Best life insurance Alberta plans in 2023: Free quotes

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Did you know that Albertans, on average, invest more in life insurance with policies valued at $562,000, surpassing other provinces?

With a youthful median age of 38, many are recognizing the importance of life insurance for supporting dependents, ensuring a debt-free legacy, and effective estate planning. So if you're new to life insurance, or still don't have a life insurance Alberta plan, or looking to change your provider, we got you.

In this guide, we take you through how life insurance Alberta plans work, their coverage, costs, and the best plans. You can use our free comparator tool to explore the best life insurance Alberta plans and get free personalized quotes, so you can buy a plan that truly fits your needs.

Best life insurance Alberta plans 2023

  1. Manulife Life Insurance - Family Term and CoverMe Term Life
  2. iA Financial Group Life Insurance
  3. Empire Life Insurance
  4. Assomption Life - FlexTerm
  5. Sun Life - SunSpectrum Term Life Insurance
  6. Humania Insurance - HUGO Life
  7. Equitable Life of Canada
  8. Foresters Financial Life Insurance
  9. Canada Life Insurance
  10. RBC Life Insurance
  11. Canada Protection Plan

Our ranking of the best life insurance Alberta plans in 2023

While the best life insurance depends on factors like age, health, and personal financial goals and budgets, here are some of the best life insurance companies in Canada providing comprehensive coverage options with the best prices.

Provider and planFeaturesGet a Quote
Manulife - Family Term and CoverMe Term Life
Family Term
  • Up to $20,000,000 coverage
  • Age at issue: 18 to 60
  • Premium options: 10 years, 20 years, to age 65, or for life
  • Best for business and family protection, cash advance for terminal illness
  • Free access to Manulife Vitality benefits, and bereavement counseling coverage

CoverMe Term Life
  • Up to $1,000,000 coverage
  • Age at issue: 18 to 70?
  • Premium options: 10 years
  • Renewable up to age 85 with no medical questions
  • Tax-free lump-sum payout
  • Guaranteed rates for 10 years
Get a quote from Manulife
iA Financial Group
  • Up to $10,000,000 coverage
  • Age at issue: 0 to 70
  • Premium options: 10 to 40 years
  • Fixed or decreasing insurance amount, fixed premiums
  • Option to convert to permanent life insurance without medical evidence
Get a quote from iA Financial
Empire Life Insurance
  • Up to $10,000,000 coverage
  • Age at issue: 18 to 75
  • Premium options: Depending on the chosen contract
  • Level premiums throughout the chosen term
  • Option for Preferred and Elite rates
  • Exchange privilege within the first 7 contract years
Get a quote from Empire Life
Assomption Life - FlexTerm
  • Up to $10,000,000 coverage
  • Age at issue: 18 to 75
  • Premium options: 10, 15, 20, 25, 30, or 35 years
  • Available as level and decreasing term life insurance
  • Automatic renewal until 90 years old
  • Convertible until 75 years old
Get a quote from Assomption
Foresters Financial
  • Up to $15,000,000 coverage
  • Age at issue: 18 to 69
  • Premium options: 10, 15, 20, or 30 years
  • From 30 to 60 years old only
  • Guaranteed premiums
  • Option to convert the policy to permanent insurance before age 75
  • Ideal for business owners
Get a quote from Sun Life
Humania Insurance - HUGO Life
  • Up to $5,000,000 coverage
  • Age at issue: 18 to 70
  • Premium options: 10, 15, 20, 25, 30, 80 years, or T100
  • Customized pricing with no automatic requirements
  • Online product, paperless with no proposal signature
  • Two renewal options
Get a quote from Humania
Equitable Life of Canada
  • Coverage up to$ 2,500,000
  • Age at issue: From 18 to 75 years old
  • Premium options10, 20, or 30 years, up to 65 years
  • Fixed premiums for the term duration
  • Conversion option to a permanent product
  • Option to convert from a Term 10 to a Term 20

Get a quote from Equitable
Foresters financial
  • Coverage up to$ 500,000
  • Age at issue: From 18 to 65 years old
  • Premium options10 years
  • Accidental death coverage
  • Child term insurance
  • Disability exemption
Get a quote from Foresters
Canada-Life - Term Life Insurance
  • Up to $20,000,000 coverage
  • Age at issue: 15 to 85
  • Premium options: Fixed prices for the whole duration of the contract
  • Competitive pricing
  • Right to convert to Permanent Life Insurance
  • Guaranteed fixed premiums
Get a quote from Canada Life
RBC Insurance - Term 100
  • Up to $10,000,000 coverage

  • Age at issue: 18 to 85
  • Premium options: For life
  • Several options according to your lifestyle
  • Survivor option available
  • Non-taxable benefit
Get a quote from RBC
Canada Protection Plan - Simplified Elite Term Life Insurance and Deferred Elite Term Life Insurance
  • Coverage options include $350,000 and $500,000
  • Age at issue: 18 to 70
  • Premium options: 10, 20, or 25 years
  • No medical requirements
  • Protection amount does not decrease, fixed premiums
Get a quote from Canada Protection Plan
Best life insurance Alberta plans

Do you need life insurance in Alberta?

There are many good reasons to get a policy. Life insurance can provide financial support for your loved ones if you pass away unexpectedly. It is one popular method to leave an inheritance for children or grandchildren. Permanent life insurance policies offer another big advantage — they can be borrowed from in life. Let's look at a few examples.

Example 1: For peace of mind

Example 2: For investment

If you want to take a quick look at what your options are, you can use our free comparator below and explore the best life insurance products offered by popular providers right here. Compare plans and get free personalized quotes in no time.

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Who should buy life insurance in Alberta?

Most Albertans can benefit from some type of life insurance. If you’re concerned about the financial well-being of your dependents consider purchasing life insurance. Because beneficiaries of a life insurance policy get the benefit directly, they’re able to spend it in any way they choose. This includes essentials like:

  • Financial support
  • Funeral costs
  • Mortgage payments
  • Paying off existing debts
  • Leaving money for charity
  • Tuition

This can offer the policyholder valuable peace of mind knowing that their dependents will be provided for.

How much life insurance do you need in Alberta?

Experts recommend purchasing a life insurance policy worth at least ten times your annual income in Alberta, especially if you have dependents.

This can ensure your family can maintain their lifestyle and pay off any debt or mortgage in the event of your passing. You can use the HelloSafe life insurance calculator to help determine the right amount of coverage for your needs. 

Life insurance policies in Alberta range from $5,000 to more than $10 million, so you can choose a policy that fits your situation. 

How much is life insurance in Alberta?

The cost of life insurance in Alberta varies depending on the type and amount of coverage you choose. Term life insurance premiums for young buyers start at less than $20 per month but increase depending on the buyer's age or the type of insurance policy.

Permanent life insurance for older buyers with high coverage amounts is much more expensive. It is best to compare personalized quotes from different insurance providers to determine the cost of a policy that fits your needs.

For reference, here are quotes for 20-year term life insurance policies with $250,000 and $1 million in coverage:

Male, Non-smokerPremium/ month
Premium/ month
($1 million)
30 years old female
30 years old male
45 years old female
45 years old male
60 years old female
60 years old male
Alberta life insurance quotes for non-smokers

These quotes are for illustrative purposes and may not reflect your rates. Comparing quotes from multiple insurance providers is the best way to find a policy for your needs and budget. You can do it right here using our free comparator below. Compare plans and get multiple free personalized quotes.

Compare the best life insurance companies

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What types of life insurance are available in Alberta?

Two main types of life insurance are available in Alberta: term and permanent. Term life insurance provides coverage for a specific period, such as 5, 10, 20, or 25 years. It only pays out if the policyholder passes away while the policy is active.

Permanent life insurance, on the other hand, pays out whenever the policyholder passes away as long as the policy is in good standing. It is more expensive and often has stricter enrollment criteria.

Permanent life insurance can be further divided into the subtypes of whole life insurance and universal life insurance. Universal life insurance includes an investment component. The amount of coverage and type of life insurance that is right for you will depend on your situation. Compare quotes from different insurance providers to find a policy that fits your needs and budget.

Type of life insuranceTermPremiumOur verdict
Term life insurance
Limited term: usually between 10 and 30Cheaper premiums, especially if you are young and healthy.
  • The best choice for those who will have no problem passing a medical exam.
  • Great for young buyers who want coverage while they pay off a mortgage or raise minor children.
Permanent life insurance
Covers you until the end of your lifeGuaranteed payout means much higher premiums
  • Premiums don't rise with age so this is a good option for older people or people with preexisting conditions.
  • A more complex product that offers investment opportunities and the ability to make withdrawals from the Cash Surrender Value in life.
Term life insurance vs permanent life insurance Alberta

Term life insurance is a good option for younger individuals without health problems. It’s inexpensive and gives peace of mind that the policyholder’s dependents would be cared for financially in the event of their passing. For older individuals who do not want to undergo additional medical exams, a guaranteed life insurance policy may be a good option. It can offer enough to cover funeral expenses and remaining debt. 

Whole life insurance, on the other hand, can provide a guaranteed death benefit while also providing a financial resource in life. It is a good choice for those who want to leave a legacy for their dependents while giving themselves greater financial flexibility. For Alberta life insurance quotes and to find the right policy for your needs, compare life insurance providers now.

How do you get Alberta life insurance quotes?

To get life insurance quotes in Alberta, use our comparison tool to get quotes from more than 20 insurance providers. 

Compare the best life insurance companies

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You can also contact Alberta life insurance brokers or financial advisors who can help you find a policy that fits your needs.

When applying for life insurance, you may be required to undergo a medical exam. At least expect to answer potentially sensitive questions about your:

  • Age
  • Medical history
  • Family’s medical history
  • Occupation
  • Hobbies and lifestyle
  • Smoking status
  • Relationship with alcohol
  • Weight
  • And more

This information determines your risk profile and the premium for your policy. Carefully consider your options and choose a policy that provides adequate coverage for your family.

What are ways to get cheap Alberta Life insurance plans?

Here are a few tips for saving on life insurance premiums in Alberta:

  1. Purchase term life insurance instead of the more expensive permanent life insurance.
  2. Buy life insurance while you are young and healthy, as premiums tend to increase with age and declining health.
  3. Choose a policy with a long term. Longer terms let you lock in the lower premiums for years.
  4. Maintain a healthy lifestyle. Your health affects the cost of your life insurance. Quit smoking, eat a healthy diet, and exercise regularly to improve your health before shopping for life insurance quotes. 
  5. Finally, shop around. Compare quotes from multiple insurance providers to find the best rate for your needs. You can simply use our free comparator at the top of this page and get results in no time.

Is life insurance taxable in Alberta?

In Alberta, life insurance premiums are taxed at a rate of 3%.

Death benefits paid to a named beneficiary are generally not taxable, as they are considered an inheritance or gift by the Canada Revenue Agency (CRA).

Be aware that there are exceptions to this rule. If the life insurance policy earns interest, that interest may be taxable. In this case, the life insurance company should provide a T5 Statement of Investment Income to the policyholder or beneficiaries.

Closing or accessing the cash value of a permanent life insurance policy may also be taxable. The portion of the policy's cash value that is made up of the policyholder's premiums is generally not taxable, but any above basis earnings usually are.

Expert advice

We always recommend speaking with a tax professional for specific advice on the tax implications of life insurance in Alberta.

Can I get no medical life insurance in Alberta?

No medical life insurance is available in Alberta. Many life insurance providers in the province offer guaranteed acceptance life insurance policies, which do not require a medical exam or extensive questionnaire. These policies are only available to applicants within a certain age range, usually between 40 and 75 years old.

The major downside of no medical life insurance is that they have lower coverage limits compared to traditional plans. For example, many guaranteed acceptance life insurance policies are limited to $25,000 in coverage. A few allow for coverage up to $50,000. That’s a longshot from the $5+ million coverage available with an exam, but it is enough to cover funeral costs and final expenses. 

While no medical life insurance can be a convenient option for some people, it is not the most competitive choice. In many cases, going through the process of a medical exam or answering a questionnaire can help you access higher coverage limits and better rates.

What is the Alberta Insurance Council?

The Alberta Insurance Council works to protect Albertans by licensing, educating and enforcing standards for the province’s insurance professions. Insurance consumers benefit by working with licensed and regulated insurance agents, brokers and adjusters.

Should something ever go wrong, consumers in Alberta can register complaints and compliance inquiries to the AIC. Just leave a message through their online form. 

Good to know

Would you like to confirm that an agency or broker that you’re working with is licenced? The AIC makes it easy to check.

How do I get mortgage life insurance in Alberta?

Mortgage life insurance, sometimes called "life insurance for a mortgage", can be beneficial for some homebuyers. Like term life insurance, mortgage life insurance policies last for a set term, typically the length of the policyholder's mortgage. If the policyholder dies during the term of the policy, the insurance company pays off the remaining balance of the mortgage. This leaves the beneficiaries with a paid-off home they can continue to live in. 

One advantage of mortgage life insurance is that it typically requires less medical information than other types of life insurance. For example, someone with a pre-existing health condition may find it easier to obtain mortgage life insurance than a traditional term or whole life policy.

Let's look at an example of why someone might prefer this type of coverage:

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Alexandre Desoutter

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.

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