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- Term life insurance in Canada starts at roughly $11/month for a healthy 20-year-old purchasing a 10-year, $100,000 policy
- Manulife, Canada Life, Wawanesa, UV Insurance, and Beneva consistently offer the lowest market rates
- The cheapest company for you depends entirely on your age, health status, smoking habits, and desired term length
- Securing a policy while you are young, matching the term strictly to your financial obligations (like a mortgage), and maintaining good health are the most effective ways to lower your premiums
The cheapest term life insurance in Canada starts at just $11 per month for a healthy applicant with $100,000 in coverage over a 10-year term. However, the actual premium depends on factors such as your age, health, smoking status, occupation, insurer, and coverage needs. While one insurer may offer the lowest rates for young couples, another may be more affordable for seniors, smokers, or applicants with certain health conditions.
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Which companies offer the cheapest term life insurance in Canada?
The companies offering the cheapest term life insurance in Canada include Beneva, Canada Life, Manulife, UV Insurance, and Wawanesa. Based on our comparison of representative premium quotes from leading insurers, these companies offer some of the lowest rates for different applicant profiles in 2026:
- Manulife: Cheapest term life insurance for couples
- Canada Life: Cheapest term life insurance for seniors
- Beneva: Cheapest term life insurance for mortgage protection
- UV: Cheapest term life insurance for people with health conditions
- Wawanesa: Cheapest term life insurance for smokers
Cheapest term life insurance in Canada: Company overview
Based on our 2026 comparison of representative quotes, these insurers offered the lowest rates for specific applicant profiles. Results vary by age, health class, province, and coverage amount.
Manulife: Cheapest term life insurance for couples
Manulife offers some of the lowest term life insurance premiums for couples in Canada, with a 10-year term policy and $100,000 in coverage starting at just $11.87 per month for a healthy 20-year-old. Its Pick-A-Term feature also lets couples choose the term length that best aligns with their mortgage, income replacement needs, or long-term financial goals.
Manulife life insurance also offers joint first-to-die and joint last-to-die coverage options, allowing couples to insure both lives under a single policy. This can be a more cost-effective alternative to purchasing two separate policies while simplifying policy management. Moreover, couples purchasing the same coverage amount and term can also benefit from built-in premium savings, making it a cost-effective way to secure comprehensive financial protection together.
The table below compares Manulife’s representative premiums with those of Empire Life and BMO Insurance for joint term life insurance policies.
| Age | Manulife | Empire Life | BMO Insurance |
| 20 years | $11.87 | $12.69 | $15.21 |
| 30 years | $12.60 | $13.59 | $16.20 |
| 40 years | $16.09 | $16.47 | $19.35 |
| 50 years | $29.00 | $30.24 | $32.67 |
| 60 years | $76.70 | $80.82 | $83.07 |
*Representative monthly values for non-smokers in good health purchasing $100,000 in coverage with a 10-year term for a joint term life insurance policy
Canada Life: Cheapest term life insurance for seniors
Canada Life combines competitive premiums with long-term flexibility, making it a strong option for those looking for cheap life insurance for seniors. Premiums start at $28.17 per month for a healthy 55-year-old purchasing $100,000 in coverage over a 10-year term.
Its My Term™ Life Insurance plan is designed to provide long-term peace of mind, featuring guaranteed premiums, automatic renewals without additional medical evidence until age 85, and the option to convert to permanent life insurance before age 70 without further underwriting. Canada Life term insurance features make it a good choice for seniors seeking flexible, long-term coverage.
Here is a table depicting how Canada Life is a more affordable option for seniors purchasing term life insurance:
| Age | Canada Life | Desjardins | Sun Life |
| 55 years | $28.17 | $30.60 | $32.40 |
| 60 years | $48.50 | $51.57 | $57.06 |
| 65 years | $80.68 | $84.15 | $93.24 |
| 70 years | $146.90 | $158.76 | $172.89 |
| 75 years | $267.48 | $329.22 | $312.30 |
*Representative monthly premiums for male non-smokers in good health purchasing $100,000 coverage with a 10-year term
Beneva: Cheapest term life insurance for mortgage protection
Beneva offers some of the most competitive rates for term life insurance designed for mortgage protection, especially when paired with a disability rider. Premiums start at $95.20 per month for a healthy 20-year-old purchasing $1,000,000 in coverage over a 25-year term with a $2,500 monthly disability rider. It is more affordable than Empire Life at most ages and remains competitively priced against iA.
In addition, Beneva life insurance includes an Extreme Disability Benefit at no extra cost. The built-in Extreme Disability Benefit adds extra protection, giving policyholders more value than comparable policies that do not include this feature.
Here is a table depicting how Beneva is a more affordable option for mortgage protection (term life insurance) with disability coverage:
| Age | Beneva | Empire Life | iA |
| 20 years | $95.20 | $96.53 | $98.33 |
| 30 years | $107.64 | $110.48 | $107.78 |
| 40 years | $174.60 | $177.98 | $173.48 |
| 50 years | $430.45 | $442.58 | $433.58 |
| 60 years | $1,204.31 | $1,153.58 | NA |
*Representative monthly premiums for male non-smokers in good health purchasing $1,000,000 in coverage with a 25-year term and a $2,500 monthly disability rider with a 2-year term
UV Insurance: Cheapest term life insurance for people with health conditions
UV Insurance offers some of the most affordable term life insurance options for applicants with certain health conditions, with premiums starting at $13.50 per month. It provides more affordable premiums than Assumption Life, Canada Protection Plan, and a few other insurers across all age groups while providing more accommodating underwriting for certain health conditions and lifestyle factors.
UV also offers simplified issue term life insurance with flexible 15-, 20-, 25-, and 30-year terms, making it a strong choice for applicants who may not qualify for traditional coverage. In comparison, Assumption Life offers simplified issue coverage with 10- and 20-year terms, while Canada Protection Plan offers 10-, 20-, and 25-year terms, giving UV the widest range of coverage durations for applicants who may not qualify for fully underwritten policies.
Here is a table depicting how UV is a more affordable no-medical insurance (Simplified issue) option for people with health conditions:
| Age | UV Insurance | Assumption Life | Canada Protection Plan |
| 20 years | $13.50 | $14.40 | $18.00 |
| 30 years | $13.95 | $15.30 | $18.81 |
| 40 years | $14.85 | $19.26 | $20.16 |
| 50 years | $25.38 | $41.40 | $35.64 |
| 60 years | $80.37 | $131.13 | $87.66 |
*Representative monthly premiums for male non-smokers in good health purchasing $100,000 coverage with a 10-year term
Wawanesa: Cheapest term life insurance for smokers
Wawanesa is one of the cheapest providers of term life insurance for smokers in Canada. Premiums for a 10-year term life insurance for smokers start at just $12.06 per month for a healthy 20-year-old purchasing $100,000 in coverage.
Along with competitive smoker premiums, Wawanesa life insurance is a strong choice for those planning to quit smoking. Its plan comes with a feature where eligible policyholders who remain smoke-free for 12 months can apply for non-smoker rates, subject to underwriting approval, which helps reduce premiums over time.
Here is a table depicting how Wawanesa is a more affordable option for smokers:
| Age | Wawanesa | Equitable Life | BMO Insurance |
| 20 years | $12.06 | $13.23 | $13.59 |
| 30 years | $12.15 | $13.31 | $14.40 |
| 40 years | $16.29 | $19.14 | $20.43 |
| 50 years | $42.75 | $48.77 | $49.50 |
| 60 years | $118.08 | $127.52 | $130.50 |
*Representative monthly values, based on smokers in good health. $100,000 coverage, 10-year term
Our methodology for ranking the cheapest term life insurance companies in Canada
When ranking the cheapest term life insurance companies in Canada, we compared several factors, including the following:
- Monthly premiums: We compared representative monthly premiums across leading Canadian life insurers using similar coverage amounts and policy terms to identify the most affordable options for different applicant profiles
- Applicant age: Premiums increase with age, so we analyzed rates across multiple age groups to determine which insurers consistently offer the lowest prices throughout different life stages
- Health profile: We assessed insurers based on their pricing and underwriting approach for applicants with certain health conditions, including the availability of simplified issue coverage and flexible eligibility requirements
- Smoking status: Since smokers typically pay higher premiums, we compared smoker-specific rates and considered features such as the ability to qualify for non-smoker premiums after smoking cessation
- Coverage needs: We evaluated insurers for different coverage requirements, including standard term life insurance as well as mortgage protection with a disability rider, to identify the best-value provider for each use case
- Policy features and flexibility: Beyond premiums, we reviewed factors such as available term lengths, renewability, convertibility, built-in benefits, optional riders, and premium discounts to identify insurers that provide the best overall value
Is term life insurance worth it?
Yes, term life insurance is worth it. It is highly beneficial for Canadians seeking affordable, high-coverage protection for a specific period. Term policies offer low premiums and broad coverage, making them ideal for families, new homeowners, or anyone with temporary financial obligations like mortgages or child-rearing expenses. Many insurers offer customizable term lengths (10, 20, or 30 years), convertible options, and other built-in features to match your needs.
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 budget-friendly choice for Canadians.
How much does $500,000 or $1 million in term life insurance cost?
The cost of life insurance increases with both your coverage amount and age, but it remains one of the most affordable ways to protect your family’s financial future. For healthy, non-smoking Canadians, $500,000 of 20-year term life insurance starts at $13.95 per month for a 20-year-old woman and $21.60 per month for a man. Increasing the coverage to $1 million increases premiums to $21.15 per month for women and $35.99 per month for men at the same age.
How can I lower my term life insurance premium?
You can lower your term life insurance premium by choosing the right coverage amount, policy term, and insurer for your needs. Here are some effective ways to reduce your term life insurance premium costs:
- Buy coverage at a younger age: Term life insurance premiums generally increase with age. Purchasing a policy while you are young and healthy can help you get lower rates for the entire term
- Choose only the coverage you need: Buying a policy that matches your financial obligations, such as your mortgage, income replacement, or debts, can keep premiums lower than purchasing more coverage than necessary
- Select a shorter policy term: A 10-year or 20-year term policy costs less than a 30-year term because the insurer assumes less long-term risk. Select a policy term that matches your financial needs
- Maintain a healthy lifestyle: Non-smokers and applicants in good health generally qualify for the lowest premiums. Improving your health and quitting smoking may help you secure lower rates or qualify for non-smoker pricing, depending on the insurer
- Consider annual premium payments: Some insurers offer a small discount if you pay your premium annually instead of monthly
- Compare quotes from multiple insurers: Premiums can vary significantly between insurance companies for the same applicant. Comparing term life insurance quotes helps you find the most affordable policy without sacrificing coverage
How to compare term life insurance quotes with PolicyAdvisor
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 the best and cheapest life insurance quotes for your financial protection.
Frequently Asked Questions
Which company has the cheapest term life insurance in Canada?
The companies offering the cheapest term life insurance in Canada include Manulife, Canada Life, UV, Wawanesa, and Beneva. The cheapest term life insurance company depends on your age, health, and coverage needs. Based on our comparison, Manulife offers the lowest rates for couples, Canada Life for seniors, UV for people with health conditions, Wawanesa for smokers, and Beneva for mortgage protection with a disability rider.
What is the cost of the cheapest term life insurance in Canada?
Term life insurance in Canada can start at around $11 per month for a healthy applicant purchasing $100,000 in coverage. Your premium will, however, vary based on factors such as age, health, smoking status, occupation, coverage amount, and policy term.
Which term length is the cheapest?
Shorter-term policies, such as 10-year term life insurance, are generally the cheapest because they cover the insurer’s risk for a shorter period. However, choosing the right term should depend on how long you need financial protection.
Is term life insurance cheaper than whole life insurance?
Yes, term life insurance is significantly cheaper than whole life insurance because it provides coverage for a fixed period and does not build cash value. This makes it an affordable option for Canadians who need high coverage at a lower monthly cost.
Can smokers get affordable term life insurance in Canada?
Yes, smokers can get affordable term life insurance with a few insurers in Canada. Wawanesa is one of the most affordable options for smokers and allows eligible policyholders to apply for non-smoker rates after remaining smoke-free for 12 months, subject to underwriting approval.
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 have fewer coverage options.
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 buy cheap term life insurance without a medical exam?
Yes, you can buy term life insurance even without a medical exam. Some insurers offer simplified issue or no-medical term life insurance, although premiums are usually higher than fully underwritten policies. These plans can be a good option for applicants with certain health conditions or those who want a faster application process.
The cheapest term life insurance in Canada starts at just $11/month for eligible applicants. This guide compares the most affordable insurers for couples, seniors, smokers, mortgage protection, and people with health conditions, helping you find the best value based on your age, health, coverage needs, and policy features.
