Best life insurance in BC for 2024: Get free quotes

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Term Life Insurance
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Amount coverage
Up to$ 10,000,000
Features
Age at issue
From 18 to 75 years
Premium options
10, 15, 20, 25, 30, or 40 years
Additional coverages
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  • Fixed premiums for the term duration
  • Option to renew the contract from the 5th year
  • Fixed or decreasing insured capital
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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.

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  • 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
Amount coverage
Up to$ 10,000,000
Features
Age at issue
From 0 to 70 years old
Premium options
From 10 to 40 years
Additional guarantees
12
Our review
Ideal as mortgage protection
  • 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 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.

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  • 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.
Amount coverage
Up to$ 25,000,000
Features
Age at issue
From 18 to 70 years old
Premium options
From 10 to 40 years
Additional coverages
3
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  • Flexible offer
  • Policy convertible to permanent insurance
  • Several optional guarantees available
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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.

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  • Premiums remain constant throughout the term, enhancing budget management.
  • Offers substantial coverage up to $25 million, accommodating large financial needs.
  • Ranges from 10 to 40 years, allowing tailored protection based on personal needs.
  • Policies can be converted to permanent coverage without additional medical information.
  • Additional benefits include accidental death benefits and a 10-day review period with a full refund option.
  • Coverage limits decrease for individuals over 55.
  • If not converted, premiums can increase significantly after the initial term.
  • Multiple term lengths and coverage options may require careful consideration to select the appropriate plan.
Amount coverage
Up to$ 20,000,000
Features
Age at issue
From 18 to 60 years old
Premium options
10 years, 20 years, to age 65, or for life
Additional coverages
3
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Best protection for your family
  • 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
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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.

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  • 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 $20 million, there’s a risk of over-insuring, which could lead to unnecessarily high premiums.
Amount coverage
Up to$ 10,000,000
Features
Age at issue
From 18 to 75 years old
Premium options
Depending on the chosen contract
Additional coverages
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Our review
  • Level premiums throughout the chosen term duration
  • Option to have Preferred and Elite rates
  • Exchange privilege within the first 7 contract years
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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.

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  • 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.
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Did you know that BC residents have the least life insurance in Canada? Nationally around 70% of Canadians have life insurance, but in British Columbia, it is closer to 60%. Are you one of the 40% without a plan in place to protect your dependents?

If this is you, or if you are looking for a better deal than your current plan, look no further! Our guide below breaks down the basics, explains what to look for, and helps you find a great life insurance deal that suits your needs.

You can use our free comparator to explore the top life insurance Canada plans, get over 20 free personalized quotes, and find the best deals.

Best life insurance BC plans 2024

  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

What are the top life insurance providers in BC?

There are dozens of life insurance providers available in British Columbia. Most life insurance providers are available nationally, so the life insurance giants are a solid choice if you’re in Vancouver or buying life insurance in Ontario.

Provider and planFeaturesGet a Quote
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
SunLife Insurance
  • Oldest and one of the largest insurers in Canada (founded 1865)
  • Diverse portfolio: life, health, dental, disability, critical illness

  • All policy types offered: term, whole, universal, participating life
  • Up to $25 million coverage
  • Multiple term lengths from 10-30 years
  • Option for 90-day free coverage when applying
  • Get a quote from SunLife
    Beneva Insurance
    • The largest insurance mutual in Canada
    • La Capitale and SSQ Insurance coming together as one with 75 years of expertise
    • Term and permanent life options

    • Up to $10 million coverage
  • 3.5 million+ members and clients
  • Get a quote from Beneva
    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
    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
    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
    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
    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 BC plans

    Do you need life insurance in BC?

    It is not mandatory to have life insurance in BC. However, there are many good reasons to purchase a policy and we highly recommend it. Life insurance is a way of guaranteeing that your spouse and children, your dependents, will not experience financial difficulty if you die unexpectedly. It can also be a way to pass money on to children or grandchildren. Let's look at a couple of examples.

    Example 1: For peace of mind

    Example 2: For inheritance

    Who should buy life insurance in BC?

    As seen in the examples above, life insurance buyers in BC want to ensure that money goes directly to their dependants or heirs. It helps ensure that certain money is not part of your estate and instead goes tax-free to a personally chosen beneficiary.

    Besides inheritance, there are other great reasons to have life insurance. Here are a few:

    • Pay off a mortgage
    • Clear out existing debts
    • Leave money for your favorite charity
    • Pay for your funeral costs
    • Peace of mind that dependants will be financially secure

    How much life insurance do you need in BC?

    When choosing a life insurance policy, you have the option to purchase as little as $5,000 in coverage or as much as $10 million. This “death benefit” is the amount that will be paid out to your chosen beneficiary in the event of your death.

    Because BC is one of the most expensive provinces to live in in Canada, you should consider purchasing a higher coverage.

    Ask yourself if your dependents could continue paying the mortgage, enroll in university, and maintain their current lifestyle in your absence. Shopping for life insurance can be morbid, but consider your family’s well-being.

    Good to know

    Unsure how much life insurance to buy? A nice rule of thumb is to purchase a policy worth ten times your annual income.

    Weigh your existing debt, dependants’ needs, mortgage payments, and family’s lifestyle. Our life insurance calculator can help you with the calculations.

    Are you interested in seeing how much coverage you could get? You can do it right here. Use our free comparator below to explore the best life insurance options for you and get free personalized quotes.

    Compare the best life insurance companies

    Get 20+ quotes in seconds

    How much is life insurance in BC?

    Starting rates for a young buyer of term life insurance may be as little as $9 to $15 per month. On the other hand, an older buyer interested in permanent life insurance and a high death benefit may pay hundreds. The reality is that BC has a wide range of life insurance policy types and amounts. An individual's situation makes a tremendous difference in how much they will pay.

    Here are some real-life quotes from a leading BC life insurance provider to give a concrete example. Prices are for 20-year term life insurance policies with $250,000 and $1 million benefits:

    Male, Non-smokerPremium/ month
    ($250k)
    Premium/ month
    ($1 million)
    30 years old
    $20.00$56.00
    45 years old
    $50.00$161.00
    60 years old
    $254.00$921.00
    Men's term life insurance quotes BC
    Female, Non-smokerPremium/ month
    ($250k)
    Premium/ month
    ($1 million)
    30 years old
    $15.00$41.00
    45 years old
    $36.00$115.00
    60 years old
    $175.00$649.00
    Women's term life insurance quotes BC

    Here are a few pricing rules to keep in mind:

    • The younger and healthier the buyer, the more financially accessible the policy will be.
    • Women often pay less than men.
    • Older buyers and those with pre-existing health issues will have fewer options.
    • Higher coverage costs more.
    • Term life policies trend cheaper than whole life insurance options
    • Policies with an investment component offer greater flexibility in paying premiums

    Here at some of the life factors that might affect your rates:

    Personal factorsRate decrease or increase of monthly premiums
    Body type
    -25% to +200%
    Depression, history of
    +50% to +200%
    Drinking
    +50%
    Driving record
    +25% to +50%
    Gender
    -25% (for women)
    Smoker
    +200%
    Factors that impact life insurance premiums BC

    The best way to answer this question? By comparing life insurance quotes made just for you. You can do that right here using our comparator below. Compare multiple options and get personalized quotes in no time.

    Compare the best life insurance companies

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    Do I choose permanent life or term life insurance in BC?

    Both policy types have their place and advantages. Term life insurance covers you for a certain period that is agreed upon purchase. This period is the term. Once the term ends you will need to renew the policy or shop around for a new one.

    Permanent life insurance policies cover your whole life, so long as you keep paying the premiums. As there is no limit, whole life insurance guarantees a payout. As a result, the monthly premiums are higher. Let's take a look at the advantages and disadvantages below:

    FeaturesTerm life insuranceWhole or permanent life insurance
    Guaranteed payout
    Only within the agreed termYour premiums have cash value. This means you can choose to end the policy and withdraw your policy and whatever interest it has earned.
    Monthly premiums
    Cheaper premiumsMore expensive premiums
    When the policy expires
    • You may have to have a medical assessment
    • Your monthly premiums may increase
    The policy does not expire
    Versatility
    If the term expires, you get nothing backYour premiums have cash value. This means you can choose to end the policy and withdraw your policy and whatever interest it has earned.
    Term life insurance BC vs permanent life insurance BC

    In conclusion, if you are younger and have no health problems you may enjoy a term life insurance policy. This allows you to provide for your dependents if you are not around. By the time the term expires, they will hopefully be financially independent and the family mortgage paid off.

    Term life insurance might also be a great fit for an older person, worried about their deteriorating health, who does not want to have to take further medical exams. A guaranteed life insurance policy could cover some small debt and final expenses.

    A whole life insurance policy might be best for buyers who want to ensure a payout and leave a legacy for their dependents. These policies have the added advantage of being a financial resource that can be tapped into if needed.

    How do you get life insurance quotes in BC?

    Use our comparison tool to get the best life insurance quotes from British Columbia’s top insurers.

    Compare the best life insurance companies

    Get 20+ quotes in seconds

    Otherwise, you can get individual life insurance quotes through a BC life insurance broker or directly through financial advisors and insurance agents.

    Life insurance policies vary in complexity. Term policies with low coverage amounts may be available quickly with minimally invasive medical questions. But for higher amounts and permanent life insurance policies, you can expect medical exams and comprehensive questionnaires.

    Expect to answer questions about your:

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

    Insurers ask these sensitive questions to weigh your risk and determine premium levels.

    Watch out!

    Consider your options carefully. Picking the right life insurance policy has financial ramifications for you and your family now and in the future.

    What are the best ways to get cheap life insurance BC plans?

    Here are some tips on how to save on your life insurance in British Columbia:

    • Buy young - lock in rates when you are still in your 20s, 30s, or 40s, and in good health.
    • Buy what you need - term life insurance might be enough for you and your family. Understand what you are buying and weigh what is necessary versus what is just nice to have.
    • Ask for member discounts: You may be eligible for a discount as a member of a professional or alumni organization.
    • Bundling: Combining a life insurance policy with critical illness or disability insurance is often cheaper than buying the policies separately from different providers.
    • Quit smoking: smoking drives life insurance rates up dramatically as it correlates with worse health outcomes and greater risk.
    • Compare providers: There are so many plans out there, that picking the right one isn't always easy. Try comparing life insurance quotes for multiple plans and speaking with a life insurance agent for guidance.

    You can do all this right here using our free comparator below. Shop for multiple plans and get top deals from Canada's best life insurance companies right here.

    Compare the best life insurance companies

    Get 20+ quotes in seconds

    Is life insurance taxable in British Columbia?

    When speaking about taxes, we always recommend speaking with a tax professional.

    Life insurance premiums in British Columbia are taxed at 2%. A death benefit paid to a named beneficiary is not taxable. It is considered an inheritance or gift. An exception to this rule is if they receive interest earnings on the policy. This can happen with some permanent life insurance policies or if they choose to receive the benefits in installments rather than as a single lump sum.

    On the other hand, closing or tapping into your permanent life insurance policy may be taxable. You should not owe taxes on the portion of the policy’s accumulated cash value made up of your premiums. But, the above-basis amount from earned interest is taxable.

    Expert advice

    If your policy earns interest, the life insurance company should provide you or your beneficiaries with a T5 Statement of Investment Income.

    Can I get no medical life insurance in BC?

    Many providers offer British Columbians guaranteed acceptance life insurance. These policies are term life insurance options available up to a specific age limit. For example, TD Guaranteed Acceptance Life Insurance accepts people between the ages of 50 and 75. Manulife’s CoverMe Guaranteed Issue Life Insurance accepts those between 40 and 75.

    The biggest downside to these policies is lower coverage limits. Many of them only go up to $25,000. RBC and the Canada Protection Plans Guaranteed Acceptance Life Insurance are outliers that allow up to $40,000 and $50,000 coverage amounts.

    Good to know

    These plans can make sense to the right kind of buyer. In many other cases, though, it is worth going through the trouble of a medical questionnaire and exam to access a policy with a higher limit.

    What is the Insurance Council of BC?

    The Insurance Council of British Columbia, or ICBC, is the province’s regulatory body for insurance. It operates under the Financial Institutions Act and exists to protect the public.

    The council sets standards for licensing and educating BC’s insurance agents, adjusters, salespeople, and other insurance professionals. It also has the authority to investigate consumer complaints and discipline bad actors.

    The ICBC can also provide some consumer advice. It can help if you think that your provider has not treated you fairly. They cannot, however, help contest a life insurance beneficiary. To do this you will need to seek professional legal advice.

    Expert advice

    You can verify if your life insurance policy provider is licensed in British Columbia on the ICBC website.

    How do I get mortgage life insurance in BC?

    British Columbians aren’t required to purchase mortgage life insurance, but “life insurance for a mortgage” policies can make sense for some buyers.

    Mortgage life insurance works like term life insurance in that policies last for a specific term. In this case, they match the policyholder's mortgage term. The insurance covers the remainder of a mortgage balance should they pass away before paying it off.

    Mortgage life insurance protects a family’s home. Unlike a traditional life insurance policy, the beneficiary is the mortgage lender. It still benefits the buyer’s dependants by providing them with a paid-off mortgage on the family home.

    The biggest advantage of this type of policy is that it generally requires less medical information than a typical term or whole life insurance policy.

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

    He settles on a mortgage life insurance policy rather than a term life insurance policy because his high blood pressure and a history of heart disease in his family drive up the prices of his quotes. He is more comfortable with the cheaper mortgage life insurance quotes he receives.

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    Nishadh Mohammed
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    Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.