Best life insurance Alberta plans in 2024: Free quotes
- 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.
- Level premiums throughout the chosen term duration
- Option to have Preferred and Elite rates
- Exchange privilege within the first 7 contract years
Empire Life's Solution Series of term life insurance offers a versatile range of products tailored to meet varying coverage needs, including the Solution 10, 15, 20, 25, and 30 plans. These products are designed to provide financial protection for specific periods ranging from 10 to 30 years, with guaranteed renewal options and premiums that are stable for the duration of the selected term. They are particularly suited to individuals seeking coverage for temporary needs such as debt coverage, mortgage protection, and family income replacement during crucial earning years. The ability to convert these term plans into permanent policies up to age 75 adds flexibility for changing long-term needs, making them an excellent choice for those who anticipate evolving insurance requirements.
- Terms of 10, 15, 20, 25, and 30 years cater to diverse needs and budgets.
- Stable premiums for the length of the chosen term provide predictable costs.
- Ability to convert to permanent life insurance up to age 75.
- Automatic renewal features ensure continuous coverage without requalification.
- Preferred and Elite premium rates offer potential savings for healthier individuals.
- Conversion options and optimal premium rates have age limits.
- Coverage beyond the initial term can become costly, especially as one ages.
- Best rates require meeting specific health standards, potentially excluding some individuals.
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 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
Our ranking of the best life insurance Alberta plans in 2024
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 plan | Features | Get a Quote |
|---|---|---|
| Empire Life Insurance |
| Get a quote from Empire Life |
| SunLife Insurance |
| Get a Sun Life Quote |
| Beneva Insurance |
| Get a Beneva Quote |
| iA Financial Group |
| Get a quote from iA Financial |
| 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 |
| RBC Insurance - Term 100 |
| Get a quote from RBC |
| 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 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
For example
Joanne, 34, is buying term life insurance in suburban Calgary. She is married and has two small children. Both she and her partner Tom, 35, work full-time and are paying off their 4-bedroom single-family home. Her priority is ensuring that her family would be able to cover living expenses if she or Tom unexpectedly passed away and they lost half of their income. She settles on a 25-year term life insurance policy with a $1 million benefit. That will ensure that the surviving partner can continue living in the house and that the children will be provided for until their independent adults.
Example 2: For investment
For example
Blanche, 48, is a successful small business owner. Her priority is investing so she can leave something for her family and a sizeable donation to her local food pantry. She decides on a whole life insurance policy with a $2 million death benefit. As a healthy, affluent, and relatively young buyer, the policy fits into her budget. She loves that she can leave a guaranteed benefit behind. An added benefit? She can tap into the policy if her business has a few lean years.
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.
Compare the best life insurance companies
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-smoker | Premium/ month ($250k) | Premium/ month ($1 million) |
|---|---|---|
| 30 years old female | $15.00 | $41.00 |
| 30 years old male | $20.00 | $56.00 |
| 45 years old female | $36.00 | $115.00 |
| 45 years old male | $50.00 | $161.00 |
| 60 years old female | $175.00 | $649.00 |
| 60 years old male | $254.00 | $921.00 |
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
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 insurance | Term | Premium | Our verdict |
|---|---|---|---|
| Term life insurance | Limited term: usually between 10 and 30 | Cheaper premiums, especially if you are young and healthy. |
|
| Permanent life insurance | Covers you until the end of your life | Guaranteed payout means much higher premiums |
|
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
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:
- Purchase term life insurance instead of the more expensive permanent life insurance.
- Buy life insurance while you are young and healthy, as premiums tend to increase with age and declining health.
- Choose a policy with a long term. Longer terms let you lock in the lower premiums for years.
- 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.
- 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:
For example
Jianguo is a 48-year-old financial advisor in Edmonton. He is married and has a young son. They live in a downtown condo worth $700,000 that required a large mortgage. As the family's primary breadwinner, he wants to know that his family can keep their home if something ever happens to him. He chooses a mortgage life insurance policy because he is concerned that his existing cardiac arrhythmia will make finding a traditional life insurance policy too difficult and expensive. Mortgage life insurance offers him the assurance he needs at a price that makes sense for his family.
