Best life insurance Calgary plans in 2025 + free quotes
- 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
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.
- 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
- 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
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.
- 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
- 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
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.
- 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
- 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
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.
- 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
- Flexible offer
- Policy convertible to permanent insurance
- Several optional guarantees available
- Flexible offer
- Policy convertible to permanent insurance
- Several optional guarantees available
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.
- 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
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.
Life Insurance Calgary: 5 key takeaways
- A $250,000, 20-year life insurance policy in Calgary can cost as little as $17.50/month
- Term life insurance is the most affordable type of life insurance
- Permanent life insurance will provide cover for your entire life
- Life insurance is a great tool to cover final expenses
- Calgary life insurance quotes can easily be compared online using HelloSafe comparator
What is the best life insurance Calgary plan in 2025?
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 |
|---|---|---|
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| Get a Empire Life Quote |
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| Get a Sun Life Quote |
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| Get a Beneva Quote |
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| Got an iA Quote |
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| Get a Manulife Quote |
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| Get a PolicyMe Quote |
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| Get an Assumption Life Quote |
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| Get a Humania Insurance Quote |
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| Get an Equitable Life of Canada Quote |
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| Get a Foresters Quote |
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| Get a Canada Life Quote |
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| Get an RBC Quote |
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| Get a BMO Quote |
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| 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:
- 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.
- 15 years later the insured man passes away unexpectedly.
- 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.
- 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.
Good to know
You can explore our complete guide on term life insurance and compare the best plans so you can get a plan that fits you best.
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.
Good to know
If you think universal life insurance is the right fit for you, explore our complete guide on universal life insurance in Canada and get a plan that suits you best. You can get free quotes in no time.
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
Expert advice
Make sure to keep an eye on your universal life insurance policy. Since the cash value of the policy is tied to the investment market, your plan may become underfunded in periods of significant economic downturn. This will, in turn, lead to you having to pay increased premiums to keep the policy active.
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!
Life insurance for final expenses
With the average cost of a funeral in Calgary falling between $6,000.00-$8,000.00, families may find themselves stuck with a large and unexpected expense when a loved one passes. Having life insurance is an excellent way to plan and cover any final expenses your passing may incur. You could also explore funeral insurance plans if you want more coverage specifically for this purpose.
Life insurance for peace of mind and household stability
Consider that you have a mortgage and, just like most families, your family’s ability to cover mortgage payments is reliant on receiving your salary. In the event of your absence, your spouse will likely not be able to continue making mortgage payments which would likely lead to them having to sell and move. Having a life insurance policy can mean the difference between being uprooted and maintaining household stability because the death benefit can be used to pay off the mortgage early.
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.
Compare the best life insurance companies
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
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.
