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Protect your family's future with the right coverage
PolicyAdvisor compares term life insurance plans from Canada’s top insurers, so you lock in the right coverage at the best possible price. Whether you want to protect your mortgage, replace your income, or leave your family a tax-free lump sum, we help you find a policy that fits your needs and your budget.
Term life is the simplest and most affordable way to get a large amount of coverage for the years it matters most, your working years while you’re raising a family or paying off a home. And because we’re an independent brokerage, our licensed advisors compare every major insurer for you at no extra cost, so you pay exactly the same as going direct while getting unbiased advice on the right amount and length of coverage.
Types of life insurance in Canada
Life insurance comes in two forms. Understanding the difference helps you choose what fits your life, and you can even combine both.
Covers you for your entire life, as long as premiums are paid. It never expires and builds guaranteed cash value over time, making your policy a financial asset as well as a source of lifelong protection.
- Lowest cost for the most coverage
- Choose a term of 10 to 40 years
- Ideal for mortgage & income protection
- Coverage ends when the term is up
- Can often convert to permanent later
Covers you for your entire life, as long as premiums are paid. It never expires and builds guaranteed cash value over time, so your policy becomes a financial asset as well as protection.
- Lifelong coverage that never expires
- Builds guaranteed cash value
- Fixed premiums that never increase
- Can supplement retirement or estate plans
- Higher cost than term for the same cover
Not sure which is right for you? A licensed PolicyAdvisor advisor can help you compare, or blend both into one plan.
Find the right plan for your life
Three approaches — pick the one that fits your life.
Trusted by thousands of Canadians
“10/10 would recommend. Most of the large players wouldn't even give me a quote, but PolicyAdvisor made buying life insurance online simple.”
“Jason understood exactly what we needed and was there from start to end. His knowledge and ability to read customer needs is flawless.”
“Definitely would recommend. They listened to what I wanted and never once tried to oversell me.”
“Harshmeet was so patient walking me through the different insurance options for my parents. Truly helpful throughout.”
“10/10 would recommend. Most of the large players wouldn't even give me a quote, but PolicyAdvisor made buying life insurance online simple.”
“Jason understood exactly what we needed and was there from start to end. His knowledge and ability to read customer needs is flawless.”
“Definitely would recommend. They listened to what I wanted and never once tried to oversell me.”
“Harshmeet was so patient walking me through the different insurance options for my parents. Truly helpful throughout.”
What does life insurance cover?
A clear look at what term life protects, and the few things it doesn’t.
What term life covers
- ✓Mortgage & debt protection
- ✓Income replacement for your family
- ✓Children’s education & future costs
- ✓Final expenses & funeral costs
- ✓Tax-free lump-sum benefit
Good to know
- ✕Coverage lasts for the term you choose (not lifelong)
- ✕No cash value, unlike whole life insurance
- ✕Premiums can rise if you renew after the term ends
- ✕Medical/lifestyle questions affect your rate
- ✕Payouts can be denied for material misstatements
Get your personalized quote in minutes.
Compare tailored life insurance quotes from Canada’s top insurers, with expert advice from PolicyAdvisor at no cost.
Best life insurance companies in Canada
We compare plans from Canada’s leading insurance providers to find the right coverage at the best price for you.
One of Canada's largest insurers, offering high coverage amounts and strong financial stability for families who need substantial protection.
Flexible term policies you can convert to permanent coverage later without a new medical exam, ideal if your needs may change.
A trusted household name with competitive term rates, living benefits, and one of the most recognized brands in Canadian insurance.
Known for straightforward underwriting and options with no medical exam for eligible applicants, so you can get covered faster.
Consistently competitive premiums for healthy applicants, backed by a major Canadian bank's financial strength.
Flexible, budget-friendly term options backed by a major Canadian financial group, great all-round value for families watching their budget.
How much does term life insurance cost?
Term life is more affordable than most people expect. Your premium depends mainly on your age, your health, whether you smoke, and how much coverage and how long a term you choose.
The younger and healthier you are when you apply, the lower your rate, and it stays locked in for the full term. A non-smoker pays significantly less than a smoker for the same coverage.
Because pricing varies widely between insurers, a licensed PolicyAdvisor advisor compares every top company to find you the lowest rate, at no cost.
Get your personalized quote in minutes.
Compare tailored life insurance quotes from Canada’s top insurers, with expert advice from PolicyAdvisor at no cost.
- Coverage from 30+ insurers
- Free expert advice
- No obligation, no cost
Why get your life insurance through PolicyAdvisor?
- 30+ top Canadian life insurers
Compare Canada Life, Sun Life, Manulife, Empire Life, BMO and 25+ more to find you the right coverage at the lowest rate. - Unbiased, expert advice
As an independent brokerage, we work for you, not the insurers. Our licensed advisors recommend the right amount and term for your situation. - No cost, ever
Our service is completely free. You pay the exact same premium as going direct to the insurer, but you get expert guidance along the way. - Support for life
Our advisors would also help you with policy reviews, renewals, coverage changes, and helping your family with a claim when it matters most.
Frequently Asked Questions
What is term life insurance and how does it work?
Term life insurance covers you for a set period, called a term, such as 10, 20, or 30 years. If you pass away during that term, your beneficiaries receive a tax-free lump-sum payout. It’s the simplest and most affordable way to get a large amount of coverage for the years your family depends on your income.
How much life insurance coverage do I need?
A common guideline is 10–15 times your annual income, plus enough to clear your mortgage and any debts, and cover future costs like your children’s education. Your advisor will help you calculate the right amount based on your family’s needs and budget.
How long should my term be?
Match your term to your biggest financial responsibilities. Many people choose a term that covers the years until their mortgage is paid off or their children are financially independent, commonly 20 or 30 years.
Do I need a medical exam?
Not always. Many insurers offer policies with no medical exam for eligible applicants, just health questions. Others may require a quick, free medical. Either way, answer all questions honestly, since inaccurate information can lead to a denied claim.
What happens when my term ends?
When your term ends, your coverage stops. Most term policies let you renew (at a higher rate) or convert to permanent coverage without a new medical exam. If you no longer need coverage, for example your mortgage is paid off, you can simply let it lapse.
Is the payout really tax-free?
Yes. In Canada, a life insurance death benefit is paid to your beneficiaries tax-free. They receive the full amount and can use it however they need, for the mortgage, daily living, or your children’s future.
Can I get coverage if I have health conditions?
Usually, yes. Many people with managed health conditions still qualify for coverage, sometimes at standard rates. Because every insurer assesses health differently, our advisors match you to the company most likely to offer you the best rate for your profile.
