Best life insurance in BC for 2024: Get free quotes
- Guaranteed premiums
- Option to convert the policy to permanent insurance at any time before age 75
- Ideal for business owners
SunSpectrum Term Life Insurance from Sun Life offers flexible term lengths of 10, 15, 20, or 30 years, suitable for various temporary protection needs such as income replacement, debt protection, and future financial security for families or businesses. The product features guaranteed premiums and the option for guaranteed conversion to permanent insurance without health re-qualification before the policyholder's 75th birthday. This makes it ideal for individuals looking for affordability with the potential for lifelong coverage. It is especially beneficial for business owners concerned with succession planning and key employee protection.
- Guaranteed premiums and convertibility ensure cost predictability and easy transition to permanent coverage.
- High coverage limit with policies up to $15 million coverage, accommodating significant financial needs.
- Available in 10, 15, 20, and 30-year terms to match specific coverage durations.
- Includes living benefits for terminal illness and waivers during total disability.
- Tailored benefits for both personal and business needs, including child term and partner protection benefits.
- After the initial term, premiums increase significantly upon renewal.
- Conversion and longer term options are not available as age increases.
- Wide range of options may require careful consideration to ensure appropriate coverage.
- Fixed premiums for the term duration
- Option to renew the contract from the 5th year
- Fixed or decreasing insured capital
Term Life Insurance by Beneva offers tailored flexibility to adapt to various coverage needs over 10, 15, 20, 25, 30, or 40 years, making it ideal for those looking to cover specific financial responsibilities such as personal loans or educational expenses for dependents. This policy is particularly advantageous for first-time buyers or those on a strict budget due to its affordable nature compared to permanent policies. It includes options to extend or modify the term, switch to permanent coverage without further health checks, and choose between decreasing or fixed capital to match changing financial obligations or provide a consistent benefit.
- Over 75 years of combined insurance expertise
- Affordable and flexible with multiple term options
- Premiums are constant during the initial term, aiding in financial planning.
- Ability to choose between decreasing or fixed insured capital.
- Can switch to a longer term within five years without a medical exam.
- Add-ons like critical illness coverage, disability waiver, children’s insurance, and more
- Premiums may rise upon renewal, although increases are known in advance.
- Decreasing Benefit Option is economical but reduces coverage over time, which may not suit everyone's long-term needs.
- Website doesn’t provide enough information about coverage
- Fixed or decreasing insurance amount
- Fixed premiums and guarantees
- Option to convert to permanent life insurance without medical evidence
Pick-A-Term by iA is a term life insurance solution designed with affordability and flexibility in mind, suitable for various stages of life including young families and pre-retirees. It offers terms from 10 to 40 years, which can align with significant financial commitments like mortgages or educational expenses. The fixed and guaranteed premium structure simplifies budgeting, while options to renew annually or convert to permanent insurance provide adaptability as needs evolve. This product is ideal for those seeking financial security without the long-term commitment of permanent life insurance, accommodating both personal and business insurance needs.
- Versatile term options from 10 to 40 years, matching key financial periods.
- Premium rates are guaranteed and known upfront, aiding in financial planning.
- Allows conversion to permanent coverage at any time without health checks.
- Can be renewed annually to adapt to changing insurance needs.
- Available with additional benefits such as critical illness and disability insurance.
- At renewal, premiums may increase based on the new term.
- Decreasing Benefits Option is not suitable for those needing consistent coverage amounts throughout the term.
- Numerous coverage and benefit options could complicate decision-making.
- Flexible offer
- Policy convertible to permanent insurance
- Several optional guarantees available
RBC YourTerm® Life Insurance offers a range of flexible and affordable term life options to fit different life stages and financial needs, making it an attractive choice for individuals aged 18 to 70. With coverage terms from 10 to 40 years and amounts ranging from $50,000 to $25 million, this policy is versatile enough to protect everything from personal debts to family businesses. It features fixed premiums for the chosen term length, ensuring cost predictability and ease in budgeting. Additionally, the policy can be converted to a permanent policy without further health assessments, providing long-term security. It's particularly suited for young professionals starting their careers, families planning for the future, or anyone needing solid, temporary financial protection with the option for longer coverage.
- Premiums remain constant throughout the term, enhancing budget management.
- Offers substantial coverage up to $25 million, accommodating large financial needs.
- Ranges from 10 to 40 years, allowing tailored protection based on personal needs.
- Policies can be converted to permanent coverage without additional medical information.
- Additional benefits include accidental death benefits and a 10-day review period with a full refund option.
- Coverage limits decrease for individuals over 55.
- If not converted, premiums can increase significantly after the initial term.
- Multiple term lengths and coverage options may require careful consideration to select the appropriate plan.
- Cash advance if you are diagnosed with a terminal illness
- Access to Manulife Vitality benefits at no cost
- Cover your family’s bereavement counseling costs
Manulife Family Term life insurance offers an affordable and flexible way to secure financial protection for both families and businesses. This policy helps maintain lifestyles, cover debts, and fund future needs like education and retirement, with the option to enhance the plan through Manulife Vitality, a program that rewards healthy living. Coverage ranges from $100,000 to $20 million, with level premiums for set periods, and includes unique features like bereavement counseling and a terminal illness advance. It is well-suited for individuals or families seeking comprehensive coverage that adapts to changing life circumstances and those interested in linking their health with insurance benefits.
- Coverage is affordable and can be adjusted to meet changing family and business needs.
- Manulife Vitality Program offers rewards for healthy living, potentially reducing premiums.
- High coverage options available from $100,000 up to $20 million.
- Allows conversion to permanent insurance without further medical underwriting.
- Premiums are level for terms like 10 years, 20 years, or until age 65.
- Participation in the Manulife Vitality program requires meeting specific health milestones to maintain premium discounts.
- With coverage limits up to $20 million, there’s a risk of over-insuring, which could lead to unnecessarily high premiums.
Did you know that BC residents have the least life insurance in Canada? Nationally around 70% of Canadians have life insurance, but in British Columbia, it is closer to 60%. Are you one of the 40% without a plan in place to protect your dependents?
If this is you, or if you are looking for a better deal than your current plan, look no further! Our guide below breaks down the basics, explains what to look for, and helps you find a great life insurance deal that suits your needs.
You can use our free comparator to explore the top life insurance Canada plans, get over 20 free personalized quotes, and find the best deals.
Best life insurance BC plans 2024
- Manulife Life Insurance - Family Term and CoverMe Term Life
- iA Financial Group Life Insurance
- Empire Life Insurance
- Assomption Life - FlexTerm
- Sun Life - SunSpectrum Term Life Insurance
- Humania Insurance - HUGO Life
- Equitable Life of Canada
- Foresters Financial Life Insurance
- Canada Life Insurance
- RBC Life Insurance
- Canada Protection Plan
What are the top life insurance providers in BC?
There are dozens of life insurance providers available in British Columbia. Most life insurance providers are available nationally, so the life insurance giants are a solid choice if you’re in Vancouver or buying life insurance in Ontario.
| Provider and plan | Features | Get a Quote |
|---|---|---|
| Empire Life Insurance |
| Get a quote from Empire Life |
| SunLife Insurance |
| Get a quote from SunLife |
| Beneva Insurance |
| Get a quote from Beneva |
| iA Financial Group |
| Get a quote from iA Financial |
| RBC Insurance - Term 100 |
| Get a quote from RBC |
| Manulife - Family Term and CoverMe Term Life | Family Term
CoverMe Term Life
| Get a quote from Manulife |
| Assomption Life - FlexTerm |
| Get a quote from Assomption |
| Foresters Financial |
| Get a quote from Sun Life |
| Humania Insurance - HUGO Life |
| Get a quote from Humania |
| Equitable Life of Canada |
| Get a quote from Equitable |
| Foresters financial |
| Get a quote from Foresters |
| Canada-Life - Term Life Insurance |
| Get a quote from Canada Life |
| Canada Protection Plan - Simplified Elite Term Life Insurance and Deferred Elite Term Life Insurance |
| Get a quote from Canada Protection Plan |
Do you need life insurance in BC?
It is not mandatory to have life insurance in BC. However, there are many good reasons to purchase a policy and we highly recommend it. Life insurance is a way of guaranteeing that your spouse and children, your dependents, will not experience financial difficulty if you die unexpectedly. It can also be a way to pass money on to children or grandchildren. Let's look at a couple of examples.
Example 1: For peace of mind
For example
Musa, 36, is buying life insurance in Vancouver. He is the primary earner in his family and has two small children. He is buying 25-year term life insurance. His priority is to make sure that his family would be able to cover living expenses if he unexpectedly passed away and they lost his income.
Example 2: For inheritance
For example
Hunter, 72, is buying life insurance in Victoria. Hunter has retired, and he has three adult children and six grandchildren. He has named his grandchildren as his life insurance beneficiaries. This means that when he dies they will receive a one-time tax-free payment. His priority is to make sure that the money goes straight to his grandchildren. It is his way of helping them pay for their education and enter adulthood.
Who should buy life insurance in BC?
As seen in the examples above, life insurance buyers in BC want to ensure that money goes directly to their dependants or heirs. It helps ensure that certain money is not part of your estate and instead goes tax-free to a personally chosen beneficiary.
Besides inheritance, there are other great reasons to have life insurance. Here are a few:
- Pay off a mortgage
- Clear out existing debts
- Leave money for your favorite charity
- Pay for your funeral costs
- Peace of mind that dependants will be financially secure
How much life insurance do you need in BC?
When choosing a life insurance policy, you have the option to purchase as little as $5,000 in coverage or as much as $10 million. This “death benefit” is the amount that will be paid out to your chosen beneficiary in the event of your death.
Because BC is one of the most expensive provinces to live in in Canada, you should consider purchasing a higher coverage.
Ask yourself if your dependents could continue paying the mortgage, enroll in university, and maintain their current lifestyle in your absence. Shopping for life insurance can be morbid, but consider your family’s well-being.
Good to know
Unsure how much life insurance to buy? A nice rule of thumb is to purchase a policy worth ten times your annual income.
Weigh your existing debt, dependants’ needs, mortgage payments, and family’s lifestyle. Our life insurance calculator can help you with the calculations.
Are you interested in seeing how much coverage you could get? You can do it right here. Use our free comparator below to explore the best life insurance options for you and get free personalized quotes.
Compare the best life insurance companies
How much is life insurance in BC?
Starting rates for a young buyer of term life insurance may be as little as $9 to $15 per month. On the other hand, an older buyer interested in permanent life insurance and a high death benefit may pay hundreds. The reality is that BC has a wide range of life insurance policy types and amounts. An individual's situation makes a tremendous difference in how much they will pay.
Here are some real-life quotes from a leading BC life insurance provider to give a concrete example. Prices are for 20-year term life insurance policies with $250,000 and $1 million benefits:
| Male, Non-smoker | Premium/ month ($250k) | Premium/ month ($1 million) |
|---|---|---|
| 30 years old | $20.00 | $56.00 |
| 45 years old | $50.00 | $161.00 |
| 60 years old | $254.00 | $921.00 |
| Female, Non-smoker | Premium/ month ($250k) | Premium/ month ($1 million) |
|---|---|---|
| 30 years old | $15.00 | $41.00 |
| 45 years old | $36.00 | $115.00 |
| 60 years old | $175.00 | $649.00 |
Here are a few pricing rules to keep in mind:
- The younger and healthier the buyer, the more financially accessible the policy will be.
- Women often pay less than men.
- Older buyers and those with pre-existing health issues will have fewer options.
- Higher coverage costs more.
- Term life policies trend cheaper than whole life insurance options
- Policies with an investment component offer greater flexibility in paying premiums
Here at some of the life factors that might affect your rates:
| Personal factors | Rate decrease or increase of monthly premiums |
|---|---|
| Body type | -25% to +200% |
| Depression, history of | +50% to +200% |
| Drinking | +50% |
| Driving record | +25% to +50% |
| Gender | -25% (for women) |
| Smoker | +200% |
The best way to answer this question? By comparing life insurance quotes made just for you. You can do that right here using our comparator below. Compare multiple options and get personalized quotes in no time.
Compare the best life insurance companies
Do I choose permanent life or term life insurance in BC?
Both policy types have their place and advantages. Term life insurance covers you for a certain period that is agreed upon purchase. This period is the term. Once the term ends you will need to renew the policy or shop around for a new one.
Permanent life insurance policies cover your whole life, so long as you keep paying the premiums. As there is no limit, whole life insurance guarantees a payout. As a result, the monthly premiums are higher. Let's take a look at the advantages and disadvantages below:
| Features | Term life insurance | Whole or permanent life insurance |
|---|---|---|
| Guaranteed payout | Only within the agreed term | Your premiums have cash value. This means you can choose to end the policy and withdraw your policy and whatever interest it has earned. |
| Monthly premiums | Cheaper premiums | More expensive premiums |
| When the policy expires |
| The policy does not expire |
| Versatility | If the term expires, you get nothing back | Your premiums have cash value. This means you can choose to end the policy and withdraw your policy and whatever interest it has earned. |
In conclusion, if you are younger and have no health problems you may enjoy a term life insurance policy. This allows you to provide for your dependents if you are not around. By the time the term expires, they will hopefully be financially independent and the family mortgage paid off.
Term life insurance might also be a great fit for an older person, worried about their deteriorating health, who does not want to have to take further medical exams. A guaranteed life insurance policy could cover some small debt and final expenses.
A whole life insurance policy might be best for buyers who want to ensure a payout and leave a legacy for their dependents. These policies have the added advantage of being a financial resource that can be tapped into if needed.
How do you get life insurance quotes in BC?
Use our comparison tool to get the best life insurance quotes from British Columbia’s top insurers.
Compare the best life insurance companies
Otherwise, you can get individual life insurance quotes through a BC life insurance broker or directly through financial advisors and insurance agents.
Life insurance policies vary in complexity. Term policies with low coverage amounts may be available quickly with minimally invasive medical questions. But for higher amounts and permanent life insurance policies, you can expect medical exams and comprehensive questionnaires.
Expect to answer questions about your:
- Age
- Medical history
- Family’s medical history
- Occupation
- Hobbies and lifestyle
- Smoking status
- Relationship with alcohol
- Weight
- And more
Insurers ask these sensitive questions to weigh your risk and determine premium levels.
Watch out!
Consider your options carefully. Picking the right life insurance policy has financial ramifications for you and your family now and in the future.
What are the best ways to get cheap life insurance BC plans?
Here are some tips on how to save on your life insurance in British Columbia:
- Buy young - lock in rates when you are still in your 20s, 30s, or 40s, and in good health.
- Buy what you need - term life insurance might be enough for you and your family. Understand what you are buying and weigh what is necessary versus what is just nice to have.
- Ask for member discounts: You may be eligible for a discount as a member of a professional or alumni organization.
- Bundling: Combining a life insurance policy with critical illness or disability insurance is often cheaper than buying the policies separately from different providers.
- Quit smoking: smoking drives life insurance rates up dramatically as it correlates with worse health outcomes and greater risk.
- Compare providers: There are so many plans out there, that picking the right one isn't always easy. Try comparing life insurance quotes for multiple plans and speaking with a life insurance agent for guidance.
You can do all this right here using our free comparator below. Shop for multiple plans and get top deals from Canada's best life insurance companies right here.
Compare the best life insurance companies
Is life insurance taxable in British Columbia?
When speaking about taxes, we always recommend speaking with a tax professional.
Life insurance premiums in British Columbia are taxed at 2%. A death benefit paid to a named beneficiary is not taxable. It is considered an inheritance or gift. An exception to this rule is if they receive interest earnings on the policy. This can happen with some permanent life insurance policies or if they choose to receive the benefits in installments rather than as a single lump sum.
On the other hand, closing or tapping into your permanent life insurance policy may be taxable. You should not owe taxes on the portion of the policy’s accumulated cash value made up of your premiums. But, the above-basis amount from earned interest is taxable.
Expert advice
If your policy earns interest, the life insurance company should provide you or your beneficiaries with a T5 Statement of Investment Income.
Can I get no medical life insurance in BC?
Many providers offer British Columbians guaranteed acceptance life insurance. These policies are term life insurance options available up to a specific age limit. For example, TD Guaranteed Acceptance Life Insurance accepts people between the ages of 50 and 75. Manulife’s CoverMe Guaranteed Issue Life Insurance accepts those between 40 and 75.
The biggest downside to these policies is lower coverage limits. Many of them only go up to $25,000. RBC and the Canada Protection Plans Guaranteed Acceptance Life Insurance are outliers that allow up to $40,000 and $50,000 coverage amounts.
Good to know
These plans can make sense to the right kind of buyer. In many other cases, though, it is worth going through the trouble of a medical questionnaire and exam to access a policy with a higher limit.
What is the Insurance Council of BC?
The Insurance Council of British Columbia, or ICBC, is the province’s regulatory body for insurance. It operates under the Financial Institutions Act and exists to protect the public.
The council sets standards for licensing and educating BC’s insurance agents, adjusters, salespeople, and other insurance professionals. It also has the authority to investigate consumer complaints and discipline bad actors.
The ICBC can also provide some consumer advice. It can help if you think that your provider has not treated you fairly. They cannot, however, help contest a life insurance beneficiary. To do this you will need to seek professional legal advice.
Expert advice
You can verify if your life insurance policy provider is licensed in British Columbia on the ICBC website.
How do I get mortgage life insurance in BC?
British Columbians aren’t required to purchase mortgage life insurance, but “life insurance for a mortgage” policies can make sense for some buyers.
Mortgage life insurance works like term life insurance in that policies last for a specific term. In this case, they match the policyholder's mortgage term. The insurance covers the remainder of a mortgage balance should they pass away before paying it off.
Mortgage life insurance protects a family’s home. Unlike a traditional life insurance policy, the beneficiary is the mortgage lender. It still benefits the buyer’s dependants by providing them with a paid-off mortgage on the family home.
The biggest advantage of this type of policy is that it generally requires less medical information than a typical term or whole life insurance policy.
Let’s look at an example of why someone might prefer this type of coverage:
For example
Ramesh is a 43-year-old software engineer in Surrey, BC. He is married and has two young children. They live in a 3-bedroom detached single-family home. The home cost them $1.2 million and an almost $1 million mortgage. As the family’s primary breadwinner, he wants to be sure that his children and partner can stay in the home should something happen to him.
He settles on a mortgage life insurance policy rather than a term life insurance policy because his high blood pressure and a history of heart disease in his family drive up the prices of his quotes. He is more comfortable with the cheaper mortgage life insurance quotes he receives.
