, non-smoking male, $500k in coverage for a 15-year term life policy
Life Insurance Companies | Price |
|---|---|
| PolicyMe | $26.44/month |
| Canada Life | $27.86/month |
| RBC | $28.22/month |
| BMO | $29.95/month |
| Sun Life | $34.65/month |
2 Column - Bold | Blog Inline-table
Average life insurance cost by coverage amount
Based on premiums for a 20 year term policy for a 35 year old male, non-smoker
Type | Woman |
|---|---|
Term life insurance (PolicyMe)* | $45.22 |
Permanent life insurance* | $337.27 |
Life insurance for smokers** | $57.27 |
Life insurance for pre-existing conditions* | $42.75 |
Life insurance for seniors*** | $270.13 |
2 Column - Bold | Sample Policy Table
Death Benefit | $500,000 |
Premium | Monthly: $39.19, or Annual: $432.66 |
Effective Date | March 1, 2021 |
Expiration Date | March 1, 2041 |
Payment Date | Monthly: 1st day of each calendar month, or Annual: March 1st of each calendar year |
Gender at Birth | Female |
Premium Class | Non-tobacco user |
Date of Birth | 07/02/1983 |
Issue Age | 38 (age at your nearest birthday, which could be older than your current age) |
3 Column | Blog Inline-table
High risk activities: impact on life insurance rates
Example of a base premium starting at $100/month
Term Length | Industry Average Rates | PolicyMe Average Rates |
|---|---|---|
10 years | $32.58 | $20.79 |
15 years | $41,75 | $25.76 |
20 years | $50.33 | $30.11 |
25 years | $66.00 | $42.60 |
30 years | $83.50 | $54.15 |
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Primary Beneficiaries: | Relationship to Policyholder: | Allocation of Death Benefit (%): | Beneficiary Type: |
|---|---|---|---|
3 Column - Bold | Blog Inline-table
From: | To: | When a change option is allowed: |
|---|---|---|
10-year policy | 15-year, 20-year, 25-year or 30-year policy | At any point before the fifth anniversary of the Effective Date |
15-year policy | 20-year, 25-year or 30-year policy | At any point before the fifth anniversary of the Effective Date |
20-year policy | 25-year or 30-year policy | At any point before the fifth anniversary of the Effective Date |
25-year policy | 30-year policy | At any point before the fifth anniversary of the Effective Date |
10-year, 15-year, 20-year, 25-year or 30-year policy | A lifetime policy | At any time, up to and including the policy anniversary nearest to your 69th birthday |
3 Column - Sub-heading variation | Blog Inline-table
Average life insurance cost by policy type
Premiums for a non-smoker, $500k in coverage
Age | Premiums For Woman | Premiums For Man | ||
|---|---|---|---|---|
20 year term | Whole | 20 year term | Whole | |
35 years old | $22.95/mo | $261.10/mo | $31.32/mo | $314.25/mo |
45 years old | $51.61/mo | $434.25/mo | $71.86/mo | $522.00/mo |
55 years old | $152.55/mo | $663.75/mo | $214.20/mo | $830.70/mo |