Best life insurance in BC for 2025: Get 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 BC residents have the lowest life insurance coverage in Canada? While about 70% of Canadians are insured, only 60% of people in British Columbia have life insurance. Are you one of the 40% without a life insurance BC plan to protect your loved ones?
Whether you're uninsured or looking for a better plan, we’ve got you covered! This guide will help you understand the essentials—coverage options, costs, types of life insurance, and tips to find affordable policies—so you can find the best life insurance BC plan to suit your needs.
Use our free comparison tool to compare the best life insurance BC options, get over 20 personalized quotes, and secure your peace of mind today.
Life Insurance BC: Key Points
- Life insurance offers a tax-free payout to your beneficiaries.
- Types include term and permanent life insurance.
- Term life insurance is great for temporary needs like mortgages or income replacement.
- Permanent life insurance is ideal for lifelong coverage, estate planning, and building cash value.
- Typically offer coverage ranging from $25,000 to over $5 million.
- Policies are available for individuals from 18 to 85 years old
- A 30-year-old non-smoker can expect to pay around $20–$30/month for a $500,000 term policy.
- Premiums increase with age and smoking status.
- No-medical exam policies offer fast approval, making it easier for those with health conditions.
- Add-ons like critical illness, disability, or child coverage can further tailor policies to meet unique needs.
Do you need life insurance in BC?
Life insurance in BC provides financial security for your loved ones by offering a tax-free payout if something happens to you. This payout can be used to cover daily living expenses, pay off debts, or even fund your children’s education. In a province like BC, where the cost of living and housing can be high, having life insurance ensures your family won’t face financial hardship in your absence.
Why You Might Need Life Insurance in BC:
- Debt Protection: Covers your mortgage, credit card bills, or other loans, preventing your loved ones from inheriting these financial burdens.
- Income Replacement: Provides ongoing financial support for your family to maintain their lifestyle if you are the primary breadwinner.
- Final Expenses: Eases the financial burden of funeral and burial costs, which can average $10,000 or more in BC.
- Legacy Building: Allows you to leave an inheritance or support charitable causes you care about.
- Estate Planning: Helps cover estate taxes or legal fees, ensuring your assets are passed on smoothly.
For example
Imagine Sarah, a 40-year-old teacher in Vancouver with two young children and a $500,000 mortgage. By purchasing a term life insurance policy for $500,000, she ensures her family can continue living in their home and maintain their lifestyle if she’s no longer around. This small monthly investment provides her with peace of mind knowing her children will always be taken care of financially.
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.
Determining how much life insurance you need in BC depends on your financial responsibilities, lifestyle, and future goals. The goal is to ensure your family can maintain their standard of living, cover debts, and achieve milestones like education or retirement, even in your absence.
Here's a simple formula to calculate Life Insurance BC:
Good to know
Life Insurance Need = (Outstanding Debts + Income Replacement + Future Goals + Final Expenses) - Existing Savings or Investments
Let’s take Jason, a 35-year-old living in Vancouver with a family of four:
- Outstanding Debts: $500,000 mortgage + $20,000 car loan = $520,000
- Income Replacement: Jason earns $60,000 annually and wants to provide for 10 years = $600,000
- Future Goals: Two children’s education costs = $100,000 each = $200,000
- Final Expenses: Funeral and legal costs = $20,000
Total Needs: $520,000 + $600,000 + $200,000 + $20,000 = $1,340,000
Existing Savings: $40,000
Life Insurance Required: $1,340,000 - $40,000 = $1.3 million
Expert advice
In BC, with its high cost of living and housing expenses, it’s important to account for regional factors like mortgage sizes and daily living costs. Use this calculation as a starting point and consult a professional or use a life insurance calculator to refine your coverage needs. Because BC is one of the most expensive provinces to live in in Canada, you should consider purchasing a higher coverage.
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 to explore the best life insurance options for you and get free personalized quotes.
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.
How much is life insurance in BC?
Starting life insurance BC costs 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.
Examples of life insurance BC cost
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 |
Factors affecting life insurance BC costs
Here are a few pricing rules to keep in mind on life insurance BC cost:
- 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. Compare multiple options and get personalized quotes in no time.
What is the best life insurance BC plan in 2025?
There are dozens of life insurance providers available in British Columbia. Most life insurance providers operate nationally, making it easy to choose trusted giants whether you're in Vancouver or buying life insurance in Ontario. To curate this list of the best life insurance companies in BC, we analyzed key factors such as customer reviews, financial strength, policy flexibility, and available coverage options.
We also considered features like no-medical exam policies, affordability for various age groups, and added benefits like riders for critical illness or disability coverage. This ensures our recommendations cater to a diverse range of needs across BC residents. So here are the top life insurance BC policies and their key features:
| Best Life Insurance BC Canada | Key Features | Get a free quote |
|---|---|---|
| Beneva |
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| RBC Life Insurance |
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| Manulife 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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| Empire Life Insurance |
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| Sun Life Insurance BC |
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| iA Life Insurance |
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| Ivari Life Insurance |
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| UV Insurance 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 |
| Blue Cross Life Insurance BC |
| Consult Blue Cross Website |
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 |
| 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. 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
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.
Best life insurance for those with HIV/AIDS in BC, Canada
Getting life insurance with HIV/AIDS in Canada, including British Columbia, is more accessible than ever due to advances in medicine and changing insurance policies. Many insurers now offer coverage to individuals with well-managed HIV, provided they meet specific criteria such as consistent treatment, stable health, and regular check-ups.
While options may be more limited or have higher premiums than standard policies, applicants can choose from term life, simplified issue, or guaranteed issue policies, depending on their health status and coverage needs.
- Standard Term Life Insurance:
- Available for individuals with well-managed HIV under strict treatment protocols.
- Requires medical exams and proof of stable health for a minimum period (e.g., 6 months to a year).
- Coverage can go up to $1 million or more, depending on the insurer.
- Whole Life Insurance:
- Lifelong coverage with a cash value component, ideal for estate planning.
- Requires medical underwriting; eligibility depends on consistent health management.
- Higher premiums but provides guaranteed death benefits.
- Simplified Issue Life Insurance:
- No medical exams, but a short health questionnaire is required.
- Coverage typically ranges from $5,000 to $500,000.
- A quicker approval process, making it suitable for those with minor complications.
- Guaranteed Issue Life Insurance:
- No medical exams or health questions; acceptance is guaranteed.
- Coverage amounts are limited, usually up to $50,000.
- Designed for those with more complex health issues or advanced HIV.
- Group Life Insurance:
- Often accessible through employers or organizations.
- Minimal underwriting, making it an inclusive option for people living with HIV.
- Coverage limits and benefits depend on the group policy terms.
Good to know
Finding the right life insurance when living with HIV or managing a pre-existing condition can feel overwhelming, but you don’t have to do it alone. Use our free comparison tool to explore plans tailored to your needs, compare coverage options, and get personalized quotes—all in one place. Take the first step toward securing peace of mind for you and your loved ones today.
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:
For example
Ramesh is a 43-year-old software engineer in Surrey, BC. He is married and has two young children. They live in a 3-bedroom detached single-family home. The home cost them $1.2 million and an almost $1 million mortgage. As the family’s primary breadwinner, he wants to be sure that his children and partner can stay in the home should something happen to him.
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.
