Best Life Insurance in Ontario 2025: Compare Quotes
- 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.
- Level premiums throughout the chosen term duration
- Option to have Preferred and Elite rates
- Exchange privilege within the first 7 contract years
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.
- 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.
Did you know that car accident fatalities in Ontario have reached a 10-year high? Life is unpredictable, and while we can take steps to care for our health, there are factors beyond our control. That's why getting a good life insurance Ontario plan is critical.
Life insurance provides a comforting shield, ensuring that if the unexpected occurs, your loved ones won't face financial hardship. But how does it work? What are the things you need to consider? What kind of life insurance suits you best? We've got you covered.
This guide breaks down the crucial aspects of life insurance Ontario plans, from the basics, pros and cons, to the best options, and more. We've also made a free comparator for you to compare the best life insurance plans in Ontario and get free personalized quotes right here in no time.
Best Life Insurance in Ontario 2025: Top 10
- Beneva: Best for flexible, no-medical term life insurance.
- RBC Life Insurance: Ideal for high coverage with rider options.
- Manulife Life Insurance: Great for health-focused individuals.
- Assumption Life Insurance: Suited for instant, no-medical coverage.
- Equitable Life Insurance: Perfect for convertible term policies.
- Foresters Life Insurance: Ideal for flexible term lengths.
- Humania Life Insurance: Best for quick digital approval.
- Canada Life Insurance: Great for flexible terms and high coverage.
- BMO Life Insurance: Perfect for extensive coverage with riders.
- Canada Protection Plan: Ideal for affordable no-medical options.
Do you need life insurance in Ontario?
Life insurance is a financial safety net that provides a tax-free payout to your beneficiaries if you pass away, helping them manage expenses and maintain financial stability. In Ontario, where the cost of living is high—especially for housing and essentials—life insurance becomes even more critical to safeguard your family's future and cover debts or daily expenses.
Buying life insurance is not mandatory in Ontario. There are, however, many great reasons to get a plan. Here are the benefits of having life insurance in Ontario:
- Cover Funeral Costs: The average funeral in Ontario can cost $5,000–$15,000. Life insurance ensures these expenses don’t burden your family.
- Pay Off Debts: Outstanding mortgages, loans, or credit card debts can be cleared, protecting your family from financial stress.
- Income Replacement: If your family relies on your income, life insurance can help them maintain their standard of living.
- Child’s Education: Secure funds for your children’s future education, even if you’re no longer there to provide.
- Estate Taxes: Cover estate taxes, ensuring your heirs receive their inheritance without financial complications.
- Leave a Legacy: Support loved ones or donate to a charity of your choice with a tax-free payout.
How much life insurance do you need in Ontario?
Determining how much life insurance you need depends on your financial obligations, future goals, and family’s needs. In Ontario, where living costs and family expenses can be significant, it’s essential to consider several factors. Here's how you can calculate your ideal coverage amount.
Key factors to consider
- Outstanding Debts
- Include your mortgage, car loans, and credit card debt.
- Example: If you have a $300,000 mortgage and $20,000 in other loans, you need at least $320,000 to cover debts.
- Income Replacement
- Multiply your annual income by the number of years your dependents would need financial support.
- Example: Earning $60,000 annually with a goal to support your family for 10 years means $600,000 in coverage.
- Future Expenses
- Consider education costs, childcare, and other major expenses.
- Example: For two children needing $20,000/year for 4 years of university, you’d need $160,000.
- Final Expenses
- Account for funeral and burial costs, typically $10,000–$20,000 in Ontario.
- Example: Set aside $15,000 for funeral costs.
- Legacy or Charitable Contributions
- If you wish to leave an inheritance or donate to a cause, factor this in.
- Example: Allocating $50,000 for each of two children requires $100,000.
How to calculate the coverage you need
Let’s say your needs are as follows:
- Debts: $320,000
- Income Replacement: $600,000
- Future Expenses: $160,000
- Final Expenses: $15,000
- Legacy: $100,000
Total Needed Coverage: $1,195,000
Expert advice
A nice rule of thumb is to purchase a policy worth ten times your annual income. Ask yourself if your dependents could stay in the family home, establish themselves as independent adults, and maintain their lifestyle without you. Shopping for life insurance may be uncomfortable, but it can make a big difference for your family’s future.
Weigh your existing debt, dependants’ needs, mortgage payments, and family’s lifestyle. Still unsure? Our life insurance calculator can help you with the calculations.
There are life insurance policies for everyone. Ontarians can pick from as little as $5,000 in coverage to as much as $10 million. Are you interested in seeing what coverage is right for you? Compare Ontario life insurance quotes using our free comparator.
How much does life insurance cost in Ontario?
Life insurance costs in Ontario vary based on factors like age, health, coverage type, and amount. A 30-year-old non-smoker can expect to pay about $20–$30/month for a $500,000 term life policy, while permanent life insurance costs start at $150–$200/month for similar coverage. Premiums increase with age and smoking status, so it's best to secure a policy early.
Life insurance Ontario quotes for men
To get you started, here are real-life quotes from a leading life insurance provider in Ontario. 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 | $22 | $58 |
| 45 years old | $51 | $163 |
| 60 years old | $253.00 | $926 |
Life insurance Ontario quotes for women
Women typically benefit from lower life insurance premiums than men due to longer life expectancies, making it a cost-effective way to secure financial protection for their families. Here are some typical Ontario life insurance quotes.
| Female, Non-smoker | Premium/ month ($250k) | Premium/ month ($1 million) |
|---|---|---|
| 30 years old | $16 | $42 |
| 45 years old | $39 | $118 |
| 60 years old | $181 | $656 |
The above rates are given as examples. Not everyone will get the same rate based on their personal risk profile and health
What factors impact Ontario life insurance quotes?
Life insurance rates are based on a variety of factors that influence risk. These include:
- Age: Older applicants pay higher premiums due to increased risk.
- Gender: Women typically receive lower rates because they live longer on average.
- Health History: Chronic conditions, obesity, or smoking can raise premiums.
- Lifestyle: Risky hobbies like skydiving or frequent alcohol use may increase costs.
- Policy Type: Term life is cheaper upfront, while permanent life costs more but offers lifelong benefits.
Good to know
The best way to get the best idea of how much you will pay is by comparing life insurance quotes made just for you. You can get free personalized life insurance Ontario quotes from the best providers right here using our free and easy-to-use comparator.
What is the best life insurance in Ontario?
Determining the "best" life insurance in Ontario is subjective and depends on individual needs, preferences, and financial situations. Various insurance providers offer various products tailored to specific requirements. It's essential to consider factors such as coverage options, premiums, policy terms, customer service, and reputation when evaluating life insurance providers.
But based on several factors including reputation, products offered, and coverage, here are some of the best life insurance companies in Canada. The following table focuses on term life insurance options because it is the most common life insurance choice.
| Best Life Insurance Ontario 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 Life Insurance |
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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 |
How do you get Ontario life insurance quotes?
Getting life insurance quotes in Ontario requires providing certain key details to insurers or brokers. Here’s what you’ll typically need:
- Basic Personal Information
- Your age, gender, and province of residence.
- Health and Lifestyle Details
- Current health status, pre-existing conditions, smoking habits, and overall lifestyle.
- Coverage Preferences
- The type of insurance you need (term or permanent) and the coverage amount (e.g., $100,000 to $1 million).
- Policy Duration
- For term insurance, specify the length of coverage you prefer (e.g., 10, 20, or 30 years).
- Additional Riders
- Indicate if you want optional add-ons like critical illness coverage or disability benefits.
- Income and Dependents
- Information about your income and the number of dependents relying on you financially.
Good to know
The easiest way to get life insurance Ontario quotes is by using a comparison tool. You can use our free HelloSafe comparator at the top of this page to get over 20 personalized quotes from Canada's best life insurance companies and get the best rates.
What are the types of life insurance?
Life insurance in Ontario falls into two main categories: Term Life Insurance and Permanent Life Insurance. Each serves unique purposes, offering tailored solutions based on your financial goals and needs.
Term Life Insurance
- Coverage Duration: Provides coverage for a fixed period (e.g., 10, 20, or 30 years) with affordable premiums.
- Best For: Temporary needs like covering a mortgage or income replacement while raising children.
Permanent Life Insurance
- Coverage Duration: Offers lifelong protection and includes a cash value component that grows over time.
- Best For: Long-term needs like estate planning, leaving an inheritance, or building wealth.
Term vs Permanent Life Insurance in Ontario, Canada
| Feature | Term Life Insurance | Permanent Life Insurance |
|---|---|---|
| Duration | Fixed term (e.g., 10, 20, or 30 years) | Lifelong coverage |
| Premiums | Lower initially but increase upon renewal | Higher but remain fixed over time |
| Cash Value | ||
| Flexibility | Convertible to permanent policy | Offers flexibility for withdrawals or loans |
| Purpose | Temporary needs like mortgage or debt coverage | Long-term goals like estate planning or leaving a legacy |
| Best For | Young families, homeowners, or those with limited budgets | Those seeking wealth-building or lifelong financial security |
Term vs Permanent Life Insurance: What should I choose?
If you're looking for affordable, temporary protection—like covering a mortgage, raising children, or safeguarding your income—term life insurance is a smart choice, offering flexibility and lower premiums. However, if your goal is long-term financial security, estate planning, or leaving a legacy, permanent life insurance is ideal, with lifelong coverage and the added benefit of cash value growth. Consider your financial priorities and time horizon when deciding which type best suits your needs.
Life Insurance for Seniors in Ontario: What are the options?
Seniors in Ontario can access a variety of life insurance options tailored to meet their unique needs, from covering final expenses to leaving a lasting legacy. With options like no medical exam policies for fast approval and lifelong plans with cash value, there's something to suit every priority and health condition.
Key Options for Seniors in Ontario:
- Term Life Insurance: Covers a specific period (e.g., 10, 15, or 20 years), with benefits ranging from $50,000 to $1 million. Ideal for temporary needs like paying off debts or income replacement.
- Whole Life Insurance: Provides lifelong coverage with fixed premiums and cash value growth. Coverage ranges from $25,000 to $10 million, perfect for estate planning or leaving an inheritance.
- Simplified Issue Life Insurance: No medical exams required—approval is based on a short health questionnaire. Coverage typically ranges from $5,000 to $500,000, great for those with minor health concerns.
- Guaranteed Issue Life Insurance: Open to everyone without health questions or exams. Coverage amounts are smaller, usually $5,000 to $50,000, and focus on final expenses.
- Final Expense or Funeral Insurance: A type of whole life insurance designed for funeral costs and end-of-life expenses, with coverage typically between $5,000 and $25,000.
How to get cheap life insurance in Ontario?
To save money on life insurance in Ontario, here are some tips to get the cheapest life insurance Ontario plans.
- Buy young: life insurance premiums are lower for younger individuals who are in good health. By purchasing a policy in your twenties, you will be able to lock in lower rates than if you waited until your thirties or forties.
- Buy only as much as you need: consider your family's specific needs and financial situation when deciding how much life insurance coverage to purchase. In some cases, a term life insurance policy may be sufficient to provide for your loved ones.
- Ask for member discounts: as a member of a professional or alumni organization, you may be eligible for a discount on your life insurance policy. It is worth asking your insurer what discounts they offer.
- Bundle policies: it is more cost-effective to bundle life insurance coverage with disability or critical illness insurance than to buy multiple policies separately.
- Quit smoking: Smoking is a major risk factor for many health conditions. It drives up life insurance premiums. Not only can quitting reduce your risk of illness, but it can also lower your life insurance rates!
- Compare providers: There are many life insurance providers and plans like term life Insurance Ontario, no medical life Insurance Ontario, and more. Compare options and find the one that is right for you. A life insurance agent can help you understand the differences between the various options and choose the best policy for your needs.
Is life insurance taxable?
When speaking about taxes, we always recommend speaking with a tax professional.
Ontario taxes life insurance premiums at 2%. Death benefits paid to a named beneficiary are not taxable in Ontario. The CRA considers them an inheritance or gift. An exception to this rule is earned interest from some permanent life insurance policies. Beneficiaries could be eligible if they choose to receive money in installments rather than as a single lump sum.
If your policy earns interest, the life insurance company should send you or your beneficiaries a T5 Statement of Investment Income at tax time.
Good to know
Borrowing money from or closing your permanent life insurance policy may be taxable. While you should not owe taxes on the portion of the policy’s accumulated cash value made up of your premiums, the above-basis amount from earned interest is taxable.
Can I get no medical life insurance in Ontario?
Many Ontario life insurance providers offer guaranteed acceptance life insurance. These term life insurance policies are only available up to a specific age limit. For example, Sun Life Go Guaranteed Life Insurance accepts applicants between the ages of 30 and 74 while Manulife’s CoverMe Guaranteed Issue Life Insurance accepts those between 40 and 75.
The biggest downside to these policies is low coverage limits vs plans that require medical exams or questionnaires. Many plans are limited to $25,000. RBC Guaranteed Acceptance Life Insurance allows a little more, $40,000.
While no medical life insurance can make sense to the right kind of buyer they aren’t the most competitive or cost-effective plans. Going through the trouble of a medical questionnaire and exam may mean access to higher-limit policies and more bang for your buck.
What is the Financial Services Regulatory Authority of Ontario?
The Financial Services Regulatory Authority of Ontario (FSRA) safeguards your rights by ensuring insurance providers and agents are licensed and comply with the law. You can verify your insurer or agent's credentials, file a complaint if treated unfairly, and seek action if they violate the Ontario Insurance Act. This helps you make informed and secure insurance decisions.
Also, note that the coverage and laws applicable change across provinces. For example, life insurance in Quebec is monitored by Autorité des Marchés Financiers (AMF) and differs from rules set by the FRSA.
How do I get mortgage life insurance in Ontario?
Mortgage life insurance is sometimes referred to as "life insurance for a mortgage". Is not required in Ontario but can be beneficial for some buyers.
Similar to term life insurance, mortgage life insurance policies last for a set term, typically the length of the policyholder's mortgage. In the event of the policyholder's death, the insurance pays off the remaining mortgage balance.
The beneficiary of the policy is the mortgage lender, not the policyholder's dependents, but the result means a paid-off mortgage for the family home.
One advantage of mortgage life insurance is that it typically requires less medical information than other types of life insurance. For example, a person with a pre-existing health condition may find it easier to obtain mortgage life insurance than a traditional term or whole life policy.
Let’s look at an example of why someone might prefer this type of coverage:
For example
Javier is a 41-year-old architect in Toronto. He is married and has a young daughter. They live in a chic condo in the city's Yorkville neighbourhood. It cost them $1.8 million and required a substantial mortgage. As the family’s primary breadwinner, he wants to be sure that his daughter and partner can continue living in the home should something ever happen to him.
He chose a mortgage life insurance policy because a recent cancer scare drove up the prices of his term life insurance quotes. He is more comfortable with the less expensive mortgage life insurance quote.
So irrespective of the type of insurance you want to buy, it is highly recommended that you explore multiple options and providers, get personalized quotes, and compare them. You can simply do that right here using our comparator at the top of this page.
