Get a Life Insurance Quote for Canada Life
Get your personalized Canada Life quote
Answer a few quick questions so we can match you with the right coverage
Get a Life Insurance Quote for Canada Life
Flexible and affordable coverage for your family
Get your personalized Canada Life quote
Answer a few quick questions so we can match you with the right coverage
About Canada Life in Canada
Canada Life is one of Canada's oldest and largest insurers, with over 175 years of experience protecting Canadian families and businesses, $461.2 billion in total assets, and a 130% LICAT solvency ratio.
Canada Life offers a broad range of life insurance plans. Their My Term™ coverage lets you choose any term length from 5 to 50 years, with coverage starting at $100,000. For permanent protection, Canada Life offers three participating whole life plans, Wealth Achiever, Estate Achiever, and Balanced Achiever, that build cash value and are eligible to earn annual dividends, along with My Par Gift, a single-premium plan built for charitable giving.
At PolicyAdvisor, our licensed advisors help you compare these Canada Life plans to get the right coverage, with expert advice at no cost.
Compare Canada Life plans with PolicyAdvisor
Canada Life offers flexible term and permanent life insurance options, so you can choose coverage that matches where you are in life and what matters most to you.
Canada Life My Term™
Flexible coverage in the exact term length you need.
Key features
- Coverage starting at $100,000, with applications above $25 million requiring special review
- Choose any term length from 5 to 50 years
- Convert to permanent coverage without new medical evidence up to age 70
- Guaranteed annual renewal without new medical evidence, up to age 85
A good fit if you:
- Want a straightforward way to protect the people who depend on you
- Need coverage for a set period, like a mortgage or your working years
Wealth, Estate & Balanced Achiever
Three separate whole life plans, each built for a different goal.
Key features
- Wealth Achiever: strong early-duration cash value, with flexibility as your needs evolve
- Estate Achiever: built first and foremost to maximize your long-term payout on death
- Balanced Achiever: a thoughtful balance of cash value growth and long-term death benefit, between the other two
- As participating policies, all three have the potential to earn annual dividends, though dividends are not guaranteed
A good fit if you:
- Want lifelong coverage that also builds cash value you can borrow against
Canada Life My Par Gift
A single-premium participating life insurance plan built for charitable giving, a first of its kind in Canada.
Key features:
- A one-time donation of $10,000 or more funds the policy for life
- The charity you choose owns the policy and receives the tax-free death benefit
- Your one-time donation qualifies for an immediate tax credit
Optional riders can help tailor your term or whole life coverage further. Guaranteed Insurability lets you add coverage later without new medical evidence, a Children's Term Rider covers your children up to age 25, with new children addable at no extra cost until you turn 65, and Business Growth Protection lets business owners increase coverage as their company grows, also without a new medical exam. Speak with a licensed advisor, at no cost, to compare your options and find the right fit for your goals.
Coverage that moves with your life
Term life doesn't have to be rigid. My Term™ is built to move with you now, and to leave you options as your life changes.
Key features of Canada Life My Term™ insurance
Canada Life offers permanent, lifelong coverage too, but most families begin with term insurance because it is affordable and easy to shape around your budget. Here is what sets Canada Life My Term™ apart.
Level premiums
Your premium amount stays the same for the duration of your chosen term.
Flexible term selection
Choose any term length from 5 to 50 years, in one-year increments, not just preset options.
High coverage limits
Coverage starting at $100,000, with applications above $25 million requiring special review.
Convertible
Convert to an eligible permanent Canada Life plan before the policy anniversary nearest your 70th birthday, no new medical exam required.
Guaranteed renewable
Renew your policy annually without providing new evidence of insurability, up to the policy anniversary nearest age 85.
Term-to-term conversion
Switch to a different term length later, as long as the new term is at least 10 years longer than your original.
Joint first-to-die option
Cover yourself alone, or you and a partner together under a single joint first-to-die policy.
Broad issue-age range
Coverage starts at age 15, with your maximum eligible age depending on the term length you choose, up to 85 minus the term.
Digital & advisor-assisted
Apply online with a licensed advisor.
Get your personalized quote in minutes.
Compare tailored Canada Life quotes and explore coverage options designed to fit your lifestyle, with expert advice from PolicyAdvisor at no cost.
Cost of Canada Life term insurance in Canada
Your life insurance premium depends on factors such as your age, health, coverage amount, and term length.
Canada Life My Term™ offers flexible term life insurance options designed to help protect your family's financial future at a manageable cost. The sample premiums shown can give you a general idea of what term coverage may cost.
Alternatively, Canada Life's participating whole life plan may be a good fit for those looking for lifelong coverage with cash value growth over time. As a participating whole life policy, it also offers the potential to receive policyholder dividends, although dividends are not guaranteed.
Speak with one of our advisors to compare your options and find coverage that fits your needs.
Illustrative rates only. Based on $100,000 of coverage over a 10-year term for a non-smoker in good health. Actual premiums vary by age, coverage amount, and health. Contact an advisor for a personalized quote.
Why get your Canada Life quote through PolicyAdvisor?
- No-cost, no-obligation advice
Talk to a licensed advisor who walks you through your choices and handles the application with you. It comes at no cost, and there is no pressure to buy. - On your side, not the insurer's
We are an independent brokerage, so we line Canada Life up against other leading Canadian insurers and let you see for yourself whether it is your best option. - Everything handled online
Pull your Canada Life quotes and chat with an advisor from your couch, whenever it suits you. No forms to mail, no office visits. - Ongoing support after you buy
Your relationship with your advisor continues past the sale. As your life changes or if you ever need to make a claim, they are ready to help.
Get your personalized quote in minutes.
Compare tailored Canada Life quotes and explore coverage options designed to fit your lifestyle, with expert advice from PolicyAdvisor at no cost.
FAQs
Everything you need to know about Canada Life life insurance.
Life insurance is a contract between you and an insurer. You pay a regular premium, and in return the insurer pays a tax-free lump sum, called the death benefit, to the people you name as beneficiaries if you pass away while the policy is in force. Your family can use that money for anything they need, such as covering everyday living costs, paying off a mortgage or other debts, replacing lost income, or funding future goals like a child's education.
Canada Life is one of Canada's oldest and largest insurers, with over 175 years of experience and an A+ rating from AM Best. It offers flexible My Term™ coverage with terms from 5 to 50 years, and a lineup of participating whole life plans, Wealth Achiever, Estate Achiever, and Balanced Achiever, that build cash value and are eligible to earn annual dividends. Through PolicyAdvisor, you get a licensed advisor who helps you compare Canada Life plans and choose the right coverage, with expert advice at no cost.
Canada Life offers both term and permanent life insurance. My Term™ provides coverage for any term length from 5 to 50 years, starting at $100,000, with the option to convert to a permanent Canada Life plan before age 70. Canada Life also offers three participating whole life plans that provide lifelong protection, build cash value you can borrow against, and are eligible for annual dividends, with Max 10, Max 20, or Pay to age 100 premium options: Wealth Achiever for early, accessible cash value, Estate Achiever for long-term growth and a higher value at death, and Balanced Achiever for a mix of both. There's also My Par Gift, a single-premium plan for charitable giving. A PolicyAdvisor advisor can help you decide which fits your needs and budget.
The right amount depends on your personal situation, including your income, debts such as a mortgage, the number of people who depend on you, and your long-term goals. A common starting point is to cover your outstanding debts plus several years of income so your family can maintain their lifestyle. A licensed PolicyAdvisor advisor can walk you through a quick needs assessment and recommend a coverage amount tailored to you.
Not always. Whether a medical exam is required depends on your age, the coverage amount, and the specific plan. Many applications can be completed with health questions only, while larger amounts of coverage may require a brief medical exam or additional information. Your PolicyAdvisor advisor will let you know what to expect based on the Canada Life plan you choose.
In most cases, the life insurance death benefit paid to your named beneficiaries is received tax-free in Canada. This is one of the key advantages of life insurance. Certain situations, such as interest earned after the date of death or policies structured for business or estate purposes, can have tax implications, so it is a good idea to speak with a licensed advisor or tax professional about your specific circumstances.