Best life insurance Calgary plans in 2024 + free quotes

Considering a life insurance Calgary plan? It's most essential for protecting your loved ones financially, and with Albertans having the highest average coverage in Canada at $314,000, it's clear it's a priority here.

But don't know where to start? We've got you covered. This comprehensive guide on life insurance Calgary plans introduces you to life insurance basics, highlighting its significance and guiding you through choosing the right coverage for your needs.

Whether you're just starting out or reassessing your current policy, understanding your options is key to building a secure future. And for that, you can use our free comparator at the top of this page to explore the best life insurance policies and get personalized quotes tailormade for you and your family.

What is the best life insurance Calgary plan in 2024?

The best life insurance provider in Calgary depends on your situation, i.e if you are looking for high coverage, renewability, the ability to convert term life to whole life insurance, or simply affordability.

With plenty of options and life insurance providers in Calgary, it can sometimes be hard to know exactly what it is that you are looking for. To simplify, here is a non-exhaustive list of the top Calgary life insurance companies.

Company	Key Features	Get A Quote
	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 $15 million coverage Sun Life insurance Calgary has multiple term lengths from 10-30 years Option for 90-day free coverage when applying	Get a Sun Life Quote
	Canadian-owned, top 10 life insurer Packaged policies can save on fees Many term lengths and options Convert to permanent coverage anytime Rated A by AM Best	Get a Empire Life Quote
	Simple and quick online application and approval Offers up to $5 million coverage for term life insurance Terms from 10 to 30 years Automatic yearly renewals 10% off for couples in the first year; $10,000 in free Child Coverage/child Easy and guided claim process	Get a PolicyMe Quote
	75 years in business (La Capitale and SSQ Insurance merged as one) Offers term, permanent, and universal life insurance Multiple term options from 10, 15, 20, 25, 30, or 40 years Coverage up to $10 million Option to renew the contract from the 5th year Fixed premiums for the term duration Easy switch from term to permanent or universal life	Get a Beneva Quote
	Unique pick-a-term 10-40 years Decreasing term good for mortgages Non-medical options through Access Life Term, whole, and universal policies Rated A+ by AM Best	Got an iA Quote
	Largest by revenue, over 20 million customers globally Innovative digital insurance delivery and underwriting Offers cash advance if diagnosed terminally ill All policy types, up to $20 million coverage Vitality program rewards healthy habits Rated A+ by AM Best	Get a Manulife Quote
	Operating since 1903 Term lengths of 10, 15, 20, 25, 30 or 35 years available Automatic renewal until 90 years old Up to $10 million in coverage Non-residents in Canada can also qualify for Assumption life insurance products Financial strength rating of A- from A.M. Best Six different permanent life insurance products to choose from	Get an Assumption Life Quote
	A mutual insurance company and one of the oldest providers in Canada Has no-medical life insurance option Instant-issue policies available offering quick coverage Competitive rates and flexible policy options, with coverage amounts up to $5 million Policies over $100,000 automatically qualify for HuGO Critical Illness Insurance ($25,000) and HuGO Debt Insurance (up to $1,500/month) Various term lengths of 10, 15, 20, 25 and 30 years	Get a Humania Insurance Quote
	Term, whole life, and universal policies offered Ability to convert term policies to permanent plans Customize coverage with critical illness rider Flexible investment options on some policies Self-directed investment options	Get an Equitable Life of Canada Quote
	Independent mutual company Competitive pricing on term life Gives back through community benefits Multiple terms and conversion options Rated A by AM Best	Get a Foresters Quote
	Merged entity of 3 top insurers (Great-West Life, London Life, Canada Life) Very flexible 5-50 year terms available Option to renew term or convert to permanent coverage Rated A+ by AM Best	Get a Canada Life Quote
	Backed by Canada's largest bank No medical exam option up to $1 million Guaranteed acceptance of permanent coverage Up to $25 million term life coverage Pick-a-term lets you select a custom length Rated A by AM Best	Get an RBC Quote
	Backed by Canada's largest bank No medical exam option up to $1 million Guaranteed acceptance of permanent coverage Up to $25 million term life coverage Pick-a-term lets you select custom length Rated A by AM Best	Get a BMO Quote
	Leading cooperative financial group Good for existing members; bundled policies Permanent coverage without a health exam Term, permanent, participating options Monthly premium discounts possible	Get an Ivari Quote

What is Calgary life insurance?

Life insurance is simply a contract between an individual, aka policyholder, and an insurance company. The life insurance company agrees to pay a death benefit (sometimes referred to as sum assured) to the insured person’s beneficiaries upon their death, in exchange for regular premium payments throughout the policyholder’s life.

Below is a quick example of how term life insurance works:

1. A 30-year-old man buys a 20-year term life insurance policy with a $250,000 death benefit and a monthly premium of $29.90. He names his wife as his sole beneficiary on the life insurance contract.
2. 15 years later the insured man passes away unexpectedly.
3. The life insurance company pays the $250,000 death benefit to the beneficiary, in this case, the man’s wife, which she receives tax-free.
4. The money can be used to pay for funeral expenses or replace the husband's missing income etc.

Life insurance is an incredibly important financial planning tool that should be used to help protect your loved ones in the event of your passing.

What types of life insurance Calgary plans can you get?

There are two main types of Calgary life insurance: term life insurance and permanent life insurance.

Term life insurance is the purest and most affordable type of life insurance. It simply provides coverage for specific term lengths, such as 10, 20 or 30 years, and if you pass away within your policy term your beneficiaries will receive the pre-determined death benefit. Term life insurance is often used by families as a financial tool to cover temporary financial needs in the event of death, such as paying off a mortgage, covering rent or replacing lost income.

Permanent life insurance provides coverage for the policyholder’s entire life and usually comes in the form of whole life insurance or universal life insurance. In addition to the death benefit, both of these forms of permanent life insurance have the ability to build a cash value that can either be borrowed against or withdrawn during the insured’s lifetime.

Let’s dive further into term, whole and universal life insurance in Calgary.

Calgary term life insurance

Term life insurance provides policyholders with:

• Guaranteed premiums
• Varied term limits
• Insurance that can be renewed without new medical underwriting (but premiums increase)
• Guaranteed death benefit

Calgary term life insurance is a great way to protect your dependents at a reasonable cost while still getting a good amount of coverage. It will also provide you with the peace of mind that if the worst were to happen your loved ones would be financially secure and able to comfortably deal with the future.

Term life insurance is also an amazing way to temporarily satisfy your financial security needs. A short-term 10-year policy may be enough to bridge the gap between any down periods of employment where the employer would usually provide life insurance.

Calgary whole life insurance

Just like throughout the rest of Canada, whole life insurance in Calgary is a type of permanent life insurance policy. This means that you will be covered for life as long as you maintain your annual premium payments.

Compared to term life, whole life insurance is more expensive but this is due to the fact that both your death benefit and premiums are set for life. This makes a whole life insurance policy easy to manage and plan for financially and can be included in any estate planning activities.

Full features of Calgary whole life insurance include:

• Fixed and guaranteed premiums
• Guaranteed death benefit
• Cash value accumulation
• Cover for life
• Option to borrow against the cash value
• No policy fees

Calgary universal life insurance

Just like whole life, universal life insurance is a version of a permanent life insurance policy. Similarly, the universal life insurance policy will provide you with coverage for as long as you live, provided that premium payments are made on time, and it has a cash value accumulation element.

Calgary universal life insurance is, however, slightly more complex. The cash value component is allocated from a portion of your premium payments and grows in a separate tax-advantaged account.

The flexibility of your investment options is usually determined by the life insurance provider, but usually, you will be able to invest in mutual funds. This flexibility also allows you to increase or decrease your premiums as well as your death benefit.

Universal life insurance often comes with the following benefits:

• Flexible death benefit
• Flexible premiums
• Cover for life
• Tax-advantaged investment growth
• Ability to borrow against the cash value
• Paid-up option means you can pay off all your premiums early

Who should buy a life insurance Calgary plan?

Life insurance should be considered by anyone who has a stable career and someone who is even partially reliant on their income to survive. The dependent(s) could be anyone from a spouse to a child, or even elderly parents who need some form of financial or hands-on support.

It should even be considered by young married couples just starting out. This is because they will likely want to buy life insurance later in life and by locking in cover sooner rather than later they would be paying a significantly lower premium and would save large amounts of money over time.

However, with the numerous Calgary life insurance options available it can be difficult to determine if you should buy term life or permanent life insurance. Hopefully, the checklist below will help you decide which type of life insurance you should buy taking into consideration your needs.

Life Insurance Options	Term Life Insurance	Whole Life Insurance	Universal Life Insurance
Guaranteed lifetime protection
Most affordable option
Good short-term plan
Fixed premiums
Fixed death benefit
Flexible premiums
Ability to loan against policy
Guaranteed cash value growth
Tax-advantaged investment option

Do I need life insurance in Calgary?

The importance of life insurance as a financial planning tool cannot be overstated. But if you’re still on the fence as to whether you need life insurance or not to protect your dearest in the event of your death, then maybe the below examples can help you decide!

If you are considering purchasing life insurance, it is important to compare policies from different companies to find the best coverage for your needs and budget. You can do it right here using our free tool below.

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How much does a life insurance Calgary plan cost?

The price of life insurance in Calgary varies depending on several factors including, but not limited to, your age, smoking status, type of insurance, and the chosen death benefit. As a rule of thumb, life insurance will therefore be cheaper when you are young and healthy and increase significantly in price as you get older and start picking up a few health conditions.

To get an idea of the rough life insurance costs in Calgary, we have compiled the below monthly premiums from Sunlife insurance for healthy, non-smoking females and males with a 20-year term policy and a $250,000 death benefit.

Age	Female	Male
20	$17.50	$22.28
30	$18.18	$22.50
40	$26.27	$32.50
50	$58.64	$82.27
60	$169.76	$254.52

The Calgary life insurance prices listed above are only to be used as a guide and in order to get an accurate price you will have to formally apply to a life insurance provider. This is because final life insurance premiums are calculated depending on:

• Life insurance type
• Your age and health
• Exact residency
• Death benefit
• Medical conditions and history
• Gender

How do you get Calgary life insurance quotes?

You can get Calgary life insurance quotes in a couple of different ways. You could contact multiple insurance providers and speak directly to their sales teams. By doing so, you will ensure that you receive the exact life insurance price for your specific situation. However, this process can be a bit tedious when all you are after is to compare rough quotes.

Another option is to speak to local insurance agents in your region. These are often also known as insurance intermediaries and they should have a licence to act on behalf of insurance providers to sell their products. The benefit of an insurance agent is that you can receive multiple quotes at a time.

The fastest way to get Calgary life insurance quotes is to use our free online life insurance comparison tool. Get access to the best life insurance providers in your area and get numerous quotes in just a few moments.

Compare the best life insurance companies

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How much coverage do I need in my life insurance Calgary plan?

The amount of life insurance you need in Calgary is completely dependent on your situation. The more expenses you have and the more your dependents rely on your income to get by, probably means that you need a higher death benefit.

However, you should only buy as much life insurance as you can afford. Since there is no limit to how many life insurance policies you can have, you can start small and then increase your life insurance death benefit successively or take out new policies altogether.

Some factors you should consider when thinking about buying Calgary life insurance include:

• The full financial needs of your dependents
• What your income covers
• Future educational costs for children
• Your family’s retirement plans
• Current financial obligations
• Increasing cost of living
• Age and health
• If you need short-term or permanent life insurance

Even after we have taken into consideration all of the above, it’s still not easy to calculate an actual sum assured (death benefit). Luckily, our online Canada life insurance calculator does just that. Simply input your current details and you’ll receive a target sum assured.