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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
Catégorie | Assureur |
|---|---|
Meilleure compagnie d'assurance vie | AssureMoi |
Meilleure assurance vie temporaire | AssureMoi |
Meilleure assurance vie entière | Manuvie |
Meilleure assurance vie entière avec valeur de rachat | Sun Life |
Meilleure assurance vie universelle | BMO |
Meilleure assurance vie avec participation | Canada Vie |
Meilleure assurance vie sans examen médical | Plan de protection du Canada |
Meilleure assurance vie pour les personnes âgées | Co-operators |
Meilleure assurance vie pour les fumeurs | Co-operators |
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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 |
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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) |
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High risk activities: impact on life insurance rates
Example of a base premium starting at $100/month
Durée de couverture | Taux moyens de l'industrie | Taux moyens d'AssureMoi |
|---|---|---|
10 ans | 32,58 $ | 20,79 $ |
15 ans | 41,75 $ | 25,76 $ |
20 ans | 50,33 $ | 30,11 $ |
25 ans | 66,00 $ | 42,60 $ |
30 ans | 83,50 $ | 54,15 $ |
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Primary Beneficiaries: | Relationship to Policyholder: | Allocation of Death Benefit (%): | Beneficiary Type: |
|---|---|---|---|
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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 |
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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 |