Best life insurance in Alberta in 2025: Free quotes

Coverage type
Term Life Insurance
I live in
Alberta
Age at issue
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Coverage type
Term Life Insurance
I live in
Alberta
Age at issue
Insurance company
Amount coverage
Features
Policy Highlights
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Recommended Offer
Amount coverage
Up to$ 10,000,000
Age at issue
From 18 to 75 years
Premium options
10, 15, 20, 25, 30, or 40 years
Additional coverages
7
Age at issue
From 18 to 75 years
Premium options
10, 15, 20, 25, 30, or 40 years
Additional coverages
7
Flexible insurance for your family
  • Fixed premiums for the term duration
  • Option to renew the contract from the 5th year
  • Fixed or decreasing insured capital
  • Fixed premiums for the term duration
  • Option to renew the contract from the 5th year
  • Fixed or decreasing insured capital
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Our detailed review

Beneva's Term Life Insurance offers a flexible and affordable way to secure financial protection for dependents, making it particularly attractive for first-time buyers or those managing a tight budget. Coverage is available up to $10 million, with term lengths of 10, 15, 20, 25, 30, or even 40 years, and eligibility spans from ages 18 to 75. One of its key strengths lies in its adaptability: policyholders can switch to a longer term or even to permanent insurance without undergoing a new medical exam within the first five years. Customers can also choose between fixed or decreasing benefit structures, depending on their evolving needs. Premiums stay constant during the initial term, simplifying financial planning, although they may rise upon renewal. Additional features include optional riders like critical illness coverage and disability waivers. However, while the product is solid and backed by Beneva’s 75 years of industry experience, its online resources are relatively sparse, potentially requiring more direct interaction with an advisor to fully understand all options.

Ideal profile: This policy is best suited for young professionals, new parents, and individuals taking on major financial obligations like mortgages or business loans who need affordable, predictable protection over a defined period. It also appeals to those who value future flexibility without the risk of repeated health underwriting.

Read our detailed review
  • Very broad choice of terms, from 10 to 40 years, adapting to many life stages
  • Premiums remain fixed during the term, helping with predictable budgeting
  • Option to switch to a longer term or permanent insurance without a new medical exam
  • Choice between fixed and decreasing capital based on personal financial strategies
  • Add-ons like critical illness or disability coverage can further customize protection
  • Beneva's extensive experience (over 75 years) adds a layer of credibility and stability
  • Premiums may increase substantially upon renewal after the initial term
  • Decreasing benefit may not meet long-term protection needs for everyone
  • Limited information available online, requiring direct consultation for complex cases
Recommended Offer
Age at issue
From 20 to 60 years old
Premium options
10, 15, 20 or 30 years
Additional coverages
7
Age at issue
From 20 to 60 years old
Premium options
10, 15, 20 or 30 years
Additional coverages
7
  • Guaranteed premiums
  • Option to convert the policy to permanent insurance at any time before age 75
  • Ideal for business owners
  • Guaranteed premiums
  • Option to convert the policy to permanent insurance at any time before age 75
  • Ideal for business owners
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SunSpectrum Term Life Insurance from Sun Life offers a flexible and robust term life solution with term lengths of 10, 15, 20, or 30 years, accommodating a variety of short- to medium-term protection needs such as income replacement, debt coverage, or business continuity planning. Policies are available to applicants aged 30 to 60, with coverage amounts reaching up to an impressive $15 million, ensuring substantial financial protection. A standout feature is the guaranteed premium structure, providing cost predictability throughout the initial term, and the built-in option to convert the policy to permanent insurance without medical requalification before the insured's 75th birthday—an attractive benefit for those wanting lifetime coverage eventually. Additionally, the plan includes living benefits for terminal illnesses and disability waivers, catering to both personal needs and business applications, such as key employee coverage. However, it is important to note that premiums can rise sharply after the initial term, and conversion opportunities diminish with age, necessitating careful timing and planning.

Ideal Profile: This product is especially well-suited for business owners needing succession planning, middle- to high-income professionals seeking high coverage amounts for family security, and individuals aiming for flexibility now with the possibility of permanent coverage later. It is also a strategic fit for those who prioritize guaranteed insurability without future medical exams.

Read our detailed review
  • Guaranteed premiums and ease of conversion to permanent insurance
  • High coverage limits up to $15 million accommodating major financial responsibilities
  • Flexible term options (10, 15, 20, or 30 years) to suit different planning horizons
  • Living benefits included for terminal illness and total disability
  • Tailored add-ons for personal and business needs, such as child and partner protection benefits
  • Significant premium increases after the initial term
  • Fewer conversion and longer-term options available as the insured ages
  • Complex range of options requiring careful matching to specific needs
Age at issue
From 18 to 75 years old
Premium options
10, 15, 20, 25 or 30 years
Additional coverages
Contact the insurer
Age at issue
From 18 to 75 years old
Premium options
10, 15, 20, 25 or 30 years
Additional coverages
Contact the insurer
10% couple’s discount in the first year
  • Cancel anytime without fees or penalties
  • 30-day grace period for missed payments
  • Beneficiaries get 100% of the payout, tax-free
  • Cancel anytime without fees or penalties
  • 30-day grace period for missed payments
  • Beneficiaries get 100% of the payout, tax-free
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PolicyMe Term Life Insurance stands out as a streamlined and highly cost-effective solution for Canadians seeking straightforward life insurance coverage. Offering coverage amounts from $100,000 up to $5 million and term durations of 10, 15, 20, 25, or 30 years, PolicyMe targets individuals and families wanting affordable, predictable protection without unnecessary complexity. Rates are locked in for the full duration of the policy, helping clients plan with confidence. The 100% online process enables immediate approval, making it accessible to a wide audience, especially tech-savvy users. Added perks such as no cancellation fees, a 30-day grace period for missed payments, and a complimentary child coverage feature enhance its appeal. A notable 10% discount for couples in the first year encourages joint applications. However, the lack of deep customization options and the exclusively digital service model might not suit those who value personalized advice or face-to-face interactions, which remain common preferences in the Canadian insurance market.

Ideal profile: PolicyMe is an excellent fit for young to middle-aged adults, digital natives, and cost-conscious families who want reliable term life insurance without the hassle of dealing with brokers. It’s particularly suitable for those who prioritize speed, simplicity, and managing their insurance policies independently online.

Read our detailed review
  • Affordable rates offering up to 20% savings compared to traditional insurers
  • Wide range of term options (10 to 30 years) for different life stages
  • Immediate online approval process with no medical exam in many cases
  • Free child coverage and a first-year 10% couple’s discount
  • No fees or penalties for cancelling the policy at any time
  • Entirely online interaction may not appeal to those who prefer personal consultation
  • Limited customization of coverage options compared to full-service insurers
Age at issue
From 0 to 70 years old
Premium options
From 10 to 40 years
Additional guarantees
12
Age at issue
From 0 to 70 years old
Premium options
From 10 to 40 years
Additional guarantees
12
Ideal as mortgage protection
  • Fixed or decreasing insurance amount
  • Fixed premiums and guarantees
  • Option to convert to permanent life insurance without medical evidence
  • Fixed or decreasing insurance amount
  • Fixed premiums and guarantees
  • Option to convert to permanent life insurance without medical evidence
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Pick-A-Term from iA Financial Group is a highly flexible term life insurance solution designed to meet the evolving needs of individuals and families across different life stages. Offering term options from 10 to 40 years, it aligns perfectly with financial obligations such as mortgages, education funding, or business needs. The product guarantees fixed premiums for the chosen term, simplifying budgeting and financial planning. Additionally, policyholders have the option to renew coverage annually or convert to permanent insurance without requiring new medical evidence, providing valuable adaptability as circumstances change. It also includes access to additional benefits like critical illness and disability coverage for more comprehensive protection. However, at renewal, premiums can increase sharply, and the decreasing benefit option may not be suitable for those needing stable, predictable coverage. The wide array of optional features, while a strength, could overwhelm clients unfamiliar with life insurance choices.

Ideal profile: Pick-A-Term is ideal for young families, professionals, and pre-retirees seeking flexible, cost-effective coverage tied to specific financial milestones, such as paying off a mortgage or raising children. It’s perfect for those who prioritize simplicity upfront but may want the option to secure lifetime coverage later without new health checks.

Read our detailed review
  • Wide selection of term durations (10 to 40 years) for customized financial protection
  • Guaranteed premiums within the term for budgeting predictability
  • Easy conversion to permanent life insurance without a new medical exam
  • Renewable annually after term expiration, maintaining access to protection
  • Access to optional critical illness and disability coverage for added security
  • Renewal premiums can be significantly higher than initial premiums
  • Decreasing benefits option may not suit clients who need stable coverage
  • Broad range of optional features could complicate decision-making for some applicants
Amount coverage
Up to$ 25,000,000
Age at issue
From 18 to 70 years old
Premium options
From 10 to 40 years
Additional coverages
3
Age at issue
From 18 to 70 years old
Premium options
From 10 to 40 years
Additional coverages
3
  • Flexible offer
  • Policy convertible to permanent insurance
  • Several optional guarantees available
  • Flexible offer
  • Policy convertible to permanent insurance
  • Several optional guarantees available
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Our detailed review

YourTerm Life Insurance from RBC offers a flexible and accessible term insurance solution designed for Canadians aged 18 to 70 seeking affordable, predictable protection for key financial stages. With terms ranging from 10 to 40 years and coverage amounts between $50,000 and $25 million, the policy is versatile enough to cover everything from personal debts to substantial family or business needs. Premiums are guaranteed to remain constant for the duration of the chosen term, supporting easier budget planning. An important feature is the ability to convert to a permanent policy without further medical underwriting, ensuring long-term insurability even if health conditions change. Optional benefits like accidental death coverage and a 10-day free look period enhance flexibility. However, coverage limits may tighten after age 55, and premiums can rise steeply if the policy is not converted after the original term ends. Additionally, the variety of term options may require thoughtful selection to align perfectly with personal financial goals.

Ideal profile: YourTerm is ideal for young professionals, growing families, and business owners who seek affordable, customizable temporary protection with the future option of upgrading to permanent life insurance. It’s particularly appealing for those who value premium stability and long-term flexibility.

Read our detailed review
  • Fixed premiums throughout the term enable easier financial planning
  • Wide coverage range ($50,000 to $25 million) to meet both personal and business needs
  • Term options from 10 to 40 years provide customization based on life stages
  • Conversion option to permanent life insurance without medical exams
  • Additional benefits such as accidental death protection and refund within a 10-day review period
  • Coverage limits are reduced for applicants over the age of 55
  • If not converted, premiums can spike significantly at term renewal
  • Multiple choices may complicate decision-making for less experienced applicants
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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

  1. Life insurance provides a tax-free lump sum to your beneficiaries.
  2. Term life insurance is ideal for temporary needs like mortgages.
  3. Permanent life insurance offers lifelong coverage and cash value growth.
  4. A 30-year-old non-smoker can get a $500,000 term policy for $20–$30/month
  5. Permanent policies start around $150/month.
  6. No medical exam insurance for seniors and those with medical concerns.
  7. Enhance your policy with riders like critical illness, AD&D, or child term insurance.
  8. 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 CanadaKey FeaturesGet a free quote
Sun Life Life Insurance
  • Term, whole, universal, participating life plans
  • Up to $25 million in coverage
  • Multiple term lengths: 10-30 years
  • No exam life insurance up to $100,000

Beneva
  • Term and permanent life insurance
  • Up to $10 million coverage
  • No exam life insurance, 100% online approval
  • Multiple term lengths: 10 to 40 years
iA Life Insurance
  • Term, Permanent, Participating, Universal Life, and Specialized Life Insurance plans
  • Coverage up to $20 million
  • Multiple term options
  • Non-medical exam life insurance

RBC Life Insurance
  • Term, universal, whole life, participating life insurance plans
  • Up to $25 million coverage
  • Affordable policies starting at $12.22*/month
  • No medical exam life insurance up to $1 million
  • Multiple riders: AD&D, life insurance for children

Manulife Life Insurance
  • Innovative digital policy delivery, underwriting
  • All life insurance types offered
  • Up to $20 million coverage
  • No exam life insurance with immediate approval
  • Vitality program rewarding healthy habits

Empire Life Insurance
  • Term life, participating and non-participating life insurance.
  • Up to $10 million coverage
  • Multiple term lengths
  • No-medical exam life insurance
  • Term life to permanent coverage convertibility

Assumption Life Insurance
  • Up to $10 million coverage
  • Term, whole life, participating life insurance policies
  • No medical life insurance up to $999,999
  • Immediate coverage with no waiting period option
  • Policies for temporary residents
Equitable Life Insurance
  • Term life, universal, participating whole life plans
  • Coverage up to $10 million
  • Convert term into permanent coverage without medical exams*
  • Bundle life + critical illness plans

Foresters Life Insurance
  • Offers term life, non-participating, participating whole life insurance
  • Coverage up to $5 million
  • No-medical exam life insurance options
  • Multiple term lengths

Humania Life Insurance
  • Term life coverage with several term lengths
  • Up to $5 million coverage
  • No-medical life insurance up to $300,000
  • Online policy with instant approval
  • Critical, disability insurance riders with immediate approval
Canada Life Insurance
  • Term Life, Universal Life,

Participating whole life insurance
  • Coverage up to $20 million
  • Flexible 5 to 50-year terms
  • Convert term to permanent coverage

BMO Life Insurance
  • Offers term life, whole life, universal life policies
  • Coverage from $50,000 to $35 million
  • Convert term into permanent coverage without medical exam*
  • Multiple riders: Critical illness, AD&D, life insurance for children

Canada Protection Plan Life Insurance
  • A range of no-medical life insurance plans up to $1 million
  • Term, permanent life insurance
  • Immediate approval for up to $750,000
  • Affordable Premiums
  • More benefits than several other companies

UV Insurance Life Insurance
  • Term, permanent life insurance
  • No exam life insurance up to $500,000
  • High cash values
  • Quick and easy online approval
  • Multiple flexible term lengths
Ivari Life Insurance
  • Term, universal life insurance
  • Up to $10 million coverage
  • Multiple term lengths
  • As many as nine add-ons/riders to customize policy

Desjardins Life Insurance
  • Offers term, permanent, universal, participating life insurance.
  • Up to $10 million coverage
  • Multiple payment terms
  • Simplified life insurance with no-medical exam option
  • Discounts on premiums
Consult Desjardin's Website
Wawanesa Life Insurance
  • Term, permanent life insurance options
  • Up to $10 million coverage
  • Affordable premiums
  • Multiple term lengths
  • Renewable, convertible policies
  • Multiple riders
Consult Wawanesa's Website
TD Life Insurance
  • Coverage up to $10 million
  • Term lengths: 10, 20 and 100 years
  • Immediate online approval with no medical exams up to $1 million
  • Convert term into permanent coverage without health exam*
Consult TD Insurance Website
Best Life Insurance Alberta Canada 2025

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 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

  1. Consider Your Financial Obligations: Include your mortgage, loans, and any future expenses like college tuition or retirement funds.
  2. Think About Income Replacement: Aim to replace your income for the years your family will need support, especially if you have young children.
  3. Adjust for Savings and Assets: Subtract any savings, investments, or existing insurance policies that could offset costs.
  4. 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-smokerPremium/ 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
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. 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

FeatureTerm Life Insurance AlbertaPermanent Life Insurance Alberta
Coverage Duration
Fixed term (e.g., 10, 20, 30 years)Lifelong as long as premiums are paid
Premiums
Lower, increase with renewalHigher 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 termGuaranteed payout upon death
Flexibility
LimitedFlexible premiums and potential investment options (universal life)
Examples
Young families securing mortgage coverageSeniors planning inheritance and final expenses
Term vs permanent life insurance in Alberta, Canada

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:

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Daniel
Daniel Clarke
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Daniel is a Canadian personal finance expert passionate about making financial literacy more accessible to everyone. He holds a degree in Economics from the University of British Columbia and a Master’s in Financial Planning from York University. Before joining HelloSafe, he worked as a financial coach and content editor for a number of fintech platforms across Canada. At HelloSafe, Daniel writes clear and practical guides on insurance, credit, savings, and budgeting—always with the goal of helping readers make confident and informed money decisions.

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