Best life insurance in BC for 2024: Get free quotes

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.

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 plan	Features	Get a Quote
Manulife - Family Term and CoverMe Term Life	Family Term Up to $20,000,000 coverage Age at issue: 18 to 60 Premium options: 10 years, 20 years, to age 65, or for life Best for business and family protection, cash advance for terminal illness Free access to Manulife Vitality benefits, and bereavement counseling coverage CoverMe Term Life Up to $1,000,000 coverage Age at issue: 18 to 70? Premium options: 10 years Renewable up to age 85 with no medical questions Tax-free lump-sum payout Guaranteed rates for 10 years	Get a quote from Manulife
iA Financial Group	Up to $10,000,000 coverage Age at issue: 0 to 70 Premium options: 10 to 40 years Fixed or decreasing insurance amount, fixed premiums Option to convert to permanent life insurance without medical evidence	Get a quote from iA Financial
Empire Life Insurance	Up to $10,000,000 coverage Age at issue: 18 to 75 Premium options: Depending on the chosen contract Level premiums throughout the chosen term Option for Preferred and Elite rates Exchange privilege within the first 7 contract years	Get a quote from Empire Life
Assomption Life - FlexTerm	Up to $10,000,000 coverage Age at issue: 18 to 75 Premium options: 10, 15, 20, 25, 30, or 35 years Available as level and decreasing term life insurance Automatic renewal until 90 years old Convertible until 75 years old	Get a quote from Assomption
Foresters Financial	Up to $15,000,000 coverage Age at issue: 18 to 69 Premium options: 10, 15, 20, or 30 years From 30 to 60 years old only Guaranteed premiums Option to convert the policy to permanent insurance before age 75 Ideal for business owners	Get a quote from Sun Life
Humania Insurance - HUGO Life	Up to $5,000,000 coverage Age at issue: 18 to 70 Premium options: 10, 15, 20, 25, 30, 80 years, or T100 Customized pricing with no automatic requirements Online product, paperless with no proposal signature Two renewal options	Get a quote from Humania
Equitable Life of Canada	Coverage up to$ 2,500,000 Age at issue: From 18 to 75 years old Premium options10, 20, or 30 years, up to 65 years Fixed premiums for the term duration Conversion option to a permanent product Option to convert from a Term 10 to a Term 20	Get a quote from Equitable
Foresters financial	Coverage up to$ 500,000 Age at issue: From 18 to 65 years old Premium options10 years Accidental death coverage Child term insurance Disability exemption	Get a quote from Foresters
Canada-Life - Term Life Insurance	Up to $20,000,000 coverage Age at issue: 15 to 85 Premium options: Fixed prices for the whole duration of the contract Competitive pricing Right to convert to Permanent Life Insurance Guaranteed fixed premiums	Get a quote from Canada Life
RBC Insurance - Term 100	Up to $10,000,000 coverage Age at issue: 18 to 85 Premium options: For life Several options according to your lifestyle Survivor option available Non-taxable benefit	Get a quote from RBC
Canada Protection Plan - Simplified Elite Term Life Insurance and Deferred Elite Term Life Insurance	Coverage options include $350,000 and $500,000 Age at issue: 18 to 70 Premium options: 10, 20, or 25 years No medical requirements Protection amount does not decrease, fixed premiums	Get a quote from Canada Protection Plan

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.

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.

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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-smoker	Premium/ 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

Female, Non-smoker	Premium/ 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

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 factors	Rate 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%

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.

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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:

Features	Term life insurance	Whole or permanent life insurance
Guaranteed payout	Only within the agreed term	Your 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 premiums	More 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 back	Your premiums have cash value. This means you can choose to end the policy and withdraw your policy and whatever interest it has earned.

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.

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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.

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.

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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. 

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. 

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.

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.