Best life insurance in Alberta in 2025: 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 Albertans invest more in life insurance than residents of any other province, with policies averaging an impressive $562,000? This highlights how Alberta life insurance plays a crucial role in securing financial stability and peace of mind for families.
By offering a tax-free payout to your loved ones, life insurance can help you create a lasting legacy or build a cash-value estate. Whether you're just starting to explore life insurance, looking to switch providers, or searching for the right policy, we’re here to guide you every step of the way.
In this guide, we’ll walk you through how life insurance in Alberta works, including coverage options, costs, how to get the most affordable rates, and the best plans available. Plus, with our free comparison tool, you can easily explore the best life insurance Alberta plans and get personalized quotes—ensuring you find the perfect policy to meet your needs.
Life Insurance in Alberta: Key Points
- Life insurance provides a tax-free lump sum to your beneficiaries.
- Term life insurance is ideal for temporary needs like mortgages.
- Permanent life insurance offers lifelong coverage and cash value growth.
- A 30-year-old non-smoker can get a $500,000 term policy for $20–$30/month
- Permanent policies start around $150/month.
- No medical exam insurance for seniors and those with medical concerns.
- Enhance your policy with riders like critical illness, AD&D, or child term insurance.
- Compare multiple life insurance quotes for the best rates.
Our ranking of the best life insurance Alberta plans in 2025
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.
| Best Life Insurance Alberta Canada | Key Features | Get a free quote |
|---|---|---|
| Sun Life Life Insurance |
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| Beneva |
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| iA Life Insurance |
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| RBC Life Insurance |
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| Manulife Life Insurance |
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| Empire Life Insurance |
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| Assumption Life Insurance |
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| Equitable Life Insurance |
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| Foresters Life Insurance |
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| Humania Life Insurance |
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| Canada Life Insurance |
Participating whole life insurance
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| BMO Life Insurance |
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| Canada Protection Plan Life Insurance |
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| UV Insurance Life Insurance |
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| Ivari Life Insurance |
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| Desjardins Life Insurance |
| Consult Desjardin's Website |
| Wawanesa Life Insurance |
| Consult Wawanesa's Website |
| TD Life Insurance |
| Consult TD Insurance Website |
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 your options, you can use our free comparator at the top of this page and explore the best life insurance products offered by popular providers right here. Compare plans and get free personalized quotes in no time.
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 choosing a life insurance policy worth at least 10 times your annual income, especially if you have dependents. This ensures your family can maintain their lifestyle and cover expenses like debts or mortgages in your absence.
In Alberta, life insurance coverage ranges from $5,000 to over $10 million, allowing you to tailor a policy to your needs. Use the HelloSafe life insurance calculator to determine the right amount for your situation.
Example of ideal life insurance Alberta coverage
Let’s say you earn $80,000 annually, have a $300,000 mortgage, $50,000 in other debts, and want to provide 15 years of financial support for your family. Additionally, you estimate $200,000 for your children’s education. Using this formula:
Coverage Amount = (Annual Income × Years of Support) + Debts + Future Expenses
($80,000 × 15) + $350,000 + $200,000 = $1,750,000
In this case, you’d need a policy of approximately $1.75 million to fully cover your family's needs.
Tips for choosing the right amount of coverage
- Consider Your Financial Obligations: Include your mortgage, loans, and any future expenses like college tuition or retirement funds.
- Think About Income Replacement: Aim to replace your income for the years your family will need support, especially if you have young children.
- Adjust for Savings and Assets: Subtract any savings, investments, or existing insurance policies that could offset costs.
- Customize for Your Situation: If you’re single with no dependents, you might need less coverage—just enough to cover debts and final expenses.
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.
Alberta Life Insurance Cost 2025: Examples
For reference, here are Alberta life insurance quotes for 20-year term policies with $250,000 and $1 million in coverage:
| Male, Non-smoker | Premium/ month ($250k) | Premium/ month ($1 million) |
|---|---|---|
| 30-year-old female | $15 | $41 |
| 30-year-old male | $20 | $56 |
| 45-year-old female | $36 | $115 |
| 45-year-old male | $50 | $161 |
| 60-year-old female | $175 | $649 |
| 60-year-old male | $254 | $921 |
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. Compare plans and get multiple free personalized quotes.
Factors affecting Alberta life insurance rates
There are several factors that influence life insurance costs in Alberta and elsewhere. They are:
- Age: Younger applicants pay lower premiums.
- Health: Medical history and lifestyle impact rates.
- Coverage Amount: Higher coverage leads to higher premiums.
- Policy Type: Term life is more affordable than permanent life insurance.
- Smoking Status: Non-smokers enjoy significantly lower premiums.
- Occupation: High-risk jobs may result in higher rates.
- Gender: Women often pay lower premiums due to longer life expectancy.
- Riders or Add-ons: Additional benefits, like critical illness coverage, increase costs.
What types of life insurance are available in Alberta?
There are two main types of life insurance available in Alberta: Term Life Insurance and Permanent Life Insurance. Here's a breakdown of their features:
Key Features of Life Insurance in Alberta
- Term Life Insurance:
- Provides coverage for a specific period (e.g., 5, 10, 20, or 25 years).
- Payout occurs only if the policyholder passes away during the term.
- Affordable and ideal for younger individuals or those with temporary financial needs like mortgages or raising children.
- Example: A 35-year-old parent can get a $500,000 policy for 20 years to ensure their kids are financially supported if anything happens to them.
- Permanent Life Insurance:
- Offers lifelong coverage as long as premiums are paid.
- Includes a cash value component, which can grow over time (e.g., in whole life policies).
- Suitable for estate planning, leaving a legacy, or covering lifelong financial needs.
- Example: A 50-year-old may choose a $250,000 whole life policy to cover funeral costs and leave an inheritance for their grandchildren.
Good to know
Permanent life insurance offers two key subtypes tailored to different needs: Whole Life Insurance and Universal Life Insurance. Whole life insurance provides a guaranteed death benefit along with a cash value component that grows steadily over time. Universal life insurance, on the other hand, combines lifelong coverage with flexibility, allowing you to adjust premiums and coverage amounts. It also includes an investment component, allowing you to grow your wealth alongside your protection.
Comparison Table: Term Life vs. Permanent Life Insurance in Alberta
| Feature | Term Life Insurance Alberta | Permanent Life Insurance Alberta |
|---|---|---|
| Coverage Duration | Fixed term (e.g., 10, 20, 30 years) | Lifelong as long as premiums are paid |
| Premiums | Lower, increase with renewal | Higher but fixed for life |
| Cash Value | ||
| Ideal For | Temporary needs (e.g., mortgages, income replacement) | Estate planning, leaving a legacy |
| Payout | Only if death occurs during the term | Guaranteed payout upon death |
| Flexibility | Limited | Flexible premiums and potential investment options (universal life) |
| Examples | Young families securing mortgage coverage | Seniors planning inheritance and final expenses |
Expert advice
- Younger individuals: Opt for term life insurance to cover temporary needs like mortgages and raising children.
- Older individuals: Consider permanent or guaranteed issue policies to ensure lifelong protection and cover final expenses.
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. You'll need to enter basic information on your age, coverage required, and primary health information. Receive and compare multiple personalized quotes from Canada's best companies in no time with our comparator.
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?
Life insurance in Alberta doesn’t have to break the bank. Here are some practical ways to save on premiums while securing the coverage you need:
- Opt for Term Life Insurance: Term life insurance is more affordable than permanent options. For instance, a healthy 30-year-old might pay just $20/month for a $500,000 term policy, compared to $150/month for a similar permanent policy.
- Buy Early: Lock in lower premiums by purchasing life insurance while you're young and healthy. A 25-year-old can secure a 20-year term policy at a fraction of the cost a 45-year-old would pay for the same coverage.
- Choose a Longer Term: Longer terms allow you to lock in rates for years, avoiding increased premiums as you age. For example, a 20-year term policy can keep your rates stable until your children are financially independent.
- Maintain a Healthy Lifestyle: Insurers reward good health with lower premiums. Quit smoking, manage your weight, and maintain an active lifestyle to get better rates. For instance, a non-smoker could save up to 50% compared to a smoker on the same policy.
- Compare Multiple Providers: Don’t settle for the first quote. Use tools like our free comparator to explore rates from different insurers and find a policy that fits your budget and needs.
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 requires 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.
